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GOLD:BUY From PULLBACK Level For A New LONG SetupGOLD: Following the decisive upsurge witnessed on Friday, the Gold prices started the new week on a bullish note and closed in positive territory on Monday and Tuesday. After staying relatively quiet on Wednesday, XAU/USD regained its traction and climbed above $1,900 for the first time in seven months ahead of the weekend, closing the fourth straight week in positive territory. Risk perception and the performance of the US Treasury bond yields could drive the pair's action next week amid a lack of high-tier macroeconomic data releases from the US. Today the Price seems to have a pullback on the previous trendline of the bullish channel in confluence with the 50% Fibonacci we are looking for an extension of the price that can reach the level of price around 1936.000
OANDA:XAUUSDLong
by FOREXN1
5
GBP/USD:BUY From Support Area For A LONG Setup GBP/USD has booked the second straight week of 2023 in the green, as sellers refuse to give up on the United States Dollar (USD) amid dovish US Federal Reserve (Fed) expectations. Despite the recent hawkish commentary from the Federal Reserve policymakers, endorsing a peak rate in the range of 5%-5.25% to tame inflation, investors failed to pay any heed and fuelled hopes of a Fed slowdown on rate hikes, which continued to exert bearish pressure on the US Dollar against its major rivals. The GBP/USD in the last 2 sessions make a pullback on the previous resistance area and today the price seems ready to have a new Bullish impulse. We are looking for a Long setup.
Long
by FOREXN1
10
GOLD:Pullback in the Previous Support Area For A New LONG SetupGold bulls take a breather this Friday, as the US Dollar is attempting a minor recovery in tandem with the US Treasury bond yields. The Strong Uptrend can be just in a pause with a retracement today and the next Monday with a pullback around the area 1885 previous resistance zone of the accumulation area broken yesterday After the release of the US CPI Core. Our Forecast remains Lng for the LONG trend with a pullback to have more strength in the next bullish impulse.
OANDA:XAUUSD
by FOREXN1
28
EUR/USD:Possible Retracement Before A New LONG ImpulseEUR/USD retreated to the 1.0850 area early Friday after having touched its highest level since April at 1.0868 late Thursday. The near-term technical outlook suggests that the pair could stage a technical correction before the next leg higher but losses are likely to remain limited. The retracement could reach the level of 38.2% Fibo from the last swing low, around area 1.07250 with the first target of attention 1.07800 where the price could have a first stop before growing again. A Divergence in RSI may confirm the possibility for the price for a correction in a short time before growth. The data published by the US Bureau of Labor Statistics revealed on Thursday that annual inflation in the US, as measured by the Consumer Price Index (CPI), declined to 6.5% in December from 7.1% in November as expected. The Core CPI, which excludes volatile food and energy prices, fell to 5.7% from 6%. Both of these readings came in line with analysts' estimates and the US Dollar Index fluctuated wildly while market participants tried to figure out how these data would influence the Federal Reserve's rate outlook. Dovish comments from Fed officials, however, made sure that investors continued to move away from the US Dollar. The next long target for EUR/USD 1.09200 area.
by FOREXN1
17
GBP/USD:Price Increase Value After Core CPI-Possible LONG SETUPGBP/USD continue its strong rally and yesterday the price after the Core CPI , break the dynamic trendline of the channel and re-test this one with a new Bullish impulse. Today the GDP m/m , the change in the total value of all goods and services produced by the economy It's the broadest measure of economic activity and the primary gauge of the economy's health also called Gross Domestic Product (GDP) gives a result of 0.1% instead the negative value of the forecast -0.2%. All the European pairs seem to want to grow more and this is a major bullish rally of the European pairs of the last year. The price may reach 1.2320 in this session and go over the next session to reach 1.2400 I let you notice, the is a Divergence in the RSI indicator, in case the price will have a retracement by the Prelim USD UoM Consumer Sentiment, our targets will be the ones shown on the chart.
Long
by FOREXN1
5