Gold Price, USD/JPY, EUR/USD – Technical Analysis and Trade Setups

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GOLD PRICE TECHNICAL ANALYSIS

Gold (XAU/USD) fell connected Wednesday, marking the 2nd consecutive league of losses and astir erasing Monday's full rally. Despite short-term ups and downs, the precious metallic has been locked successful a sideways question for the past 2 weeks. This play of consolidation intelligibly highlights the existent marketplace indecision, with traders apt waiting for caller catalysts earlier taking caller directional bets.

To interruption retired of this holding pattern, golden volition request to wide either the absorption astatine $2,355 oregon the enactment astatine $2,280. A determination supra absorption would apt displacement absorption towards $2,415, perchance rekindling involvement successful the all-time high. Alternatively, a breach of enactment could trigger a slump towards an important Fibonacci country astatine $2,260, with further downside hazard towards $2,225 successful the lawsuit of a breakdown.

GOLD PRICE TECHNICAL CHART

Gold Price Chart Created Using TradingView

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USD/JPY TECHNICAL ANALYSIS

USD/JPY gained crushed connected Wednesday, climbing supra absorption astatine 154.65. Should bullish momentum persist successful the days ahead, prices whitethorn beryllium capable to propulsion towards 158.00. On continued strength, each eyes volition beryllium connected the 160.00 handle. Traders should attack immoderate question towards these levels with caution, arsenic Tokyo whitethorn intervene to bolster the yen, causing the brace to rapidly reverse its direction.

Alternatively, if upside unit weakens and the speech complaint veers downwards unexpectedly, imaginable enactment zones see 154.65, followed by 153.15. Further losses beneath this juncture whitethorn reignite bearish sentiment, creating the close conditions for a descent towards trendline enactment and the 50-day elemental moving average, positioned conscionable supra the intelligence 152.00 mark.

USD/JPY TECHNICAL CHART

USD/JPY Chart Created Using TradingView

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EUR/USD FORECAST - TECHNICAL ANALYSIS

EUR/USD slipped modestly connected Wednesday, threatening to instrumentality retired a cardinal enactment astatine 1.0750. Should prices breach this threshold decisively aboriginal this week, selling momentum could prime up traction, perchance starring to a pullback towards 1.0725 and adjacent 1.0695. Subsequent weakness could punctual a retreat towards the May lows successful the vicinity of 1.0650.

In the script of a bullish turnaround, the archetypal obstacle to show lies adjacent 1.0790, succeeded by 1.0820 – a method portion that aligns with a medium-term downtrend enactment originating from the December 2023 highs. Additional gains beyond this constituent could unfastened the doorway to a rally towards 1.0865, the 50% Fibonacci of the 2023 limb lower.

EUR/USD PRICE ACTION CHART

EUR/USD Chart Created Using TradingView