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Key Highlights Gold started a sharp downside correction below the $2,665 support. A connecting bearish trend line is forming with resistance at $2,670 on the 4-hour chart. Bitcoin traded to a new high at $89,998 on TitanFX before it saw a pullback. The US CPI could rise 2.6% in Oct 2024 (YoY), up from 2.4%. […]

The post Gold Faces a Setback: Can It Rebound Soon? appeared first on Action Forex.

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23/04/2024

Strong Profit-Taking in Gold or Beginning of Reversal?

Gold is under pressure this week, having pulled back to the $2300 per troy ounce level. The decline since Friday’s close is over 3.7%. The formal trigger is a more moderate escalation in the Palestinian-Israeli conflict than expected at the beginning of the month. However, we view the current pullback as a welcome technical correction […]
24/07/2024

Oil (CL) Turning Lower in Elliott Wave Impulsive Structure

Short Term Elliott Wave View in Oil (CL) suggests that cycle from 4.12.2024 high is in progress as a 5 waves impulse Elliott Wave structure. Down from 4.12.2024 high, wave (1) ended at 72.48 and rally in wave (2) ended at 84.55. The commodity has turned lower in wave (3) with internal subdivision as another […]
18/06/2024

Instrument of the Week (June 17—21): EURGBP Overview

The EURGBP pair, representing the exchange rate between the Euro and the British Pound, encapsulates the economic dynamics of the Eurozone and the United Kingdom. The Euro is influenced by economic growth, inflation, and the monetary policies of the European Central Bank, primarily driven by major economies like Germany and France. On the other hand, […]