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At the close of February, the index set a new all-time high at 18098.17 and a monthly volume profile with an uncovered POC at the top around 17970.07, implying that as long as prices remain below that volume concentration, sales are expected with targets at nearby high volume nodes like 17780.19, from where it rebounded today, with a possible bullish renewal.
The US500 continues in an uptrend, leaving the last resistance and historical high at 5053.31 on February 12th, trading below a high volume concentration zone or POC around 5012, which coincides with the week's opening. The high volume node around 4951 represents a support from where bulls could trigger a new price rally seeking to break the macro selling zone around 5012 and thereby possibly breaking the resistance at 5053.31 to extend purchases towards the new psychological level at 5100.
EURJPY is one of the pairs that best reflects market risk sentiment, and we have seen the recovery throughout January, rising from the December buying zone between 155.00 and 156.60 to the November selling zone around 161.56.
Gold prices experienced a brief uptick due to escalating geopolitical tensions. Recent conflicts, such as the drone attack on US bases near Jordan, have increased demand for gold as a haven asset. Additionally, economic factors like the moderate increase in US Core Personal Consumption Expenditures (PCE) data have influenced inflation expectations, further supporting gold's position. This week, gold market volatility could escalate with the Federal Reserve's interest rate decision, expected to remain steady in the 5.25-5.50% range. However, investors will watch for any new guidance on interest rates, which could influence gold's future direction. Additionally, the ISM Manufacturing PMI and Nonfarm Payrolls (NFP) report for December could also play a significant role in determining gold's short-term trajectory.
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