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18 Nov, 2024
5 minutes

Daily Technical Analysis:GBP/USD、Gold

Welcome to our daily technical analysis of the financial markets, focusing today on GBP/USD and Gold. Let's dissect the latest news, market trends, and crucial price levels to watch out for.

1. GBP/USD Analysis:
News Summary:
The pound fell below levels seen at the start of the year, marking its longest weekly decline in a decade, as investors expected stronger U.S. growth and inflation. Britain's services-based economy is considered less vulnerable to trade tariffs than the rest of Europe, and the Bank of England is expected to cut interest rates less aggressively than the Federal Reserve and the European Central Bank. However, as bearish sentiment builds in longer-dated options, the pound may enter a phase of structural weakness.

Trend Analysis:
We can see GBP/USD H4 level fluctuated and fell and ran below the 48 hours moving average. In addition, the MACD double line and energy column began to shrink below the zero axis. The sell limit could be placed, stop loss is necessary.

Today's Key Price Levels:
Key Support Levels: [1.2550]
Key Resistance Levels: [1.2720]
Pivot Points [1.2680]

2. Gold Analysis:

News Summary:
Gold rebounded slightly on Monday. Tensions between Russia and Ukraine intensified over the weekend, and market risk aversion increased, providing gold prices with rebound momentum. Gold prices weakened slightly last Friday, with a weekly decline of about 4.58%, the largest weekly decline in more than three years. This was because the reduction in expectations for an interest rate cut by the Federal Reserve boosted the U.S. dollar and weakened investor interest in gold. All uncertainty, especially short-term uncertainty, has been removed. Now gold is just back to fundamentals.

Trend Analysis:
We can see gold rebounded from an oversold state and is still running below the 48 hours moving average on H4 chart. In addition, the MACD double line and energy column expanded the golden cross below the zero axis. The sell limit could be used, stop loss is mandatory.

Today's Key Price Levels:
Key Support Levels: [2570]
Key Resistance Levels: [2630]
Pivot Points [2612]

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