GOLD
Gold recently corrected, with highs now flagged as overbought by the RSI. The MACD shows fading selling momentum and hints at renewed buying strength. While bullish sentiment remains intact, significant movement is unlikely until the NFP report releases later today. The EMA200 sits well below current price levels, allowing room for further upside if momentum strengthens. Traders should monitor short-term forex gains as price action forecasting indicates potential retracements before the next leg higher.
SILVER
Silver remains in consolidation, tracking gold’s movement. The broader outlook is bullish, particularly with gold appearing overvalued. However, silver’s price action is closely tied to gold’s post-NFP performance. The MACD shows a crossover with low volume, while the RSI signals increasing buying momentum without reaching overbought conditions. Key resistance at 32.5177 remains a critical level for further bullish confirmation.
DXY (US Dollar Index)
The Dollar consolidates as the market awaits job data. RSI hit oversold conditions at recent lows, and the MACD has just crossed, suggesting potential bearish continuation. A weak NFP result could increase Fed rate cut expectations, reinforcing bearish momentum. A sustained shift lower would influence major and minor currency pairs, impacting short-term forex gains.
Currency Pair Analysis
GBPUSD
The Pound is consolidating after pulling back from recent highs. The RSI suggests overbought conditions, hinting at further selling pressure. MACD signals room for downside, though overall price action remains bullish following the Bank of England’s recent rate cut. Traders should assess trading platform features to time entries effectively.
AUDUSD
The Aussie Dollar holds above its previous resistance, now acting as support. MACD volume remains muted, and RSI signals overbought conditions. However, continued bullish momentum could emerge if the NFP report increases Fed rate cut probabilities, making compounding forex profits a viable strategy.
NZDUSD
The Kiwi Dollar shows strong buying momentum. MACD has crossed up, though volume remains low. RSI indicates overbought levels, with prices consolidating below 0.56869. The NFP report will likely dictate the next major move, affecting short-term forex gains.
EURUSD
The Euro struggles to capitalize on dollar weakness, indicating weaker fundamentals. RSI shows overbought conditions, suggesting a potential price decline. MACD reflects muted bullish volume, reinforcing the bearish bias. Unless fundamentals shift post-NFP, price action forecasting suggests continued selling pressure.
USDJPY
The Yen sees strong selling momentum, with RSI showing exaggerated conditions and MACD maintaining bearish volume. Price action respects bearish structures, and downside pressure may accelerate after NFP data, providing key trading opportunities.
USDCHF
The Swiss Franc bounced from 0.90054 support with increased bullish momentum. However, RSI signals overbought conditions near resistance at 0.90743 and the EMA200. Consolidation is likely before the NFP report, with selling pressure expected to resume.
USDCAD
The Canadian Dollar consolidates at prior swing lows, acting as temporary support. RSI indicates oversold conditions, while MACD lacks clear direction. Markets lean bearish, and the NFP report will determine whether this support level holds or breaks.
COT Report Analysis
- AUD – WEAK (5/5)
- GBP – WEAK (4/5)
- CAD – WEAK (4/5)
- EUR – WEAK (4/5)
- JPY – WEAK (1/5)
- CHF – WEAK (5/5)
- USD – STRONG (4/5)
- NZD – WEAK (4/5)
- GOLD – STRONG (5/5)
- SILVER – STRONG (4/5)
