Trade Smarter with Our Market Insights

Market Overview

The analysis showed strong alignment with market movements, particularly in precious metals, Gold and Silver, which surpassed resistance levels, confirming sustained buying interest and validating initial forecasts.

However, the Dollar Index (DXY) and GBP/USD missed expectations as they entered a consolidation phase, indicating a balanced short-term sentiment despite broader biases.

Other currency pairs performed as anticipated: AUD/USD, NZD/USD, and USD/CHF respected their bearish trends, while EUR/USD showed a neutral-to-bullish bias. USD/JPY maintained support, and USD/CAD remained in a bullish range.

Overall Scorecard:

Spot on: Gold, Silver, USD/CHF, AUD/USD, NZD/USD, EUR/USD, USD/JPY, USD/CAD

Missed: DXY, GBP/USD

Market Analysis

GOLD

GOLD has extended its rally but is now pulling back from a new all-time high near $3,791. Sentiment remains bullish overall, but traders are becoming cautious due to the overextended move. The 1-hour RSI is trending lower from deeply overbought levels, indicating a loss of upward momentum and a likely consolidation.

Support: Immediate support is at $3,745, with a deeper floor at $3,720. Resistance: Resistance is at the recent high of $3,791.

Bias: Bullish but consolidating; watching for a retest of support.

SILVER

SILVER has also pulled back after reaching a new high near $44.50. The bullish momentum is pausing, but the overall sentiment remains positive. The 1-hour RSI is now declining from overbought levels, suggesting a short-term pullback is possible.

Support: Immediate support is at $43.64, with a firmer floor at $43.00. Resistance: Resistance is at the recent high of $44.50.

Bias: Bullish but consolidating; a pullback to support is likely.

DXY

The Dollar Index has consolidated recently, showing choppy, range-bound price action after a bounce from its lows. Sentiment remains mixed as traders assess recent Fed comments. The 1-hour RSI is flat, indicating no clear momentum.

Support: 97.20 (97.00 deeper). Resistance: 97.60 (97.80 stronger).

Bias: Neutral; a break above 97.80 or below 97.00 is needed for a new directional bias.

GBPUSD

Cable has been consolidating in a tight range, showing choppy price action due to mixed signals from both the pound and dollar. The 1-hour RSI reflects a lack of momentum, indicating a need for a decisive breakout to set a new trend.

Support is at 1.3486 and 1.3453; resistance is at 1.3559 to 1.3580.

Bias: Neutral; a break above 1.3559 or below 1.3486 would define a new bias.

AUDUSD

AUD/USD has been in a clear downtrend but is now in a consolidation phase. Sentiment is neutral, with traders waiting for a clear directional break. The 1-hour RSI is now flatlining, reflecting the indecisive price action.

Support: Immediate support is at 0.6581, with a deeper floor at 0.65747. Resistance: Resistance is at 0.6615.

Bias: Neutral; a break above 0.66026 or below 0.65747 would establish a new bias.

NZDUSD

NZD/USD has been in a strong downtrend but is now consolidating. The bearish sentiment has paused, but there is no clear sign of a reversal yet. The 1-hour RSI is flatlining, indicating consolidation.

Support: Immediate support is at 0.58426. Resistance: Resistance is at 0.58694.

Bias: Neutral-to-bearish; a break of the consolidation range is needed to confirm a new trend.

EURUSD

EUR/USD has pulled back from a recent high near 1.1820. The overall sentiment remains bullish, but is becoming cautious as the pair consolidates. The 1-hour RSI is trending lower from overbought levels, indicating a loss of immediate upward momentum.

Support: Immediate support is at 1.1779, with a stronger floor at 1.1726. Resistance: Resistance is at 1.1848.

Bias: Bullish but consolidating; watch for a retest of support.

USDJPY

USD/JPY's neutral-to-bullish bias held as the pair consolidated in its range last session. The yen buying pressure has eased, and the pair has remained above the key support at 146.70. The 1-hour RSI is trending lower from a previous sideways move, indicating a balanced market tone.

Support: 147.575, with a deeper floor near 146.70. Resistance: 148.284, with a key cap at 148.80.

Bias: Neutral-to-bullish while above 147.19; failure would re-open downside.

USDCHF

USD/CHF is in a downtrend but has recently consolidated after a sharp fall. The bearish sentiment has paused, but there is no clear sign of a reversal yet. The 1-hour RSI is flatlining, reflecting the consolidation.

Support: Immediate support is at 0.7890. Resistance: Resistance is at 0.7940

Bias: Neutral-to-bearish; a break of the consolidation range is needed to confirm a new trend.

USDCAD

USD/CAD has been in a strong uptrend and has reached a recent high near 1.3850. Sentiment is bullish, but the pair is showing signs of exhaustion. The 1-hour RSI is trending higher and is in bullish territory.

Support: Immediate support is at 1.3809, with a deeper floor at 1.3768. Resistance: Resistance is at 1.3842.

Bias: Bullish while above 1.3800; a failure to break higher would signal a potential consolidation.