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Missed Data and Falling Dollar in Gold Analysis: How Gold Prices are Rising

Gold prices have been rising this week due to two key factors. Firstly, there was a miss in the US JOLTS job openings data, which measures the number of job openings in the US economy. Secondly, there was a miss in the US consumer confidence data, which measures how confident consumers are feeling about the economy. These two misses indicate that the US job market is slowing down, which is in line with the Federal Reserve's objectives. The Federal Reserve wants to cool down the US economy by raising interest rates. As a result of these misses, gold prices surged higher on Tuesday as yields and the dollar fell.

On Thursday, there will be another important data release that could impact gold prices: the PCE print. The PCE print measures inflation in the US economy and is closely watched by the Federal Reserve. If the PCE print comes in below market expectations, it could cause yields and the dollar to fall again, which would lift gold prices. The Core PCE print is expected to come in at 4.2%, slightly higher than the previous reading of 4.1% for June. The headline print is expected to come in at 3.3%, up from the previous reading of 3%. It's important to remember that the PCE inflation data is the Fed's preferred measure of inflation, so they will be paying close attention to this data release.



Gold is currently testing the broken trend line, which is also near the 1,951 pivot. The bulls must break the pivot to push the price to higher levels such as 1,979 - 1,986. On the flip side, monitoring the price action and candlestick pattern in the pivot zone may provide decent opportunities to go short on XAUUSD.

The bearish candlestick patterns you want to look for are Shooting Star, Bearish Engulfing, Evening Star, and Dark Cloud Cover. These patterns can indicate a potential reversal in the market and provide traders with an opportunity to enter a short position on Gold. By carefully analyzing the price action and candlestick patterns in the pivot zone, traders can make informed decisions about their trades and potentially profit from market movements.

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Bitcoin Analysis: ETF Approved as Traders Celebrating

Bitcoin is trading around $27,300 after it broke the minor resistant at 26.734 after a US court has approved the first Bitcoin ETF, marking a major win for crypto investors. The SEC’s decision to deny Grayscale Investments’ Bitcoin ETF was overruled by the DC Court of Appeals. This allows investors to gain exposure to Bitcoin without owning it, causing a surge in crypto token prices



Yesterday, Bitcoin experienced a rise of about 5%, reaching the resistance level of $28,099, and currently the bears added pressure to correct the recent gains. Market analysts predict that Bitcoin will trade within a range of $25K to $28K in the upcoming sessions, unless the bulls manage to close above the $28,099 barrier. If this happens, the surge in Bitcoin’s value is expected to continue, with the first target being the psychological level of $30K.

[HubuFX]

Crucial GBPUSD Levels to Watch: 1.255 Support and 1.274 Resistance

The GBPUSD currency pair experienced a strong bounce from the 1.255 area, with an upbeat halt at the 1.264 pivot, which consequently serves as the main resistance area for the bulls.




However, upon closer examination of the 1-hour chart, we can observe three bearish engulfing candle patterns signaling the pressure of bears near the pivot. The bearish scenario appears stronger, given that the overall outlook of the GBPUSD is bearish.




It is important to note that, as long as the 1.264 pivot holds, the market’s primary objective is to retest the 1.255 support level, followed by a potential further decline to the 1.248 level. This information is crucial for traders and investors who are closely monitoring the market’s movements and seeking to make informed decisions.

On the other hand, if the bulls manage to close above the 1.265 pivot on GBPUSD, it would pave the way for a potential rise to the 1.274 resistance level.


GBPUSD Fundamental

The US Dollar is trying to recover from recent losses. US Treasury yields fell, which put downward pressure on the Dollar. Economic data from the US was disappointing, which made investors think the Federal Reserve might not raise interest rates soon. This put more downward pressure on the Dollar. Investors are waiting for more data from the US to see what the Federal Reserve will do. There is no significant data from the UK this week, so investors are focusing on the US economy. The upcoming datasets include the US ADP Employment Change for August and the preliminary Gross Domestic Product Annualized for the second quarter (Q2). These will be released later in the North American trading session and could provide more insight into the economic outlook of the United States.

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GBPUSD: The Pivot Prevailed

The GBPUSD currency pair experienced a decline after reaching the 1.264 pivot point. The downward trend is expected to persist, with targets set at 1.255 and 1.248.

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EURUSD Analysis: Can the Bears Hold Below 1.083 Pivot Level?

The EURUSD Currency pair is currently trading near the 1.083 pivot level. A bearish long wick shadow candle has formed near this level, indicating potential downward pressure on the pair. Additionally, the RSI indicator is hovering below the signal line, further supporting the bearish market outlook for EURUSD.



If the 1.083 pivot level holds, a decline to 1.073 is likely. However, on the flip side, if the bulls can close above the 1.083 pivot, a target of 1.089 can be considered.

A long wick shadow candle is a line on a candlestick chart that shows the highest and lowest prices a stock has traded at during a specific time period. It helps to show how the price of the stock has changed compared to its opening and closing prices. In simpler terms, it's a way to see the range of prices a stock has had over a certain time.

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GBPUSD Forex Analysis: Downtrend Likely to Continue

Stay updated with the latest Forex Analysis and Forex News in this article for the GBPUSD currency pair. You will find valuable information about both technical and fundamental analysis related to GBPUSD.




The GBPUSD currency closed under the 1.2591 support and the 0.382 level of Fibonacci retracement. Zooming to the 4 hour chart, the pair has tested the broken support which now acts as resistance. Consequently, the downtrend of GBPUSD is likely to continue, and the next target would be the 1.2468 area if the 1.264 pivot is not breached. Please note that as long as the GBPUSD trades below the pivot, the bearish scenario remains valid.




On the flip side, resistance is at the pivot at 1.2626. The bulls must close above the pivot to raise the GBPUSD price to 1.2779 again. This level of resistance is very strong and the market couldn't break through it in the last couple of weeks.

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Bitcoin Technical Analysis: Bullish Signals for BTCUSD

The crypto market has experienced a growth of 1.6% in its capitalization over the last 24 hours, reaching a total of $1.066 trillion. This impressive growth was observed on Wednesday afternoon. Following the strong rally in US tech stocks, buyers are now cautiously investing in cryptocurrencies after the recent sell-off.

In addition, the decline of Bitcoin has halted near the $25,000 support and it is currently trading in a range area between 25K and 27K.




From a technical analysis standpoint, we see a hammer and a bullish engulfing candlestick pattern in the daily chart which signals that bulls might take the role in the upcoming sessions. The RSI indicator is still hovering in the oversold zone under the level 30, making it 3 bullish signals for BTCUSD.

It is important to note that these bullish signals are formed in the daily chart which augments the bullish scenario. However, there is a minor resistance around the 27K that needs to be breached by the bulls in order to confirm the bullish scenario. If this breach happens in the following sessions, the target for buyers at Bitcoin will be the 28K resistance.

On the other hand, for the decline to continue, bears on Bitcoin need to close below 25K.

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EURUSD Technical Analysis, Bulls Need to Act Soon

The EURUSD downtrend has recently extended to the 0.786 Fibonacci level, reaching a low of 1.07731. Despite this, the fundamentals are not in favor of a bullish scenario. As a result, we do not recommend entering into a long trade at this time. In fact, the US economy is performing well, and there is a possibility that an even more bearish scenario could be on the horizon.



From a technical standpoint, the EURUSD has formed a hammer pattern on the 4-hour chart, clinging to both the bottom line of the declining channel and the 0.786 Fibonacci level. Although the RSI is not yet in oversold territory, there is a chance that the market may experience a pullback to correct the recent sharp declines.

As previously mentioned, the bullish scenario for the EURUSD is currently very weak. Therefore, it is recommended to closely observe the price action of the EURUSD near important resistance levels such as the 0.618 Fibonacci level and the 1.089 pivot point. These two levels could potentially provide a decent demand zone for bearish traders looking to enter short positions.

[HubuFX]

Shorting AUDUSD on Bearish Engulfing Pattern

The AUDUSD currency pair recently returned from the resistance zone near the 0.65 area and began trading in a declining channel, as illustrated in the daily chart. Upon closer inspection of the 4-hour time frame, a bearish engulfing pattern emerges, indicating that the bears have gained control over the bulls. At the time of writing this technical analysis, the AUDUSD is approaching the 0.643 pivot. It is highly probable that the breakout from the channel was a false alarm and that the decline will persist, starting with the recent lower lows.



The resistance for AUDUSD stands at 0.65, and bulls must overcome this threshold to pave the road to 0.66.





Trade Idea
The bearish engulfing pattern near the critical resistance area presents a favorable opportunity to enter a short trade, with a risk of being stopped at 0.65 and a potential reward around the 0.63 area.

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