Insights into Today's Markets

GOLD -Gold found supply after entering our supply zone, pushing prices back to normal levels and toward 2431.705. We may expect further technical correction and consolidation for gold until September or until the announcement of the rate cut. However, we continue to react accordingly to price changes as we still see the potential for a rise sometime this August.

SILVER - Silver has fallen lower after confirming the SHS formation and is currently trading below 29.900. We may see prices fall further and test 29.018 before another decline.

DXY - The dollar is seen recovering above 104.084 and is expected to trade further into this zone. While we see a bearish run for the dollar, we may find further recovery and consolidation going into the month of rate cuts. That said, the security in the elections of a winning candidate offers some strength and confidence in the currency.

GBPUSD - The pound has fallen below 1.29966 and may continue to fall until we see price normalization. We anticipate further growth for the pound but will react to changing market conditions as technical corrections and consolidations are part of the markets.

AUDUSD - The Aussie dollar fell through 0.67143, switching our bias to a potential bearish trend. Now that the price is trading below this level, we expect it to move toward 0.66541. We await further confirmations and will react accordingly to price changes.

NZDUSD - The Kiwi is showing a bearish structure after finding resistance at 0.60954. The price has fallen through 0.60455 and may create a new low toward 0.59796. We are waiting for further price action and will react accordingly to price changes.

EURUSD -After a considerable rise, the Euro has fallen to trade at 1.08950. While this level offers some support, we anticipate market consolidation and a fall due to fundamental uncertainties. However, we do not rule out technical readings of a bullish market.

USDJPY - The Yen has not gained against the dollar after its recovery, bouncing off 155.704. We may expect to see further price action soon, but currently, it is losing ground against the dollar again and is almost at 158.255. Currently, the price is at 157.193.

USDCHF -The CHF has lost value and is now close to 0.88886. We expect to see further price action suggesting a fall, as the current trend respects bearish structures.

USDCAD -The CAD's weakness is evident with it losing against the dollar and trading at 1.37261. We expect the price to move bullish as structures are currently being broken through and showing bullish runs. However, the price needs to break this level before confirming a continuation, as it is technically still in a consolidated zone.

COT Reports Analysis

CAD - Weak (2/5)

CHF - WEAK (5/5)

GBP - Strong (5/5)

JPY - Weak (5/5)

EUR - Strong (3/5)

AUD - Strong (5/5)

NZD - Weak (3/5)

USD - Strong (2/5)

Silver - Strong (5/5)

Gold - Strong (5/5)