GOLD
Gold prices have risen amidst the risks associated with Trump’s policies. However, 2758.248 remains a resistance level, with both the MACD and RSI showing increased momentum and volume for selling. Despite this, overall price action suggests a higher likelihood of a buying continuation as the market consolidates for a few hours. We remain bullish on gold, even if the dollar strengthens. While gold prices could fall due to being overpriced at the moment, the probability of continued upward movement remains higher. Traders considering long-term forex plans should monitor gold’s correlation with the dollar and global risk sentiment.
SILVER
Silver prices are currently consolidated, with a high likelihood of returning to a range below 30.6675. Both the MACD and RSI indicate increased momentum and volume, but prices show signs of a selling continuation. We expect further selling to dominate the market. Investors seeking data-driven forex trading strategies may consider using scalping bots for forex to capitalize on short-term movements in silver.
DXY
The dollar is rising after reaching 107.834, suggesting a continued upward move to fill the gap it left behind. Although the RSI indicates overbought conditions, the MACD’s steady and increasing volume and momentum suggest further bullish movement. We anticipate a stronger dollar to emerge, unless consolidation continues instead. Traders engaging in cross-currency trading should be mindful of the DXY’s influence on major forex pairs.
GBPUSD
As mentioned yesterday, the Pound remains subdued, failing to break above 1.23720 and now testing 1.23000. There is a possibility for the market to crash below this level, though consolidation appears more likely. The MACD and RSI are gradually gaining momentum and volume for bearish price movements, signaling continued weakness. Traders using best brokers for MetaTrader may benefit from automated trading strategies to navigate GBP volatility.
AUDUSD
The Australian dollar has remained consolidated since yesterday, showing little conviction to move in a specific direction. Both the MACD and RSI indicate waning strength and momentum, suggesting a potential price decline. However, the current price’s comfort above the upper boundary of the consolidation zone hints at a possible shift to bullish momentum. Despite this, we maintain a bearish outlook. Implementing data-driven forex trading strategies may enhance decision-making in this uncertain market.
NZDUSD
The Kiwi dollar has found stability above its range, preserving the bullish shift in price. However, both the MACD and RSI reflect waning strength and momentum, with prices now consolidating. While we remain bearish on the Kiwi, we await further price movements for confirmation. Scalping bots for forex can assist traders in capturing short-term movements in NZDUSD.
EURUSD
The Euro is making modest gains, with prices approaching 1.04672. However, the MACD is trending downward, and the RSI indicates oversold conditions. Similar to the Pound, we expect this market to weaken against the dollar. While monitoring closely, we anticipate challenges for the Euro in maintaining its current gains. Cross-currency trading strategies can be beneficial for traders looking to hedge their positions in the Euro.
USDJPY
The Yen is showing unexpected weakness ahead of tomorrow’s anticipated rate hike. Prices are testing the previous swing high, with both the MACD and RSI reflecting increased buying momentum and strength. While surprising, this movement is within expectations. If the BOJ delivers the rate hike, the Yen could experience a significant decline. Best brokers for MetaTrader provide tools to analyze and execute trades efficiently in such volatile markets.
USDCHF
The Franc remains healthy, trading below 0.90743, with increased chances of continuing lower. However, the MACD is currently showing buying momentum, and the RSI has signaled overbought conditions at the recent swing high. We remain cautious and anticipate that the current consolidation could lead to a bullish reversal. Long-term forex plans may consider the potential for a USDCHF breakout.
USDCAD
The Canadian dollar shows increased bullish momentum, with the RSI signaling a divergence from price as buying strength picks up. Prices are expected to continue rising from the current low, as the market respects this support level. Should Trump impose tariffs, we anticipate a substantial increase in this market, accompanied by a significant weakening of the CAD. Data-driven forex trading can help navigate policy-driven fluctuations.
COT REPORT ANALYSIS
- AUD – WEAK (4/5)
- GBP – WEAK (5/5)
- CAD – WEAK (4/5)
- EUR – WEAK (4/5)
- JPY – WEAK (5/5)
- CHF – WEAK (5/5)
- USD – STRONG (5/5)
- NZD – WEAK (4/5)
- GOLD – STRONG (5/5)
- SILVER – STRONG (5/5)
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