The left chart below shows the daily time frame of XAUUSD. Last Thursday’s candle shows a high just shy of 1,643. Using this as a reference candle (blue arrow), yesterday’s sell down in the precious metal has taken its low (green horizontal). The black 20-day SMA has turned down and the RSI is flirting with the 50 line, looking to dip below. These are bearish developments. The right chart shows the hourly time frame Price is testing the central pivot (P). If the green 5-hour EMA crosses below the orange 10-hour EMA and the hourly RSI drops below 50 (aqua ellipses), these may confirm that sellers are starting to gain control.
Past performance is not an indicator of future results
CHART SOURCE: FXCM MARKETSCOPE 2.0
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0700 ahead of key US data
EUR/USD trades in a tight range above 1.0700 in the early European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
USD/JPY stays above 156.00 after BoJ Governor Ueda's comments
USD/JPY holds above 156.00 after surging above this level with the initial reaction to the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
Sei Price Prediction: SEI is in the zone of interest after a 10% leap
Sei price has been in recovery mode for almost ten days now, following a fall of almost 65% beginning in mid-March. While the SEI bulls continue to show strength, the uptrend could prove premature as massive bearish sentiment hovers above the altcoin’s price.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.