The price of ?GOLD is likely to keep falling, following a significant downward trend. After consolidating within a horizontal range on a 4-hour time frame, the support of the range was recently broken, signaling strong selling pressure and a probable continuation of the bearish trend. It is possible that the pair will soon reach the 3200 support level.
Cable remained close to three-year highs on 1 May after completing a very strong monthly performance in April. Significantly lower political instability in the UK and a generally weak US dollar amid uncertainty over tariffs both helped the pound to gain. Broadly speaking, the pound is less vulnerable to current political and trade issues than many other currencies given that the USA has a fairly large trade surplus with the UK in terms of goods and the British government seems very eager to placate the American administration. Highs around $1.343 from late last month coincide neatly with September 2024’s peak, so it might be quite difficult for the price to break out above there unless there’s a strong fundamental driver, whether from monetary policy or something else. The main dynamic support is the 50 SMA from Bands which triggered a bounce around 7 April, but in the short term the 20 SMA is also in view as a possible support. The maturity of the uptrend makes it questionable whether there’ll be a new high in the next few days, especially with important releases coming up next week. Volatility will probably increase significantly around 7-8 May because the Fed and BoE will meet on consecutive days. The probability of a hold by the Fed has been very high for some time but the BoE is expected to call for a single cut. This is my personal opinion, not the opinion of Exness. This is not a recommendation to trade.
https://www.tradingview.com/x/kBKhPTwc/ My dear friends, My technical analysis for EURCAD is below: The market is trading on 1.5585 pivot level. Bias - Bullish Technical Indicators: Both Super Trend & Pivot HL indicate a highly probable Bullish continuation. Target - 1.5728 Recommended Stop Loss - 1.5506 About Used Indicators: A pivot point is a technical analysis indicator, or calculations, used to determine the overall trend of the market over different time frames. Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis. ——————————— WISH YOU ALL LUCK
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