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Silver (XAGUSD) has hit a key turning point after dropping from its October 23, 2024 peak. This decline unfolded in three distinct swings, following a zigzag pattern known as an Elliott Wave structure. Starting from that high, the first drop (wave A) landed at 29.68, followed by a bounce (wave B) to 34.58. Then, the […]

The post Elliott Wave Outlook: Silver (XAGUSD) Might Have Launched into the Following Leg Higher appeared first on Action Forex.

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09/08/2024

Gold Is Back, But Not For Long

Gold has experienced increased volatility over the past seven days, falling 4.4% from Friday’s high to Monday’s low and then rising 2.5% from the low. Much of gold’s recovery on Thursday was in tandem with a massive rally in equities in response to some improvement in weekly jobless claims. Technically, gold was able to find […]
25/07/2024

AUD/USD Outlook: Steep Downtrend Breaks Below the Base of Thick Daily Cloud

Steep fall extends into the ninth consecutive day and accelerated on Thursday (down 0.85% in Asian / European session), hitting the lowest levels since early May and being on track for the biggest weekly loss since mid-June 2023. Break of 0.6580 pivot (200DMA/ 50% retracement of 0.6362/0.6798) accelerated existing downtrend through next key supports at […]
27/01/2025

EUR/USD Recovery Hits a Pause: Is the Upside Still Intact?

Key Highlights EUR/USD started a decent increase above the 1.0400 resistance. A connecting bullish trend line is forming with support at 1.0430 on the 4-hour chart. GBP/USD gained pace for a move above the 1.2400 resistance. USD/JPY is consolidating below the 156.50 resistance. EUR/USD Technical Analysis The Euro found support and started a recovery wave […]