Daily Market Movement:
Top Movements (02:00 PM, GMT+7)
Popular Instrument (02:00 PM, GMT+7)
XAUUSD
Technical Analysis
Signal: Continuation Bullish
Demand Levels: 2008.33 – 2014.41
The previous prediction for Gold indicated a slight downward trend, but currently, signs of an upward movement are emerging. It seems that the prediction aligns with the earlier analysis suggesting a slight decline followed by a continuation of the upward trend. This upward trend is anticipated to persist due to the Federal Reserve holding interest rates and likely continuing this trend at the beginning of 2024, increasing the likelihood of Gold's rise. Gold benefits from this trade because lower interest rate prospects enhance the appeal of the precious metal. Lower interest rates also reduce the opportunity cost of investing in gold, which doesn't yield returns and is mostly driven by sentiment and safe-haven demand. Today, there isn't significant news, and this movement can be predicted based on technical analysis. This prediction and analysis are supported by candlestick analysis and trendline analysis.
USDJPY
Technical Analysis
Signal: Continuation Bearish/Downward
Supply Levels: 142.471 – 142.116
The prediction for the USD still shows a flat trend for the current period. Previously, there was an inclination towards an upward trend, but the upward movement was quite modest. There might be a notable pattern of decline ahead as there hasn't been a sufficiently significant increase given the current circumstances. The yen is trading up by 0.11% to 142.31. The Japanese yen remains stable near a four-month high against the dollar after a sharp rise in recent sessions. However, further strengthening of the yen remains uncertain, as the Bank of Japan is expected to maintain an ultra-dovish stance in its final meeting for the year this week. It's anticipated that the yen will weaken ahead of the release of the 'BOJ Interest Rate Decision' on Tuesday (December 19), but afterwards, it's likely to strengthen against the yen post-announcement. There's no significant news expected today that could notably impact the USD. This analysis prediction is supported by trendline and candlestick analysis.
Technical Analysis
Bearish Continuation
Supply Levels: 180.780 – 180.300
The prediction for the strengthening of the Pound sterling against the weakening Yen seems to align with expectations. However, this increase is short-term, and a broader downtrend is anticipated once this short-term uptick concludes. The Yen's strengthening in the long term is due to Governor Kazuo Ueda's remarks forecasting a challenging year-end situation that could shake the market. As a result, investors are leaning towards the Pound sterling initially due to its short-term strength, providing opportunities for those favoring short-term strategy plans.
The Yen's prediction for tomorrow indicates a tendency to weaken ahead of news releases. This anticipation is fueled by the growing expectation that the Bank of Japan might end its negative interest rates in the coming months. Once again, this separates it from other global central banks, as the focus shifts from the Federal Reserve and other major central banks to when they might start cutting interest rates.
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