Friday 9th June 2023: Technical Outlook and Review

IC Markets No Comments

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

IC Markets No Comments

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

IC Markets No Comments

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

IC Markets No Comments

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.