DBG Markets: Market Report for Dec 24, 2024

Reminder

This will be the last MI for a couple of days. Have a vacation with the banks. Lack of liquidity and volume is bad for trading and may expose your accounts to increased risks. Sudden volatility turning up in the market may be caused by sudden news releases that impacts the overall stability of the market. Although, this might be delayed until the end of Bank holidays where we might see bigger gaps in the market. Thus, we suggest staying away until further notice.

GOLD - Trading remains flat, with deeper low retracements suggesting potential continuation. However, with bank holidays imminent, market movement is expected to be minimal or nonexistent. Sudden price shifts may occur due to the low-volatility environment, but overall, the market is likely to remain range-bound until the new year.

SILVER - Same with GOLD prices, trading has stayed flat with minimal movement. Expectation is a continuation of the range.

DXY - The dollar saw slight gains, reflected in the MACD's upward movement. While buying continuation is anticipated, limited trading volume could prevent significant price shifts. Minimal movement is expected until next year, despite the bullish bias.

GBPUSD - The pound has retreated from its recent pullback high, showing a strong likelihood of bearish continuation at current price levels. This expectation is supported by the RSI and MACD, both indicating increased selling momentum.

AUDUSD - The Aussie dollar remains in its consolidation zone as predicted. While the MACD suggests selling momentum and volume, these signals are muted due to the low activity associated with the holiday season. The RSI also shows minimal reaction to price changes.

NZDUSD - The Kiwi mirrors the Aussie dollar's performance, remaining in consolidation. Expect this trend to persist in the coming days, given the lack of trading volume.

EURUSD - The euro continues flat trading, staying close to its recent swing high and low. Consolidation is expected to persist until further developments or increased market activity.

USDJPY - The yen has lost ground after its brief recovery, following dollar gains despite low market volume. The overall bias remains bullish, with prices likely to follow this trend in the near term.

USDCHF - The franc rose from its previous swing low during yesterday's session, in line with expectations. The prior swing low acts as a key support structure, preventing a shift in price momentum. However, resistance at 0.90054 remains significant. Limited trading volume may hinder further price increases unless franc weakness intensifies.

USDCAD - The CAD remains consolidated, trading within the range of the recent pullback and resistance at 1.44440, as anticipated. The MACD shows weakening momentum, and the RSI indicates a lack of directional conviction. Continued consolidation is expected in the short term.