XAU/USD grinds rising trendline

Gold rallies as the market awaits US inflation data. A break above the 30-day moving average has helped the recovery gain traction. A rising trendline from late July indicates a bullish bias. The latest pullback found support over 1765, confirming that short-term sentiment remains upbeat. A break above 1795 could bring back momentum buyers and push the bid towards 1814. 1855 at the start of the June sell-off is a major level where the bears could be expected to double down. 1785 is the first support in case of a retracement.

XAUUSD

EUR/JPY continues to recover

The euro climbs as traders bet on a 50bp move by the ECB in September. On the daily chart, the directional bias is still up after it bounced off the floor at 133.50. A break above 137.30 forced some sellers out, leaving the door open for an extended rally. 138.90 on the 30-day moving average is the next hurdle and its breach could attract more followers in an attempt to push towards the recent peak at 142.00. 137.10 has turned into a demand zone and the psychological level of 135.00 would be a second line of defence.

EURJPY

FTSE 100 stays upbeat

The FTSE 100 edged higher supported by financial and commodity stocks. A bullish MA cross on the daily chart shows an acceleration in the rally. As the index grinds a rising trendline, the optimism is likely to attract more buying interest. 7560 at the origin of the June sell-off is a key resistance where the price action may start to struggle under the weight of profit-taking and fresh selling. However, if the bulls manage to lift the triple top at 7650, they could resume the rally in the medium-term. 7450 is an important support.

FTSE

This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.

Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Feed news Join Telegram

Recommended Content


Recommended Content

Editors’ Picks

AUD/USD struggling around 0.6400 and at risk of piercing the year’s low

AUD/USD struggling around 0.6400 and at risk of piercing the year’s low

Disappointing Australian data and a deteriorated market mood weighed on AUD/USD, quickly approaching the 2022 low at 0.6362. RBA’s Financial Stability report coming up next.

AUD/USD News

EUR/USD extends decline sub-0.9800 as risk aversion intensifies

EUR/USD extends decline sub-0.9800 as risk aversion intensifies

The American dollar maintains a strong upward momentum amid renewed inflation and recession concerns. EUR/USD further retreated after failing to regain parity mid-week.

EUR/USD News

Gold struggling to retain its bullish strength

Gold struggling to retain its bullish strength

XAUUSD shed some ground on Thursday, currently hovering around $1,713.00. The dollar has gathered momentum as Wall Street opened in the red, holding into negative territory at the time. Also, government bond yields resumed their advances and hold near fresh weekly highs.

Gold News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: The next move could surprise us all

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: The next move could surprise us all

The crypto market displays mixed signals but hints that the bearish trend is not over yet. Adopting a get-in-get-out mentality may be the more favorable approach for investors looking to expose themselves to the market.

Read more

US September NFP Preview: Analyzing gold's reaction to NFP surprises Premium

US September NFP Preview: Analyzing gold's reaction to NFP surprises

Historically, how impactful has the US jobs report been on gold’s valuation? In this article, we present results from a study in which we analyzed the XAUUSD pair's reaction to the previous 26 NFP prints.

Read more

Majors

Cryptocurrencies

Signatures