Spreads
Spreads
Spreads
Spreads
Spreads
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EUR/USD Rebounds as Bulls Test Resistance Amidst USD Indecision and Hawkish FOMC Minutes
EUR/USD showed signs of recovery, touching the 1.0970/75 level after a bearish streak. The US dollar lacked clear direction around 102.40 amidst three-week high US yields triggered by a hawkish FOMC tilt, hinting at potential rate reductions by 2024. German inflation figures bolstered the euro, suggesting the ECB might maintain interest rates longer. Meanwhile, a robust ADP report in December hinted at strong Nonfarm Payroll readings, further shaping market sentiments. Bullish momentum faced resistance, indicating a potential standoff in the ongoing currency tussle.
On Thursday, the EUR/USD moved slightly higher and reached the middle band of the Bollinger Bands. Currently, the price moving around the middle band, suggesting a potential downward movement. Notably, the Relative Strength Index (RSI) maintains its position at 44, signaling a neutral but bearish outlook for this currency pair.
Resistance: 1.0980, 1.1068
Support: 1.0892, 1.0814
XAU/USD Holds Steady Around $2,040 Amidst Mixed US Data and Fed Meeting Minutes
XAU/USD maintained its position near $2,040 on Thursday after initial gains eased during the American session. The US Dollar faced slight pressure following a mix of US data and insights from the FOMC Meeting Minutes. Despite Fed Chair Jerome Powell’s mention of potential rate cuts, the Minutes didn’t unveil a clear timeline, hinting at a probable move in 2024. Concurrently, the ADP survey indicated robust job growth, surpassing expectations with 164K new positions and signaling alignment with pre-pandemic employment levels. With anticipation for Friday’s Nonfarm Payrolls (NFP) report projecting 170K new jobs, gold remains anchored amidst a landscape of nuanced economic signals.
On Thursday, XAU/USD moved in consolidation and tried to reach the middle band of the Bollinger Bands. Currently, the price moving just below the middle band, suggesting a potential upward movement. The Relative Strength Index (RSI) stands at 44, signaling a neutral but bearish outlook for this pair.
Resistance: $2,050, $2,070
Support: $2,030, $2,009
Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.