DBG Markets: Market Report for Jan 08, 2025

Market Analysis

GOLD - GOLD recovered in yesterdays session, rising from the low to close above 2643.644. Further bullish movement is anticipated as the RSI prints exaggerated levels following the brief dip. Although the MACD is showing lighter bullish volume, suggesting a potential retracement before continuation, the general expectation is for prices to rise in the coming days. However, it's important to recognize that the overall price action remains within a consolidation zone, as the price faces resistance at the previous swing high, indicating a potential range-bound movement.

SILVER - SILVER prices remained stagnant yesterday, encountering strong resistance at the swing high, which hindered further bullish progression. The MACD indicates increasing bearish momentum, while the RSI shows the potential for bearish volume to strengthen. Despite these indicators, the overall price action retains a bullish bias.

DXY - Dollar prices strengthened as predicted, supported at 107.834. Increased bullish momentum is evident, with the RSI printing exaggerated levels despite minor downward price movements. The MACD is also reflecting heightened bullish momentum, and the overall price action signals growing buying pressure and volume.

GBPUSD - The Pound faced rejection at 1.25740, failing to maintain its upward trajectory. The MACD shows increased bearish volume and momentum, with the RSI indicating further bearish potential. While the previous swing high was breached, prices quickly fell back below key levels, reinforcing selling pressure and an overall bearish outlook.

AUDUSD - The Aussie dollar is experiencing heightened selling momentum as the MACD reflects rising bearish volume. The RSI also indicates exaggerated levels, even with minimal bullish retracements, suggesting that price normalization may precede further declines. Overall, price action respects bearish momentum, particularly after failing to sustain levels above the higher boundary.

NZDUSD - Similar to the Aussie dollar, the Kiwi is under strong bearish pressure, with prices showing oversold conditions. However, the sluggish bullish retracements and barely visible upward movements highlight the strength of the bearish trend. The MACD supports this outlook with aggressive downward signals, pointing to continued bearish movement.

EURUSD - The Euro is seeing increased selling momentum after breaching the previous swing low. Despite finding support at 1.03311, the inability to breach the swing high twice has added pressure for further declines. The RSI reflects strengthening bearish momentum, while the MACD confirms this with rising bearish volume. While the recent price break initially shifted momentum upward, the failure to sustain higher levels suggests a potential reversal to bearish conditions. Further confirmation is awaited to solidify this outlook.

USDJPY - The Yen remained relatively stagnant yesterday but held above 157.720, suggesting bullish resilience. The RSI indicates early signs of a bullish run, while the MACD is cautiously aligning with this sentiment. Overall, price action respects bullish momentum, and a clear break of structure could emerge later today, signaling a more definitive upward move.

USDCHF - The Franc continues to gain bullish traction as expected. Both the MACD and RSI reflect growing market buying momentum, with price action firmly respecting the bullish structure. The outlook for this market remains positive, with further upside expected.

USDCAD - The CAD shows increasing bullish momentum after failing to breach the previous swing low, maintaining the upward trend. The MACD and RSI indicate strengthening bullish volume and exaggerated levels, respectively, even amid minor price dips. With these signals, the price outlook remains optimistic, targeting a potential move toward 1.44440.