Market Analysis
GOLD
Gold prices continue to experience increased bullish momentum, with the MACD showing strong upward movement and the RSI nearing overbought levels. The market has seen strong price action, but there is potential for a retracement ahead of the Federal Reserve’s rate decision. The direction of this movement may shift depending on Chair Powell’s comments regarding the state of the economy.
We anticipate further buying opportunities in the coming days, but a short-term pullback could occur before a continuation of the uptrend.
SILVER
Silver prices have remained consolidated, despite gold’s rise. This price action helps maintain silver’s role as a hedge against inflated gold prices. While silver has not experienced as much upward movement, we expect it to follow gold’s direction if the bullish trend continues.
We are watching closely for further buying opportunities but will wait for confirmation before acting.
DXY (Dollar Index)
The U.S. dollar is still consolidating, forming a structure that suggests a continuation of the bearish trend. The MACD is not showing clear direction, and the RSI indicates increasing bearish momentum.
We expect the dollar to continue its decline in the near term, but Chair Powell’s comments could alter the outlook depending on his stance on future interest rates.
GBP/USD
The Pound has been struggling to break above the 1.29966 level. While bullish momentum remains, we expect further growth in the coming days, but we are awaiting confirmation before making a move.
The MACD reflects increased bullish volume, although there are exaggerated bearish signals. The RSI has identified oversold conditions, which supports our bullish outlook for the pound.
AUD/USD
The Australian dollar has pulled back from its recent high, now testing 0.63407. This retracement comes ahead of the Federal Reserve’s rate decision.
The MACD shows increased selling pressure, while the RSI suggests normalization in selling momentum. Despite the pullback, our overall bullish outlook remains, as the broader price action structure continues to support upward movement.
NZD/USD
The Kiwi dollar remains near 0.58166, showing increased bullish volume despite the MACD signaling a sell. The RSI is also showing oversold conditions, suggesting the probability of further bullish movement.
We continue to monitor the market for buying opportunities, as the price action supports a continuation of the bullish trend.
EUR/USD
The Euro has broken above the previous high and is showing increased bullish momentum. However, sentiment remains cautious ahead of the Federal Reserve’s decision.
The MACD remains consolidated, while the RSI has flagged the previous swing low as oversold, signaling increasing bullish momentum. We continue to look for buying opportunities, but we are mindful of potential consolidation at higher price levels.
USD/JPY
The Yen is showing increased bullish movement, as prices bounce off key support levels. However, both the MACD and RSI fail to reflect the price action, indicating continued consolidation.
We await clearer signals from the Bank of Japan’s rate decision to understand the next market move. The current outlook remains neutral, but with bullish potential if prices continue to rise.
USD/CHF
The Swiss franc continues to face bearish momentum, as prices have failed to break above the EMA200. The MACD and RSI both show increased selling momentum, reinforcing a bearish outlook.
We expect further selling opportunities in the near term, as the franc struggles to gain traction against the U.S. dollar.
USD/CAD
The Canadian dollar remains in consolidation, as expected. We are watching for a clear breakout before making any definitive predictions.
The RSI is showing increased bearish momentum, and the MACD reflects growing bearish volume, indicating that further selling opportunities may arise in the coming days.
COT Reports Analysis
- AUD – WEAK (5/5)
- GBP – STRONG (5/5)
- CAD – WEAK (5/5)
- EUR – STRONG (5/5)
- JPY – STRONG (5/5)
- CHF – WEAK (5/5)
- USD – STRONG (4/5)
- NZD – WEAK (5/5)
- GOLD – STRONG (3/5)
- SILVER – STRONG (4/5)
Conclusion
The gold and silver markets are showing strong bullish momentum, while the U.S. dollar continues to face pressure ahead of the Federal Reserve’s rate decision.
The Pound, Aussie, and Kiwi show bullish potential, while the Euro remains cautiously bullish. Yen weakness continues to be a key theme, and the Swiss franc remains bearish.
We recommend monitoring Chair Powell’s remarks closely, as his statements will likely provide crucial clarity on market direction.
