Gold, Technical Analysis – H1
There are two key bearish prerequisites: an unfilled gap around $4,220 and a confirmed short signal formed at the $4,340 level.
There are two key bearish prerequisites: an unfilled gap around $4,220 and a confirmed short signal formed at the $4,340 level.
Bears successfully defended the local low, thereby preserving the ascending corrective structure.
The market remains in a clear downtrend, characterized by consistently lower highs and lower lows.
Bulls have formed a very strong buy signal for the euro in the demand zone of 1.1690–1.1600.
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Bitcoin is in the final stage of a local consolidation and is highly likely to lose support in the $65,600 zone.
Spot gold edges higher to trade at $4,324 per ounce, consolidating early gains as trading desks brace for the landmark Federal Reserve interest rate decision tonight at 18:00 UTC.
Brent crude broke sharply below key psychological barriers, currently trading down at $79.59 per barrel to mark an aggressive 30% collapse over the past month and a half.
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WTI crude oil has an unfilled gap above in the $85 per barrel area. However, any discussion of buyers being ready to close this gap can only begin after the price firmly consolidates above $79.00.
The pair is in the final phase of its ascending technical correction. The key supply zone stands at 160.55.
The pair appears to be in the early stages of developing a downside reversal signal from the 215.15 zone.
Bitcoin predictably reversed lower yesterday after testing the strong pivot zone around $67,400. Bears have now also formed a more local reversal on the hourly timeframe.
The euro has likely completed its technical pullback, reaching the confluence zone of the sloping and horizontal PPZ around 1.1580.
Spot gold maintains its recovery momentum, pushing up to $4,317 per ounce as a sharp short-covering rally erases a portion of recent losses.