The price for gold almost reaches the 2,600.00 mark on Friday. However, the price has clearly encountered resistance at 2,590.00. Meanwhile, support is found at 2,575.10/2,577.50. In general, the commodity is consolidating before making the next move. A resumption of the surge is set to face the 2,590.00 level, before the price reaches the 2,600.00 mark, which is bound to
The USD/JPY has declined more than expected, as the rate has broken the broad channel down pattern. However, on Monday, the pair appeared to have found support near the 139.50 level. The follow-up recovery has encountered resistance in the prior 2023 low level at 140.80 and the 50-hour simple moving average. A move above the 140.80 level, the 50-hour SMA
The recovery of the Pound against the US Dollar has revealed a channel up pattern. The channel represents the market expectations of a US interest rate cut that is scheduled for Wednesday. Meanwhile, note that the surge has reached the 1.3200 mark, which appears to be acting as a magnet to the pair. Namely, the rate is consolidating its gains
The bounce off from the 1.1000 mark has gained more momentum. The surge has revealed that it is occurring in a channel up pattern that has guided the pair through the resistance of the 1.1100 mark and the upper trend line of the broad channel down pattern. By late Monday, the rate was finding support in the weekly R1
Gold has finally managed to break above 2,530.00. A new high has been booked at 2,555.00, which is acting as resistance. Meanwhile, the price is finding support at 2,545.00. An extension of the ongoing surge could encounter resistance in any of the round price levels. However, it is most likely that the 2,600.00 will act as a major resistance. On the
On Wednesday, the USD/JPY currency pair pierced the lower trend line of the broad channel down pattern. However, the pair immediately found support in the 2024 low level at 140.80. The low level provided enough support for the rate to return to trade between the 142.00 and 143.00 levels. In the case of a resumption of the prior recovery, the
The decline of the GBP/USD has found support in the 1.3000 mark and the range that surrounds it. The event was followed by a recovery that on Thursday started to respect the resistance of the 1.3100 level. A move above 1.3100 is expected to immediately encounter resistance in the 200-hour simple moving average and the 1.3120/1.3130 zone. Above these levels, the
Despite the Euro being impacted by the ECB rate cut, the rate has continued to respect technical levels. The rate is finding support in the 1.1000 mark and the zone that surrounds it. In the meantime, resistance is found in the 1.1040/1.1060 range. A move above the 1.1040/1.1060 zone and the 200-hour simple moving average might be slowed down by
The price of gold has once again failed to pass above the all-time-high level range near 2,530.00. The price has bounced off the resistance and revealed a new support range at 2,485.00. This range has caused a recovery of the metal up to 2,500.00. A move of the metal above 2,500.00 and the 50 and 200-hour simple moving averages might
The US Dollar has found support against the Japanese Yen in the August low level. However, more notable is the fact that the reversal from this zone has confirmed the existence of a large scale channel down pattern. This week, the pair was encountering resistance in the 143.50/143.75 range and the 100-hour simple moving average, together with the weekly
The recovery of the GBP/USD was ended by the release of the US monthly employment data. The data shook the value of the US Dollar down and up, before a clear strengthening. On the GBP/USD charts, it was represented by high volatility near the 1.3200 level. However, the follow-up decline eventually passed below the 1.3100 mark, which turned into resistance. An
The Friday's high volatility that was caused by the US Employment data release was followed by a decline of the Euro against the US Dollar. By Monday, the currency pair had reached below the 1.1040/1.1060 range. In addition, it has been spotted that the rate is in a broad channel down pattern. An extension of the decline might look for
The price of gold passed all marked support levels and a broader decline was expected. However, the price once again has found support in the 2,470.00 level. A zone has been marked near this level. On Thursday, the price had recovered and returned above the 2,500.00 mark. It was assumed that the rate could soon reach the 2,530.00 high
The channel up pattern failed to hold. The USD/JPY currency pair has declined and revealed a channel down pattern. By mid-Thursday, the rate had reached below the 143.50 level. An extension of the ongoing decline is expected to first look for support in the 143.00 mark and the combination of the 142.50 level and the weekly S2 simple pivot point. On
The decline of the Pound against the US Dollar ended at the 1.3100 mark. Despite shortly trading below 1.3100, the pair eventually recovered. After a period of sideways trading, the rate broke the channel down pattern and various resistance levels. By mid-Thursday, the pair had made a second attempt to break the resistance of the 1.3175/1.3180 range. A bounce off from
After breaking the channel down pattern, the EUR/USD eventually surged, as the rate has managed to reach the combined resistance of the weekly simple pivot point at 1.1097, the 200-hour simple moving average and the 1.1100 mark. A move above 1.1100 might be slowed down by the 1.1150 level and the weekly R1 simple pivot point. Higher above, note the
On Monday morning, the price of gold shortly traded below the support range that surrounds the 2,500.00 mark. However, by midday, the price was back to fluctuating around the round price level. If the price recovers, it is expected to face the resistance of the 50, 100 and 200-hour simple moving averages that are together located at the 2,510.00
The recovery of the US Dollar against the Japanese Yen has reached the combined resistance of the upper trend line of the channel up pattern, the weekly R1 simple pivot point and the 147.00 mark. In general, the pair could now go anywhere in the borders in the borders of the pattern. A potential decline of the pair is expected
On Friday, it was reported - "The Pound's decline against the US Dollar has reached the 1.3120/1.3130 support zone. In addition, the pair has revealed a channel down pattern that has guided the rate's decline." By late Monday's trading, the situation was mostly unchanged, as the rate had bounced off the combination of the pattern's lower trend line and the 1.3120/1.3130
The 1.1040/1.1060 range has held and caused a minor recovery that has broken the ascending channel pattern's resistance and the 50-hour simple moving average. However, the rate has not started a broader decline, as it remains near the support range. A resumption of the prior decline would have to pass below 1.1040. Further below, the lower trend line of the
Since Monday, the metal's price has made four attempts to pass the 2,530.00 level. The attempts failed. Meanwhile, it was spotted that the hourly simple moving averages are failing to impact the metal. However, the commodity price keeps finding support near 2,500.00. The prior potential scenario descriptions remain valid. A breaking above the 2,530.00 level is expected to be slowed
The USD/JPY pair has managed to breach the resistance of the 145.00 level. In addition, after the first pass above 145.00, the rate retraced back down and revealed the location of a channel up pattern's support range. The ongoing surge of the USD/JPY currency pair is expected to encounter resistance in the 146.25/146.50 zone, before continuing on higher and facing
The Pound's decline against the US Dollar has reached the 1.3120/1.3130 support zone. In addition, the pair has revealed a channel down pattern that has guided the rate's decline. A recovery of the rate would have to pass above the 200-hour simple moving average, before approaching the 1.3180 level's resistance, combined with the 50-hour SMA. Above these levels, the upper trend
The decline of the EUR/USD has reached the support zone at 1.1040/1.1060. Meanwhile, it has been spotted that the rate has been declining in a channel down pattern. A continuation of the ongoing decline would have to pass below 1.1040. Further below, the lower trend line of the channel pattern might slow down the pair's descent, before the 1.1000 mark