Gold: resistance around $1480 is subsequently key [Video]

Richard Perry Independent Analyst

Gold

A solid positive candle has put the market in the balance again. We have discussed on numerous occasions in recent weeks the importance of the overhead supply around $1480. This marks the lows of numerous trading sessions throughout August into October. It also houses a lot of stale bulls and a basis of resistance. This is a level that needs to be decisively overcome for a recovery to take hold. We would see a near term recovery target implied at $1510/$1515 from a decisive close above $1480. From a momentum perspective, the recovery is now into the mid-50s on RSI. If this were to be a near term rally within a medium term bear trend, then you would expect the RSI to falter between 55/60. So this resistance around $1480 is subsequently key. The hourly chart shows support around $1475/$1476 now helping to prop up the recovery.

Author

Richard Perry

Independent Analyst

EUR/USD looks offered below 1.1900

EUR/USD keeps its bearish tone unchanged ahead of the opening bell in Asia, returning to the sub-1.1900 region following a firmer tone in the US Dollar. Indeed, the pair reverses two consecutive daily gains amid steady caution ahead of Wednesday’s key US Nonfarm Payrolls release.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold the battle of wills continues with bulls not ready to give up

Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.