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FORECAST – GOLD, EUR/USD, NASDAQ 100
The Fed held borrowing prices unchanged and continued to point it could ship three charge cuts this yrThe dovish coverage outlook weighed on the U.S. greenback and yields, boosting gold costs and the Nasdaq 100This text examines the technical outlook for XAU/USD, EUR/USD and the NDX
Most Learn: Fed Holds Charges Regular, 2024 Coverage Outlook Unchanged – What Now?
U.S. shares and gold costs rallied whereas the U.S. greenback skidded decrease on Wednesday after the Federal Reserve caught to the script and largely maintained the identical coverage outlook embraced three months in the past within the earlier Abstract of Financial Projections, shrugging off firming value pressures within the economic system.
For context, the FOMC stored borrowing prices at their present ranges at its March gathering, reaffirming its intention to implement 75 foundation factors of easing in 2024. Wall Avenue, fearing a hawkish final result within the face of rising inflation dangers, breathed a sigh of reduction on the establishment’s restrained response.
Whereas there have been some hawkish parts within the Fed’s steerage, such because the upward revision to the long-run equilibrium charge, merchants selected to deal with the near-term future and the truth that the easing cycle is inching nearer and looming on the horizon.
With all that stated, the principle takeaway from the FOMC assembly was this: nothing has actually modified for the central financial institution; plans to chop charges this yr stay on observe and the method to sluggish the tempo of quantitative tightening is quickly approaching, with Powell saying tapering might begin “pretty quickly”.
Bearing in mind immediately’s developments, bond yields will battle to maneuver a lot increased within the close to time period, particularly if incoming financial information begins cooperating with policymakers. This might stop the U.S. greenback from extending its rebound within the coming days and weeks.
In the meantime, danger belongings and treasured metals similar to gold and silver may very well be higher positioned to keep up upward momentum heading into the second quarter. This might doubtlessly imply contemporary all-time highs for each gold and the Nasdaq 100.
Keen to achieve insights into gold’s future path? Uncover the solutions in our complimentary quarterly buying and selling information. Request a duplicate now!
Really useful by Diego Colman
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GOLD PRICE FORECAST – TECHNICAL ANALYSIS
Gold surged on Wednesday, breaking previous its earlier document and notching a brand new all-time excessive above $2,220. With bulls seemingly answerable for the market, a possible transfer in the direction of trendline resistance at $2,225 is conceivable. On additional power, a rally above $2,250 can’t be dominated out.
Conversely, if sellers stage a comeback and pullback, help looms at $2,195, the swing excessive from early March. Beneath this degree, consideration will flip to $2,150, adopted by $2,090. Bulls should vigorously defend this technical flooring; failure to take action will expose the 50-day easy shifting common at $2,065.
GOLD PRICE TECHNICAL CHART
Gold Worth Chart Created Utilizing TradingView
Should you’re in search of an in-depth evaluation of U.S. fairness indices, our first-quarter inventory market buying and selling forecast is filled with nice elementary and technical insights. Get it now!
Really useful by Diego Colman
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NASDAQ 100 FORECAST – TECHNICAL ANALYSIS
The Nasdaq 100 climbed sharply on Wednesday in response to the Fed’s dovish outlook, coming inside putting distance from retesting its all-time excessive close to 18,690. Merchants ought to intently monitor this technical ceiling as a breakout might pave the way in which for a rally towards trendline resistance at 19,175.
On the flip aspect, if market sentiment shifts again in favor of sellers and costs start to appropriate decrease, preliminary help will emerge at 18,150. Beneath this threshold, the highlight can be on 17,805, a key degree that presently coincides with the 50-day easy shifting common.
NASDAQ 100 CHART – TECHNICAL ANALYSIS
Nasdaq 100 Chart Created Utilizing TradingView
For an entire overview of the EUR/USD’s technical and elementary outlook, make certain to obtain our complimentary quarterly forecast!
Change in
Longs
Shorts
OI
Every day
-29%
14%
-8%
Weekly
-10%
-7%
-8%
EUR/USD FORECAST – TECHNICAL ANALYSIS
EUR/USD jumped on Wednesday, with bulls seemingly decided to problem trendline resistance at 1.0950 after the FOMC announcement. Within the occasion of a retest, sellers might want to fend off the advance; in any other case, there can be minimal obstacles to a rally in the direction of 1.0970, a key Fibonacci degree.
Alternatively, if upside stress begins to fade and sellers spark a bearish reversal, help might be recognized at 1.0890, adopted by 1.0850, the place an ascending trendline converges with the 50-day and 100-day shifting averages.
EUR/USD PRICE ACTION CHART
EUR/USD Chart Created Utilizing TradingView
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