What Traders Need to Know Today

Market Analysis

GOLD

Gold prices remain elevated, continuing to test the $3,391.26 resistance level. The bullish trend is primarily driven by heightened market expectations for a Federal Reserve rate cut in September. Both the MACD and RSI indicate strong buying momentum and volume, supporting our view. We continue to look for more buying opportunities in this market.

SILVER

Silver prices are now continuing the upward move we anticipated, breaking cleanly above the EMA200 and approaching a key trend-shift zone. This bullish momentum is supported by the strength in Gold. The MACD and RSI also signal a high probability of a buy continuation. We anticipate more buying opportunities in the coming days.

DXY

The Dollar remains consolidated as traders weigh the Federal Reserve's outlook. The market, according to the CME FedWatch Tool, is now pricing in a 92.4% probability of a rate cut this September.

The technical picture suggests caution for bulls. Bearish divergence may be forming, as the MACD shows some bullish growth while the price fails to follow through. This often signals underlying weakness and increases the probability of a sell-off. We will wait to see how the price action develops.

GBPUSD

The pair continues to consolidate, though it is edging slightly higher toward the EMA200 and the 148.104 resistance area. However, bearish divergence may also be developing here; the MACD indicates buying interest, but the minimal price increase suggests a lack of conviction. Combined with a previously overbought RSI, this could signal a pending sell-off. We will await more definitive price movement.

AUDUSD

There is no change in our analysis for the Australian Dollar. The pair continues to consolidate, and we will remain patient while waiting to see how the price will progress.

NZDUSD

The Kiwi is also still very consolidated. We will wait to see how this market progresses in the coming days before issuing a new directional call.

EURUSD

The Euro is also in a consolidation phase. We will not call for a change in our readings at this time and will wait for more trading activity to get a clearer indication of where the price is heading.

USDJPY

The pair is seeing continued consolidation, although it is edging higher than yesterday, nearing the EMA200 and the 148.104 resistance area. However, bearish divergence may be developing here; the MACD indicates buying interest, but the minimal price increase suggests a lack of conviction. Combined with a previously overbought RSI, this could signal a pending sell-off. We will await more definitive price movement.

USDCHF

The Franc is currently still consolidated between two boundaries, waiting on how the Dollar will progress. Thus, we will remain with our previous analysis and wait to see how prices will run in the coming days. For now, we call for consolidation.

USDCAD

The CAD is also still very consolidated. We will wait for more price trading before calling for a specific price movement.