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Short-term action remains in a sideways mode after the metal’s price spiked to new record high ($2141) in early December, holding within $1973/$2088 range, but mainly above psychological $2000 level, which adds to positive bias. Gold is consolidating after Oct-Dec 2023 18% advance, a part of larger uptrend from $1616 (Nov 2022 higher low) with […]

The post XAU/USD: Gold Remains in Prolonged Consolidation Before Larger Bulls Resume appeared first on Action Forex.

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27/09/2024

USDJPY Driven by Japanese Fundamentals with Target at 142.00

Bullish Corrective Scenario: Buy positions above 143.50 with a take profit (TP) at 144.00 or an extended target at 145.00, from where selling opportunities may resume. Bearish Scenario: Sell positions below 142.89 with a TP at 142.00, 141.74, and an extended target at 141.00. Bearish Pullback Scenario: Sell positions below 144.00 or 145.00 (where a […]
25/06/2024

Elliott Wave Analysis on Silver (XAGUSD) Expects Further Correction Lower

Short Term Elliott Wave in XAGUSD (Silver) suggests cycle from 5.20.2024 high remains in progress as a double three structure. Down from 5.20.2024 high, wave ((a)) ended at 30.03 and wave ((b)) rally ended at 32.29. Wave ((c)) lower ended at 29.36 which completed wave W. Rally in wave X has ended at 31.53 as […]
25/01/2024

EURUSD Displays Volatility in Advent of First ECB Meeting of 2024

Tomorrow marks a poignant day for those observing the European economy as the European Central Bank is scheduled to hold its first monetary policy meeting of this year. The European Union’s central bank has continued to maintain a conservative approach in recent months, rather similar to that of the Bank of England and the Federal […]