Technical My Tips

🚀 Gold renews all-time maximums Gold (XAU) gained 0.71% on Thursday, reaching record highs as expectations for a more accommodative monetary policy from major central banks and a slight decrease in U.S. bond yields supported demand for non-yielding bullion. 👉 Possible effects for traders According to market expectations, the Federal Reserve (Fed) will likely cut interest rates at the two remaining meetings this year. A 25-basis-point (bps) reduction in the federal funds rate in November is becoming increasingly probable, with a 90.2% chance for a rate cut, according to the CME FedWatch Tool. Meanwhile, the European Central Bank (ECB) announced a 25-bps cut on Thursday, and declining U.K. inflation points to a potential rate reduction by the Bank of England (BOE) next month. Also, several major Asian central banks have recently lowered their interest rates. These and other factors support gold prices, including uncertainties surrounding the upcoming U.S. presidential election and heightened tensions in the Middle East following Israel's intensified air strikes against Lebanon on Wednesday. Additionally, renewed economic pessimism in China is driving investors towards safe-haven assets. On Wednesday, Hong Kong officials announced plans to develop the region as a gold trading hub. Gold has become increasingly popular among developing economies looking to diversify their foreign reserves. This trend can be seen through the significant build-up of gold reserves by countries such as China, Russia, and Turkey over the past few years. With the BRICS Summit beginning next week, hosted by Russia, de-dollarisation is expected to be a key topic of discussion. XAUUSD continued its bullish trend during Asian and European trading hours. The pair renewed absolute maximums and is trading above the key resistance level of $2,700. No major events are expected today, but the U.S. Building Permits report at 12:30 p.m. UTC may influence the pair. Gold is in its Elliot 5 wave formation, in the fifth wave. According to Reuters analyst Wang Tao, spot gold may surge into a range of $2,726 to $2,741 per ounce, driven by a powerful wave five. ➡️Sign Up Now ➡️ https://bit.ly/attocta

📊 China's economic data offers temporary relief for euro On Thursday, the euro (EUR) lost 0.28% against the U.S. dollar (USD) after better-than-expected U.S. Retail Sales and Jobless Claims reports pulled the greenback towards a fresh two-month high. An interest rate cut by the European Central Bank (ECB) also added bearish pressure on EURUSD. 👉 Possible effects for traders The U.S. Dollar Index (DXY) has now approached a 200-day moving average. If it breaks above this level, it could quickly rise towards 105.000, causing other currencies to decline further. There is a good chance that the DXY may continue rising as U.S. macroeconomic data has been improving lately, forcing investors to expect fewer rate cuts by the Federal Reserve (Fed). U.S. core retail sales jumped by 0.5% in September, above an expected 0.1% increase. Additionally, U.S. weekly unemployment claims were at just 241,000, below the anticipated 260,000. Given these upbeat statistics, the market is now pricing in less than four 25-basis-point (bps) rate cuts by the Fed over the next seven months. Meanwhile, the ECB appears to be taking a more assertive stance on monetary policy easing. Although yesterday's rate cut by the ECB was entirely expected, the post-meeting statement contained plenty of dovish details. Policymakers noted that inflation in the eurozone was increasingly under control while the outlook for the bloc's economy was worsening fast. Christine Lagarde, ECB President, didn't provide hints about the future interest rate path, but four sources close to the matter told Reuters that another rate cut in December is likely unless economic or inflation data turns around in the coming weeks. EURUSD was rising slightly during the Asian and early European trading sessions. Earlier today, China unveiled several reports suggesting a positive economic outlook. The data revealed a surge in industrial output and a better-than-expected rise in retail sales. As China is the eurozone's key importer, the data managed to push the euro up a little. No major events are scheduled for today, but the U.S. building permits data at 12:30 p.m. UTC, and the speech by FOMC Member Christopher Waller at 4:10 p.m. UTC may affect USD and related pairs. Fundamentally, EURUSD remains in a bearish trend, and traders are generally advised to sell the rallies. ➡️Sign Up Now ➡️ https://bit.ly/attocta

📊 Bitcoin holds above $66,800, sparking investors excitement Bitcoin (BTC) remained steady above the $66,800 level on Thursday, sparking excitement among investors. 👉 Possible effects for traders Bitcoin ETFs have seen significant buying activity over the past four days, signalling strong institutional demand, which could push Bitcoin towards new all-time highs. In just the last four trading days, inflows totalled $1.639 billion, marking one of the most successful weeks since Bitcoin ETFs were introduced, according to sosovalue.com. This surge suggests growing confidence among traditional investors in Bitcoin's future, driving increased demand and lifting its price. The coming days are crucial for Bitcoin's trajectory, as traders and investors anticipate a potential breakout to historic highs. With BTC approaching closer to these levels, upcoming price movements could be pivotal in determining BTC's direction. While optimism runs high, some market observers remain cautious. Historically, heightened excitement and euphoria are often followed by price retracements or consolidation. Bitcoin tends to form local tops when sentiment peaks, indicating a cooling-off period before the next significant move. Investors are closely monitoring for signs of a possible pullback or whether Bitcoin will continue its climb toward new all-time highs in the coming weeks. BTCUSD declined slightly during the Asian trading hours. Bitcoin has been in a strong uptrend since early September, leading the market. For bullish momentum to persist, Bitcoin must hold above $66,000. If the currency manages to stay above the level, the price could soon advance towards new highs. Investors and traders should monitor BTC ETF inflows and outflows to stay informed and keep a pulse on the market.​ ➡️Sign Up Now ➡️ https://bit.ly/attocta

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Caution! This chart may look extremely bullish, but before setting your TP to $75K or higher, keep in mind that there's a clear overbought signal from the Stochastic indicator below. Safe trading.

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USDCAD, 30-minute timeframe chart USDCAD retested the resistance level of 1.38000 👉General outlook USDCAD has been trading in a sideways market within the last day. The pair moved up to the resistance level of 1.38000. 👉Possible scenario The best way to use this opportunity is to place a Sell order at 1.37930. Set your stop loss at 1.38147 above the previous high ($1.57 loss for 0.01 lot) and take profit at 1.37713 ($1.57 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. The upcoming news will not influence your orders within the mentioned period. Some traders may close their positions on Friday, which can add more pressure to the market. ➡️Sign Up Now ➡️ https://bit.ly/attocta

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EURUSD, 15-minute timeframe chart EURUSD retested the resistance level of 1.08680 👉Level explanation EURUSD has been trading in a bullish trend for the last couple of hours. The pair moved up to the resistance level of 1.08680. 👉Possible scenario The best way to use this opportunity is to place a Sell order at 1.08655. Set your stop loss at 1.08790 above the previous high ($1.35 loss for 0.01 lot) and take profit at 1.08520 ($1.35 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. 📝Fundamental factors The U.S. Jobless Claims report will be released in a few minutes and could affect this trade. ➡️Sign Up Now ➡️ https://bit.ly/attocta

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