Technical Analysis
Continuation Bullish / Upward
Demand Level: 2031.09 - 2037.01
The prediction for gold today hasn't seen significant changes, yet prices are slightly inclined towards an increase. There will be news related to the USD today, concerning the 'GDP Growth Rate,' which is predicted to weaken against the USD. This is due to the weakening of the US economy, experiencing a significant decline, warranting attention. The chance for an increase in Gold is likely high ahead of the news release because, based on the chart's appearance, the movement seems to continue its upward trend, presenting an opportunity for investors interested in this gold pair. Furthermore, the reason behind this upward movement is also influenced by geopolitical conflicts in the Middle East, causing commodity prices to rise, and investors tend to opt for safe havens like gold for their future investments. This prediction and analysis are supported by trendline and candlestick analysis.
Technical Analysis
Bearish Continuation
Supply Level: 144.050 - 143.835
The prediction for the USD suggests a continued downward trend, in line with this morning's forecast indicating a potential decline, which appears to be materializing. Furthermore, the USD's decline is influenced by the Yen's 0.4% increase on Thursday, slightly recovering from the sharp decline earlier this week following the Bank of Japan's maintenance of its ultra-dovish policy. However, the Yen remains near the five-month high touched last week. Today's news affecting the USD revolves around the 'GDP Growth Rate,' which is expected to weaken against the USD. This is due to the weakening economic development in the US, experiencing significant decline, hence this aspect warrants attention. This prediction and analysis are supported by trendline analysis and candlestick analysis.
Technical Analysis
Continuation Bullish / Upward
Demand Level: 1.09288 - 1.09401
The prediction for the euro currently indicates a slight decline, but the analysis remains similar to this morning's, signaling a fairly significant increase. The strengthening of the Euro itself is mainly due to the prolonged impact of the continued decline of the USD, causing inflation in the Euro.
Previously, this depreciation aimed to curb inflation figures, requiring Europe to plan strategies to control prices within the region, intending to stabilize the purchasing power to maintain the stability of the Euro currency. The trend also suggests a continuation of the upward movement, despite the current decline. Perhaps, following this, there will be a significant increase. There isn't significant news today concerning the Euro, but for the USD, there will be news on the 'GDP growth rate,' predicted to weaken the USD due to concerns about the US economy. This prediction and analysis are supported by trend analysis and candlestick analysis.
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