Following up from yesterday's update, Are Bulls Teasing Bears? - Ending Diagonal Scenario:
The first impulse might have completed at the highs of 2475, suggesting the initial leg of the move that began at 2420 has peaked. If the key support level of 2460 is breached on the downside, it could confirm the completion of this initial impulse.
If Gold holds the key support levels at 2450 and 2440, the yellow metal could maintain a positive bias and potentially push towards the all-time high of 2500+. Once these key supports at 2450 and 2440 are held, the bullish momentum could continue.
The information provided by WaveTalks is for educational and informational purposes only. We are not responsible for any investment decisions made based on our analysis. Trading and investing involve substantial risk, and you should consult your financial advisor before making any investment decisions.
Recommended Content
Editors’ Picks
EUR/USD fluctuates above 1.0900 as volatility subsides
EUR/USD continues to trade in a narrow channel above 1.0900 in the American session on Friday. Major equity indexes recover from opening lows, limiting the US Dollar's gains and allowing the pair to hold its ground heading into the weekend.
GBP/USD recovers to 1.2750 area as USD struggles to gather strength
GBP/USD regains its traction and trades near 1.2750 following an earlier decline. As the market mood remains cautious ahead of the weekend, however, the pair struggles to gather further bullish momentum and remains on track to post weekly losses.
Gold climbs to $2,430 area as US yields push lower
Following a quiet European session, Gold (XAU/USD) gains traction in the American session and trades near$2,430. The benchmark 10-year US Treasury bond yield is down more than 1% on the day below 3.95%, helping XAU/USD push higher.
Bitcoin could decline following retest of key resistance level
Bitcoin's price retests the key resistance zone at $62,066, and rejection may continue to drive its downtrend. Ethereum's price experiences a brief rise before a potential downtrend continues.
Week ahead – US CPI to test market nerves, RBNZ might cut rates
The panic about the US economy being on the verge of a recession has mostly eased but markets remain jittery. Investors see a real risk that the Fed’s delay in cutting rates has made a downturn inevitable.