Wednesday 21st June 2023: Technical Outlook and Review
On the upside, the first resistance at 102.75 represents a pullback resistance, coinciding with the 38.20% Fibonacci Retracement level. Additionally, 2nd resistance at 103.33 acts as an overlap resistance, reinforcing its significance, as it aligns with the 78.60% Fibonacci Retracement level.
Friday 16th June 2023: Technical Outlook and Review
The XAU/USD chart currently demonstrates a bearish momentum, characterized by its movement within a descending channel. This suggests a prevailing downward trend in the market. There is a potential for a bearish reaction at the first resistance level of 1966.26, indicating a likelihood of price reversal and a subsequent decline towards the first support level at 1933.95.
Thursday 15th June 2023: Technical Outlook and Review
The DXY (US Dollar Index) chart currently shows a bearish momentum, indicating a downward trend in price. Several factors contribute to this momentum. Firstly, the price is below a major descending trend line, suggesting that bearish momentum is likely to continue. Additionally, the price is below the bearish Ichimoku cloud, further reinforcing the bearish sentiment.
Wednesday 14th June 2023: Technical Outlook and Review
The DXY chart currently demonstrates bearish momentum, indicating a downward trend in price. There is a potential for a bearish continuation towards the first support level at 103.29. This support level represents an area of overlap support, suggesting its significance in potentially halting the downward movement.
Tuesday 13th June 2023: Technical Outlook and Review
The DXY chart currently demonstrates bearish momentum, indicating a downward trend in price. There is a potential for a bearish continuation towards the first support level at 103.29. This support level represents an area of overlap support, suggesting its significance in potentially halting the downward movement.
Monday 12th June 2023: Technical Outlook and Review
The DXY chart shows a bearish overall momentum, supported by the fact that the price is below a major descending trend line, indicating a potential continuation of bearish momentum.
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.
