Friday 9th June 2023: Technical Outlook and Review
Considering this bearish scenario, there is a possibility for a continuation of the downward trend towards the first support level at 102.80. This level holds importance as it coincides with a 50% Fibonacci retracement level and acts as an overlap support level.
Thursday 8th June 2023: Technical Outlook and Review
The XAU/USD (Gold/US Dollar) chart currently shows bearish momentum, indicating a downward trend in the market. The price is below a major descending trend line, suggesting the presence of bearish momentum.
Wednesday 7th June 2023: Technical Outlook and Review
The DXY (US Dollar Index) chart is currently showing bearish momentum, with the price situated below a major descending trend line. This indicates a higher likelihood of continued downward movement. Under these bearish circumstances, it's predicted that the price could continue its downward trajectory towards the first support level.
Tuesday 6th June 2023: Technical Outlook and Review
The DXY (US Dollar Index) chart is currently showing bearish momentum, with the price situated below a major descending trend line. This indicates a higher likelihood of continued downward movement. Under these bearish circumstances, it's predicted that the price could continue its downward trajectory towards the first support level.
Monday 5th June 2023: Technical Outlook and Review
The XAU/USD chart currently exhibits a bullish momentum, with the price above a major ascending trend line. This implies that there's potential for further upward movements. In this bullish context, the price could potentially continue its upward trend towards the first resistance level.
Thursday 1st June 2023: Technical Outlook and Review
The XAU/USD (Gold/US Dollar) chart currently shows a bullish momentum, indicating a potential continuation of the upward trend. Despite the presence of a major descending trend line, suggesting possible bearish momentum, the overall bullish momentum in the chart suggests a potential bullish continuation towards the first resistance level.
Wednesday 31th May 2023: Technical Outlook and Review
The Dollar Index (DXY) currently shows bullish momentum with potential for a bullish breakthrough of the first resistance, possibly rising to the second resistance. The first support level is at 103.50, serving as an overlap support.
Tuesday 30th May 2023: Technical Outlook and Review
The DXY chart currently displays a weak bearish momentum, although with low confidence. The potential factors contributing to this momentum are the possibility of the price breaking below an ascending trendline, which could trigger a bearish continuation towards the first support level.
Monday 29th May 2023: Technical Outlook and Review
Based on your analysis, the XAU/USD pair (Gold to US Dollar) is currently demonstrating a bullish momentum. The price being above a significant ascending trendline is a good indicator suggesting further bullish momentum could be anticipated.
