Logo-color Logo-white

On November 4, when gold was trading around $2,750, we observed bearish signals on the XAU/USD chart. Since then, the price has declined to the $2,600 level, briefly dipping below it — the lowest price since mid-September. According to Trading Economics, investors may be losing interest in gold for several reasons: → Strong U.S. Dollar: […]

The post XAU/USD Analysis: Gold Price Drops to $2,600 per Ounce appeared first on Action Forex.

previous

Elliott Wave View on DAX Looking for Larger Degree Correction

next

Crypto Market Locks in Weekly Rally

Read More

17/05/2024

Canadian Inflation Prints to Show Another Step Down in April

Next week’s Canadian April inflation report will be the last major data release before the Bank of Canada’s next interest rate decision on June 5th. Absent an upside surprise, we think the soft conditions in the economy and labour markets should warrant a 25-bps interest rate cut from the BoC in June. In April, we […]
15/10/2024

WTI Outlook: Oil Prices Fall Further on Demand Concerns, But Geopolitics Remain Supportive

Oil price extends steep decline into the second consecutive day and hit two week low in early Tuesday, after the price fell nearly 4% on Monday. Oil was deflated by weaker demand outlook and signals that Israel will not strike Iranian oil infrastructure. OPEC cut its forecast for global oil demand in 2024, which increased […]
11/07/2024

GBP/USD: Stronger than Expected UK GDP Numbers Lift Cable to Four-Month High

Cable hit new four-month high in European trading on Thursday, lifted by better than expected UK May GDP numbers, which poured cold water on expectations for BoE rate cut next month. Fresh strength broke through pivotal barriers at 1.2846/60 (200WMA/former top June 12) and pressuring key barrier at 1.2893 (2024 high, posted on March 8). […]