DBG Markets: Market Report for Jan 24, 2025

MARKET ANALYSIS

GOLD

Gold prices are currently rising after Trumps call for an immediate reduction in interest rates. The market is expected to see further price increases in the coming days, especially after the Federal Reserve cuts rates. The MACD has just crossed, and the RSI suggests a temporary price pullback before another continuation higher. Overall, price action remains very bullish. Gold prices are currently approaching 2789.390.

SILVER

While Gold is appreciating, Silver prices are expected to remain relatively steady until Gold becomes overpriced and exceeds its previous high. However, the current rise in Silver is not without steady growth. The MACD has just crossed upward, and the RSI indicates a potential temporary turnaround before the market resumes its bullish trend. Thus, we remain bullish on Silver but anticipate a drop soon as the Dollar becomes more appealing under Trumps policies. Depending on when Trump implements his planned policies, Silver may experience steady growth.

DXY

The gap-filling will likely occur later as the impulsive drop this hour followed Trumps call for an immediate rate cut by the Federal Reserve. The RSI shows increasing momentum, accompanied by healthy MACD volume. We see heightened chances for the Dollar to decline in the near term until specific policies are announced and applied.

GBPUSD

The Pound gained strength following Trumps call for a rate cut. Both the MACD and RSI reflect increased volume and momentum, supporting further buying. Overall, price action is bullish at the moment. We expect additional buying in the coming days and await further confirmations.

AUDUSD

The Australian Dollar has broken the previous resistance of the consolidation zone and is currently trading higher. The currency is expected to continue rising over the next few days as the RSI and MACD indicate growing momentum and volume for buying. However, 0.63407 will act as strong resistance to further bullish price movement.

NZDUSD

The Kiwi is experiencing increased buying momentum, supported by the RSI and MACD. Overall price action has shifted to bullish after breaking above the upper boundary of the consolidation zone. The market is now targeting 0.58166, provided the momentum sustains. However, there remains a chance for prices to fall if momentum weakens.

EURUSD

The Euro is currently experiencing buying pressure, though the MACD shows a muted response, and the RSI indicates overbought conditions. As such, prices may fail to break higher. 1.04672 is acting as an effective resistance level in the market. We expect further bearish conditions to dominate.

USDJPY

Yen prices ultimately outperformed the Dollar after a sudden turnaround. Prices are now testing 155.704 and show strength for bearish movement as indicated by the MACD and RSI. Selling momentum is increasing, with overall price action respecting the previous swing high and supporting bearish continuation.

USDCHF

The Franc is experiencing increased selling momentum as the MACD has just crossed. However, buying momentum has been climbing steadily in recent days. The RSI is signaling oversold conditions, but overall price action remains strongly bearish. We anticipate further selling in the next few days.

USDCAD

The Canadian Dollar remains in consolidation. The recent drop occurred after the USD showed weakness stemming from Trumps policies and uncertainties. Despite this, we expect further buying as overall price action remains bullish, with the structure being respected. The RSI reflects growth in selling pressure, while the MACD supports this sentiment. We foresee increased selling chances in the coming days.