09 Jul, 2024
5 minutes
Daily Technical Analysis Jul 9th 2024
1. EUR/USD Analysis:
News Summary:
The trend of the euro shows that the market is not dissatisfied with the results of the French election, and the market's concerns about further financial loss have eased somewhat, allowing the euro to recover after the initial decline. The worst-case scenario for the single currency, a clear victory for the right, is avoided. Furthermore, without an absolute majority, the appointment of a technocratic government is increasingly likely.
Trend Analysis:
We can see EUR/USD H4 level fluctuated at a high level and ran above the 48 hours moving average. However, the MACD double line and energy column are expanding above the zero axis. The buy limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.0730]
Key Resistance Levels: [1.0900]
Pivot Points [1.0790]
2. Gold Analysis:
News Summary:
Gold prices fell on Monday, linked to worries about global economic growth triggered by last week's weaker-than-expected US jobs data. Falling commodity prices further affected the gold market. In addition, the increased likelihood that former President Trump will win the next presidential election in November, as well as rising US Treasury yields, could weaken gold's appeal. Trump is expected to cut taxes but maintain spending, which could lead to higher inflation and interest rates, adversely affecting gold, a non-interest-bearing asset.
Trend Analysis:
We can see gold rebounded slightly and oscillated above the 48 hours moving average. On the other hand, the MACD double line and histogram bar shrank near the zero axis. The buy limit could be used, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [2345]
Key Resistance Levels: [2397]
Pivot Points [2350]