Daily Trading Scoop: What the Big Players Are Watching

Market Analysis

GOLD

Gold prices are rising consistently, even in spite of a recent resurgence in U.S. Dollar strength. This is caused by positive market sentiment surrounding the high probability of a Fed rate cut this September. This narrative is providing support for Gold prices. While the price is consolidating, the MACD and RSI are indicating growing bullish momentum, suggesting that pressure is building for a potential move higher.

SILVER

Market attention is currently focused on Gold more than Silver. As a result, Silver prices remain stagnant on a key boundary while maintaining pressure for a potential bullish move. The MACD and RSI reflect this stagnation but also show underlying growth in buying interest.

DXY

The Dollar remains within its consolidation zone as it attempts to regain some of its previous losses. We will wait for a decisive breakout from this range before confirming the next directional move.

GBPUSD

The Pound is still in a consolidation phase. We will hold off on calling a direction until we see a clear break of the current price structure. Until then, we will remain on the sidelines.

AUDUSD

The Aussie dollar is also very consolidated at the moment. However, the overall price action maintains a bearish structure. Therefore, we will maintain our expectation of a potential sell-off continuation.

NZDUSD

The Kiwi is currently consolidating just under the EMA200. This positioning below a key resistance level suggests increased bearish pressure. There is now an expectation that prices will continue to sell off, and we will look for more bearish opportunities in the coming days.

EURUSD

The Euro is trading under a key price barrier but is within another consolidation zone. Until we find a clear break from this area, we will continue to wait for a more definitive price signal.

USDJPY

The Yen is still consolidated, waiting for a clearer break of its recent structure. We will hold off on committing to a directional trade until a clear breakout occurs.

USDCHF

The Franc is currently finding increased consolidation and is trading under the EMA200 resistance. There is a chance for prices to continue lower in the coming days, but we will wait for a clear break of structure to confirm.

USDCAD

The USD/CAD pair is also very consolidated but is showing signs of a possible recovery for the Canadian Dollar (a move lower for the pair). Until we see a definitive break of the price structure, we will hold off on calling a direction.