GBP/JPY has reached an all-time high of 193.500, largely influenced by divergent monetary policies between the Bank of Japan (BOJ) and the Bank of England (BOE). The BOJ's delay in rate hikes until Q3, driven by rising inflation and continued unlimited bond buying, is keeping the yen weak. However, the increasing weakness of the yen could prompt BOJ intervention in the FX market to strengthen the currency. On the other hand, the BOE is closely monitoring a robust labor market and rising inflation in food and energy. Despite this, the BOE remains cautious, focusing on developments with the Fed. Anticipation is high for upcoming BOE data and the monetary policy meeting on Friday, which could provide further insight into potential rate cuts.If the upcoming BOJ meeting mirrors the previous one, GBP/JPY could potentially hit the key level of 195. However, any indication of rate cuts from the BOE could weigh on GBP/JPY, leading to a bearish outlook and a potential decline towards the key level of 190.
By Abdulla Anas
Gold prices have remained in a sideways trend between $2358 and $2432 over the past week. This lack of momentum is influenced by fading expectations of interest rate cuts due to rising inflation concerns and cautious central bank approaches. Geopolitical tensions, particularly in the Middle East, add uncertainty. The upcoming FOMC meeting will provide further insight into monetary policy. Any escalation in geopolitical tensions could trigger a breakout below the key level of $2341, potentially reaching $2522. Additionally, recent activity in the Commitments of Traders report suggests a shift in market sentiment. Monitoring economic indicators, central bank decisions, and geopolitical developments will be key to predicting gold price movements.
By Abdulla Anas
Gold continues to maintain its resilience amidst several factors, including anticipated rate cuts by the US dollar, policy lag effects, central bank holdings, and geopolitical tensions in the Middle East. The recent FOMC meeting indicated a cautious approach toward rate cuts on the US dollar, with expectations of a cumulative decrease of 75 basis points by the end of 2024. However, the Fed is closely monitoring various economic indicators, particularly labor data, before considering any rate adjustments. Speculation about potential rate cuts can bolster demand for gold, potentially driving its price to $2,800 by the end of 2024. Market focus remains on upcoming labor data, with expectations that robust data could exert downward pressure on gold, potentially pushing it to the key support level of $2,222. Conversely, weaker-than-expected labor data may propel gold to new all-time highs, reaching $2,400.
By Abdulla Anas
With the week closing like rate cut bets are fading away from the market outflows from risk asset and inflows into US dollar,will be looking HTF gold correction (2202-2207) for short the market till next HTF demand level 2082
By Abdulla Anas
The Bank of Japan raised its interest rate from -0.10% to 0.10% after 17 years, yet the yen's movement remains subdued. Retail anticipation is high amid historical parallels to Brexit crisis levels, with ongoing purchases of JGB bonds. Expectations point towards yen weakness, offering short opportunities around 195.500 or 197.000. Meanwhile, with the Bank of England considering rate cuts, GBP weakness may ensue, potentially strengthening the yen. Anticipations suggest a possible interest rate hike to 0.35% by the end of 2024.
By Abdulla Anas
XAUUSD making all time highs and breaking bullish structure in HTF(bullish pennent),and we are heading to FOMC week if we see rate cuts on wednesday night from 5.50% to 5.25% US dollar & US markets will crash and fuel up more demand for gold.
By Abdulla Anas
XAUUSD Consolidated near all time high 2195 area. Market now moving inside a neutral chart pattern. Price has the potential to make a bearish breakout and start a new bearish rally. However, traders looking forward to USD consumer sentiment report this today.
By Manu Rashid
Sell XAUUSD at 2172-2175 area Take Profit 1- 2095 Take Profit 2- 2065 Stop Loss - 2198 XAUUSD rejected at new all time high after 7 days bullish rally. The Market has the potential to make a bearish trend in the coming days.
By Manu Rashid
Title: Concise Technical Analysis of XAUUSD Overview: XAUUSD is range-bound, with traders watching supply zones for potential market shifts. Strategy: Wait for clear signs of market change at supply zones before entering trades. Risk Management: Set stop-loss levels beyond supply zones to limit potential losses. Profit Target: Aim for up to 1000 pips profit, targeting the next significant demand area. Conclusion: Watch supply zones, manage risk, and target profits for effective trading.
By mohammed Naseef
Looking into macro gold has been bullish for 1-2 years (policy lagging effects,weak US data ,geopolitical tensions and rate cut bets) now india changing their gold holdings from 7.8 tonnes to 811.41 tonnes in JAN 2024(IMF DATA) and march rate cut bets on US dollar fueling up demand for gold,XAUUSD needs stronger US data(CPI Y/Y) for poteintial pullback to 2112 key level or 2078 Key Level.
By Abdulla Anas
XAUUSD (gold) being rejected at a new all-time high (2195) for the first after a 7-day Bullish rally. Market has the potential to make a retest to the next support 2150 area, if broken 2090 area. All eyes on US Dollar CPI and retail sales index set to be announced this week.
By Manu Rashid