Weekly forecast, May 8 – 12, 2023
Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 4068, which will be followed by reaching resistance level 4206 – 4244.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 4068, which will be followed by moving down to support level 3981.
Monthly forecast, May 2023
Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 4068, which will be followed by reaching resistance level 4206 – 4244 and if it keeps on moving up above that level, we may expect the market to reach resistance level 4382.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 4068, which will be followed by moving down to support level 3937 and 3839.
All information provided by Anton Kolhanov is for informational purposes only. Information provided is not meant as investment advice nor is it a recommendation to buy or sell any trading instrument. Anton Kolhanov is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained. You should do your own thorough research before making any investment decisions and seek advice from an independent financial advisor.
Recommended content
Editors’ Picks
AUD/USD: Positive bias expected to continue
AUD/USD came under pressure after hitting a new peak north of the key 0.6700 the figure in a context of renewed strength in the Greenback and mixed results from the Australian labour market.
EUR/USD appears bid above the 200-day SMA
EUR/USD faced some renewed offered stance on the back of a tepid bounce in the Dollar. Despite the corrective move, the pair seems well poised to extend its bullish trend in the short-term horizon.
Gold aims to retest the $2,400 area
Gold advanced toward $2,400 on Wednesday as US Treasury bond yields pushed lower following the April inflation data. The recovery in US yields combined with the US Dollar's resilience after Jobless Claims data, however, causes XAU/USD to retreat toward $2,370 on Thursday.
Bitcoin price holds above $65.5K threshold as world’s largest futures exchange plans to launch BTC trading
Bitcoin’s (BTC) price rally on Wednesday was shocking, steered by the April Consumer Price Index (CPI) data release in the US. Speculation and market sentiment inspired the surge as traders and investors interpreted the news of softened inflation as a signal that central banks may maintain loose monetary policy.
April CPI: Worst good news ever
The monthly rise in prices based on the Consumer Price Index (CPI) came in slightly lower than projected, sending a wave of euphoria across the financial landscape. The consensus is cooling inflation puts Federal Reserve interest rate cuts back on the table.