The weekly chart shows a triple-top reversal pattern forming, with resistance around $2088. This is a pivotal zone – if price can break out above $2088 decisively, it would invalidate the bearish pattern and imply an upside breakout. However, failure to break resistance could confirm the pattern and precede a downward move. The weekly RSI Read More…
On Friday, currency futures dropped as the dollar remained stable following mixed data from the world’s largest economy. Moreover, the dollar gained nearly 1.1% for the week, marking its best weekly rise since mid-July. The euro weakened slightly against the dollar. This decline ended a three-week streak of increases. Meanwhile, the pound weakened slightly after Read More…
Starting with the weekly chart, the Relative Strength Index (RSI) is hovering around 63.11, which is above the midline but below the overbought threshold of 70. This suggests that while the market has bullish momentum, it is not yet in extreme territory where we might expect a pullback. The RSI-based Moving Average (MA) is slightly Read More…
On Thursday, gold stabilized after a four-session decline as investors prepared for the upcoming US non-farm payroll data. This report could impact the Federal Reserve’s interest-rate decisions. Jim Wyckoff, senior analyst at Kitco Metals, mentioned the need for a fresh spark in the gold market to start a rally. According to Wyckoff, stronger jobs data Read More…
Weekly Chart Analysis:The weekly chart shows the price fluctuating within the Gaussian channel. The recent trend is sideways, with the price fluctuating between the upper and lower bands of the channel. The ‘Higher High’ (H) and ‘Lower Low’ (L) indicate a lack of a clear long-term trend. The RSI is at 54.37, which is neutral, Read More…
On Wednesday, oil prices rose approximately 3% due to a disruption at Libya’s primary oilfield. This incident heightened concerns about potential disruptions in global oil supplies. Moreover, there were escalating tensions in the Middle East. Oil rose for the first time in five days, marking the most significant daily percentage gain for WTI since mid-November. Read More…
