Financial Stories of the Day

Market Analysis

GOLD - Prices dropped after peaking at around 2740.840. With the current price movement, we can see where the S&D zone for the possible next bottom will be. We wait for further buying but remain aware of the bottom that may extend. With that said, we continue to trade with caution but have high expectations for a GOLD buy.

SILVER - SILVER prices are stuck between two S&D zones at 34.025 and 33.503. Our expectations remain bullish for SILVER. This short drop is technical in nature. Our bullish bias remains, with further buying after breaking above the said structure. We wait for further price movement to secure our direction.

DXY - Compared to other currencies, the dollar is expected to perform better. With that in mind, we continue to wait to see how the dollar will break above 104.084.

GBPUSD - As we expected, the Pound has fallen below 1.29966 after failing to break the previous swing high. This will continue as prices show an increased chance of a rate cut for the Pound in this coming months meeting.

AUDUSD - The Aussie dollar will lag behind as markets price in less trading for risk-on assets. Currently, the market is expected to break the low under 0.66541, as anticipated.

NZDUSD - In line with our expectations, the market will continue to move lower from this point, showing continued selling momentum and pressure as markets price in further rate cuts in the coming months.

EURUSD - The Euro also falls in line with our expectations, as markets see increased chances of another rate cut by the ECB in the following months, up to March 2025. With this in mind, we expect the price to break below 1.08048.

USDJPY - The Yen is expected to break above 150.883, as current momentum still suggests a continuation of buying, as anticipated. The recovery of the dollar against the Yen follows the BOJs intervention.

USDCHF - The Franc remains consolidated, as expected, showing its strength compared to other currencies. This is due to heightened insecurity in West Asia, with investors looking for safer alternatives.

USDCAD - The CAD is currently seeing a continuation of weakness, as expected. Further buying is seen as prices come close to breaking 1.38402. Momentum for buying has not yet been broken.