{"id":13071,"date":"2024-05-14T11:55:22","date_gmt":"2024-05-14T11:55:22","guid":{"rendered":"https:\/\/www.vtmarkets.net\/?p=13071"},"modified":"2025-03-06T06:58:20","modified_gmt":"2025-03-06T06:58:20","slug":"forex-market-analysis-gold-fell-after-failing-trendline-resistance","status":"publish","type":"post","link":"https:\/\/www.vtmarketsglobal.com\/en\/analysis\/13071\/","title":{"rendered":"Forex Market Analysis: Gold Fell After Failing Trendline Resistance"},"content":{"rendered":"\n<h1 class=\"wp-block-heading has-medium-font-size\">CURRENCIES<\/h1>\n\n\n\n<p><strong>Gold Price Technical Analysis<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Recent Performance:\n<ul class=\"wp-block-list\">\n<li>Gold (XAU\/USD) dropped on Monday after failing to break trendline resistance at $2,375 on Friday.<\/li>\n\n\n\n<li>Prices slipped back below $2,350 at the start of the new week.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Potential Downside:\n<ul class=\"wp-block-list\">\n<li>Support zone near May\u2019s low and the 50-day simple moving average around $2,280.<\/li>\n\n\n\n<li>If this support fails, attention shifts to $2,260.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Potential Upside:\n<ul class=\"wp-block-list\">\n<li>If bulls regain control, the first technical hurdle is $2,350.<\/li>\n\n\n\n<li>Next resistance at the dynamic trendline, currently crossing $2,365.<\/li>\n\n\n\n<li>Further upward movement could lead to a rally towards $2,420 and possibly $2,430.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p><strong>EUR\/USD Forecast: <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Recent Performance:\n<ul class=\"wp-block-list\">\n<li>EUR\/USD advanced on Monday, clearing its 50-day and 200-day simple moving averages near 1.0785.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Potential Upside:\n<ul class=\"wp-block-list\">\n<li>Sustaining the bullish breakout, overhead resistance stretches from 1.0805 to 1.0810.<\/li>\n\n\n\n<li>A move beyond this barrier could lead to 1.0865, the 50% Fibonacci retracement of the 2023 selloff.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Potential Downside:\n<ul class=\"wp-block-list\">\n<li>If sellers drive the pair below the moving averages, sentiment could sour.<\/li>\n\n\n\n<li>This may lead to a pullback towards 1.0725 and 1.0695.<\/li>\n\n\n\n<li>Further losses could trigger a descent towards 1.0650, May\u2019s trough.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p><strong>USD\/JPY Forecast<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Recent Performance:\n<ul class=\"wp-block-list\">\n<li>USD\/JPY continued its upward trajectory on Monday, consolidating above 156.00.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Potential Upside:\n<ul class=\"wp-block-list\">\n<li>If momentum continues, resistance at 158.00 and then 160.00.<\/li>\n\n\n\n<li>Exercise caution due to potential FX intervention by Japanese authorities, which could cause a rapid decline.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Potential Downside:\n<ul class=\"wp-block-list\">\n<li>Initial support at 154.65 during a pullback.<\/li>\n\n\n\n<li>A breakdown could lead to a decline towards 153.15.<\/li>\n\n\n\n<li>Persistent weakness may shift focus to trendline support and the 50-day simple moving average near 152.50.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\">STOCK MARKET<\/h1>\n\n\n\n<p><strong>European and US Markets:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>European stocks and US equity futures remained within small ranges as investors awaited upcoming US inflation reports.<\/li>\n\n\n\n<li>Japanese bond yields climbed to decade highs.<\/li>\n<\/ul>\n\n\n\n<p><strong>Key Market Movements<\/strong>:<\/p>\n\n\n\n<p>Europe:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Stoxx Europe 600 index remained near a record high.<\/li>\n\n\n\n<li>Anglo American Plc: Edged higher following major company shake-up to counter BHP Group takeover approach.<\/li>\n\n\n\n<li>Delivery Hero SE: Soared up to 20% after selling its Taiwan business.<\/li>\n\n\n\n<li>Alcon Inc.: Jumped after an earnings beat.<\/li>\n\n\n\n<li>Rheinmetall AG: Dropped after missing earnings expectations.<\/li>\n<\/ul>\n\n\n\n<p>US<strong>:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>S&amp;P 500 and Nasdaq 100 futures showed little change.<\/li>\n\n\n\n<li>Regional Asian share gauge climbed, with Chinese tech shares among notable gainers.<\/li>\n\n\n\n<li>Earnings Reports: Tencent Holdings Ltd. and Alibaba Group Holding Ltd. to report later Tuesday.<\/li>\n<\/ul>\n\n\n\n<p>Currencies and Bonds:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bloomberg dollar index remained flat.<\/li>\n\n\n\n<li>10-year Treasury yields were little changed ahead of US producer prices report.<\/li>\n\n\n\n<li>Federal Reserve Chair Jerome Powell scheduled to speak.<\/li>\n\n\n\n<li>Consumer price index due Wednesday, expected to show moderation but still high.<\/li>\n<\/ul>\n\n\n\n<p>Expert Insight:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Oppenheimer &amp; Co. Inc. Chief Strategist John Stoltzfus expects April CPI report to be central to market focus, with near-term volatility presenting investment opportunities.<\/li>\n<\/ul>\n\n\n\n<p><strong>Japan and Commodities<\/strong>:<\/p>\n\n\n\n<p>Japan:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>20-year government bond yield hit its highest level since 2013.<\/li>\n\n\n\n<li>Speculation of Bank of Japan reducing debt-buying to ease yen pressure.<\/li>\n\n\n\n<li>Japanese yen extended losses against the greenback to a two-week low.<\/li>\n<\/ul>\n\n\n\n<p>Commodities:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Oil: Held gains ahead of OPEC\u2019s market outlook release.<\/li>\n\n\n\n<li>Iron Ore: Slumped after major Chinese developer defaulted, indicating ongoing debt crisis in China&#8217;s property sector.<\/li>\n\n\n\n<li>Industrial Metals: Nickel and copper climbed.<\/li>\n\n\n\n<li>Gold: Steady after a decline of more than 1% on Monday.<\/li>\n<\/ul>\n\n\n\n<p>Click <a href=\"https:\/\/www.vtmarkets.net\/trade-now\/\" title=\"\">here<\/a> to open account and start trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CURRENCIES Gold Price Technical Analysis: EUR\/USD Forecast: USD\/JPY Forecast: STOCK MARKET European and US Markets: Key Market Movements: Europe: US: Currencies and Bonds: Expert Insight: Japan and Commodities: Japan: Commodities: Click here to open account and start trading.<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-13071","post","type-post","status-publish","format-standard","hentry","category-analysis"],"acf":[],"aioseo_notices":[],"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"luna","author_link":"https:\/\/www.vtmarketsglobal.com\/en\/author\/luna\/"},"_links":{"self":[{"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/posts\/13071","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/comments?post=13071"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/posts\/13071\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/media?parent=13071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/categories?post=13071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/tags?post=13071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}