US Dollar Sinks, Holds on For Dear Life, Setups on Gold, EUR/USD, GBP/USD DailyFX | Summary

Image for article US Dollar Sinks, Holds on For Dear Life, Setups on Gold, EUR/USD, GBP/USD  DailyFX | Summary

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  • Based on historical patterns, prices might face resistance in this range, but a breakout could propel the pair towards 1.2840.In the event of a bearish reversal, potentially magnified by low holiday trading volume, the first defensive line against a pullback is located around the 1.2600 handle, as previously articulated..
  • This could mean more gains for gold prices, EUR/USD and GBP/USD moving into the last week of 2023.While the greenback’s outlook could change next year if U.S. economic strength and lack of progress on inflation prevent rate cuts, the narrative is unlikely to change for the time being..
  • On further strength, the focus shifts higher to 1.1125, which corresponds to the upper boundary of a short-term rising channel.Conversely, if the pair gets rejected at resistance and sellers return in force to exploit the reversal, initial support is located around 1.0830, near the 200-day simple moving average..
  • This region might offer a potential foothold during a retracement ahead of a rebound, but a move below it could be ominous, paving the way for a drop toward channel support at 1.0770.EUR/USD Chart Created Using TradingViewInterested in learning how retail positioning can shape GBP/USD’s path?.
  • Grab your "How to Trade Gold" guide for invaluable insights and tips!Gold fell sharply early this month when a fakeout devolved into a large selloff, but has regained ground in recent days after bouncing off trendline support at $1,975, with bullion currently approaching $2,050 – a key resistance..
  • Maintaining this floor is imperative for the bulls; a failure to do so could reinforce downward momentum, sending the precious metal reeling toward trendline support near $1,990..
US DOLLAR FORECAST GOLD PRICES, EUR/USD, GBP/USDThe U.S. dollar, as measured by the DXY index, sinks to its lowest level since early AugustWith U.S. yields biased to the downside a [+5543 chars]

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