2023-08-14 07:04

The USD/JPY pair is continuing to build on its gains for the week and is gradually approaching the significant psychological level of 145.00 during the Asian session. This brings it closer to the peak seen earlier this year in June. However, this upward movement lacks strong bullish confidence, as traders are cautious, anticipating possible intervention by Japanese authorities. During the Asian session, the USD/JPY pair reached a new high for the month at 144.91 following the release of US inflation data for July. The US Consumer Price Index (CPI) showed growth at a rate of 0.2% for July, which aligns with market expectations. Want to find a user-friendly trading platform? Try out now with VCPlus: https://bit.ly/3zIdlEM

2023-08-14 06:59

The gold price is currently in a phase of consolidating its losses for the week, and it is currently at its lowest level in about a month, hovering around $1,910 as we start Friday. The US Dollar (USD) managed to recover well overnight, and it's holding onto those gains as we gear up for another significant US economic data release. From a technical perspective, things haven't really changed much in the short term for the gold price. The 14-day Relative Strength Index (RSI), which is a measure of how strong or weak the price trend is, still suggests a bias toward the downside. This means that if gold's price does pull back a bit, some investors might see it as a good opportunity to sell. On the positive side, for a recovery to gain traction, the gold price needs to break through the psychologically important level of $1,933. If it manages that, the next significant challenge would be surpassing the downward-sloping 50-day simple moving average (SMA) at $1,920, which acts as a short-term trend indicator. Further up, gold buyers will likely be keeping a close watch on the bearish 20-day simple moving average at $1,949. On the other hand, if the gold price experiences a daily close below the crucial support level of $1,910, that could be a significant development. It might then face a challenge in the form of the critical 200-day SMA at $1,915. If the price consistently drops below this 200 SMA, it could signal a test of the low point reached back on June 29, which was around $1,893. In simpler terms, it could be a sign that gold's value is heading toward that level if it continues to move downward. Want to find a user-friendly trading platform? Try out now with VCPlus: https://bit.ly/3zIdlEM