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Headlines on Thursday revealed that Israel may have violated the recent Gaza ceasefire just one day after it began, with reports of tactical military actions targeting areas not included in the agreement. Meanwhile, OPEC+ postponed its output policy meeting from Sunday to December 5, citing scheduling conflicts with Kuwait’s Gulf Cooperation Council meeting. Crude oil […]

The post Oil: Price Contracts as Dollar Tries to Recover appeared first on Action Forex.

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Elliott Wave View: US Dollar Index Turning Lower

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02/09/2024

Oil Prices Abruptly Tumbled Below $80 per Barrel (Brent)

Markets European inflation figures and US PCE, spending & income data basically played second fiddle on Friday, triggering barely more than some intraday volatility in yields. Technical elements were at least as much of a driver. Support around the August lows waq tested earlier last week. Their survival preluded a countermove higher, be it within […]
26/03/2024

Gold (XAUUSD) Looking to Do Larger Degree Correction

Short Term Elliott Wave view in Gold (XAUUSD) suggests that Gold ended the cycle from 12.13.2023 low. Rally from 12.13.2023 low unfolded as an impulse. Up from there, wave ((i)) ended at 2088.48 and dips in wave ((ii)) ended at 1984.37. The metal then resumed higher in wave ((iii)) towards 2195.15 as the 1 hour […]
26/03/2025

UK Inflation Cools More Than Expected, Pound Loses Ground

The British pound is lower on Wednesday following the UK inflation report. In the European session, GBP/USD is trading at 1.2897, down 0.36%. UK inflation surprises on the downside at 2.8% UK inflation for February rose 2.8% y/y, below the market estimate of 2.9%. This was lower than the 3% gain in January. The main […]