Daily Analysis Forex Mix

[radex78]

Gold prices fall drawing lower lows

Yesterday's gold price finally fell, drawing lower lows after several days of trading moving in a range.

Yesterday the price of gold reached a high of $2652 and a low of $2605. The candlestick opens at $2642 and closes at $2521 crossing the middle band line from the upside.

The decline in gold prices is predicted due to the rise in the US dollar following solid economic data and reduced speculation of a major interest rate cut by the Fed.

Besides that, the Chinese Central Bank (PBoC) reported unchanged gold reserves of 72.8 million ounces (2,264 tons) at the end of September, which means that the Chinese Central Bank did not buy gold even though the central banks of other countries such as India, Türkiye, and Poland continued to buy gold.

From another angle rising tensions in the Middle East weigh on speculative interest.

Today the Federal Open Market Committee (FOMC) will announce the minutes of its September meeting. But the minutes may not be a shocking document after Fed officials' comments flooded the news following the extraordinary NFP report. Meanwhile, on Thursday the US will release the Consumer Price Index (CPI) for September with a Core CPI forecast of 0.2% from the previous data revision of 0.3%.

XAUUSD D1

Gold price on the daily timeframe is now moving near the middle band line. Bollinger bands draw an upward channel with wide band spacing indicating an uptrend with high volatility.

The 50 MA near the lower band draws an ascending channel above the 200 MA which also draws an ascending channel.

The TDI indicator's VB high shows a value of 75 and VB low shows a value of 53. The difference of 22 reflects the low volatility value in the daily timeframe.

The market base line points to a value of 64 with a flat channel, meaning the weight of bullish is greater than bearish.

The RSI price line shows a value of 55 which has crossed the TSL and MBL from the upper side indicating a downtrend market.

The trade signal line points to the value 63 crossing the MBL from the upper side indicating a downtrend market.

XAUUSD H4

Gold price in the H4 timeframe is now moving near the lower band line. Bollinger bands appear to be expanding, indicating increased market volatility.

The 50 MA above the price draws a flat channel indicating a trend transition signal. The 200 MA is far below the price drawing an upward channel indicating a market uptrend.

The VB high TDI indicator shows a value of 59 and the VB low shows a value of 38. The difference of 21 reflects the low volatility value in the H4 timeframe.

The market base line points to a value of 48 with a flat channel, meaning the weight of bearish is greater than bullish.

The RSI price line pointing to 37 has crossed the MBL and TSL, trying to get out of the oversold level zone.

The trade signal line pointing to the value 41 has crossed the MBL from the upper side indicating a downtrend market.

 

[radex78]

Reserve Bank of New Zealand keeps interest rate at 4.75%, USDCAD extends hikes.

USDCAD yesterday drew a long body bullish candlestick with slight shadows on the top and bottom of the candle. USDCAD price formed a high of 1.37180, and a low of 1.35318 on the FXOpen platform. USDCAD climbed higher after breaking the upper band line at 1.36477.

At yesterday's meeting, the RBNZ decided to maintain interest rates at 4.75%. This decision appears to still cause the CAD to weaken further against the USD due to strong demand for US dollars caused by previous US economic data.

In the summary of the October 2024 meeting, members of the Monetary Policy Committee agreed that the stance of monetary policy has been consistent with ensuring low and stable inflation. New Zealand's annual consumer price inflation is assessed to currently be within the Committee's 1 to 3 percent target band and is expected to converge to the target midpoint.

Today investors will focus on the FOMC Meeting Minutes which will determine the direction of US interest rate policy in the future.

USDCAD D1

USDCAD price on the daily timeframe is now moving near the upper band line. Bollinger bands appear to be expanding, reflecting rising market volatility.

The 50 MA below the price draws a descending channel crossing the 200 MA from the upside signaling a death cross.

The TDI indicator's VB high shows a value of 62 and VB low shows a value of 25. The difference of 37 reflects high volatility in the daily timeframe.

Market Base line points to a value of 44 with an upward channel, meaning the weight of bullish is greater than bearish.

The RSI price line shows a value of 67 crossing the TSL indicating an uptrend market near the overbought level.

The trade signal line points to a value of 57 with an upward channel indicating an uptrend market.

USDCAD H4

USDCAD price in the H4 timeframe is now moving near the upper band line. Bollinger bands draw an ascending channel with wide band spacing indicating an uptrend with high volatility.

MA 50 below the middle band line crossing MA 200 signals a golden cross indicating an uptrend. MA 200 draws a flat channel indicating a sideways market.

The VB high TDI indicator shows a value of 87 and the VB low shows a value of 53. The difference of 34 reflects the high volatility value in the H4 timeframe.

The market base line points to a value of 70 with an upward channel, meaning the weight of bullish is greater than bearish.

The RSI Price line shows a value of 83 crossing the TSL from the lower side, indicating that the uptrend market is at an overbought level.

The trade signal line points to a value of 79 with a flat channel indicating a somewhat fading uptrend.

 

[radex78]

USDCHF fell still within the range when the US CPI data was released

Yesterday the USDCHF price drew a bearish candlestick with a small wick on the top candle. The price formed a high of 0.86138 and a low of 0.85568 on the FXOpen platform. Even though the price is falling, the movement is in the range between the middle and upper band lines.

Yesterday's US economic data showed core CPI 0.3% greater than the forecast 0.2%, the same as the previous revision of 0.3%. CPI goods and services purchased by consumers was 0.2% from the forecast of 0.1%, the same as the previous revision of 0.2%. CPI year of year 2.4% from a forecast of 2.3% lower than the previous revision of 2.5%. On the other hand, Unemployment Claims data showed 258k, greater than forecast, 231k from the previous revision of 225k.

Mixed US economic data seems to be one of the reasons for USDCHF's decline yesterday. According to the CME group's FedWatch tool, the target rate probability for the November 7 FED meeting is predicted to be cut by 25 bps at 83.3% and the forecast rate is unchanged at 16.7%.

On the other hand, geopolitical risks in the Middle East still overshadow the uncertainty of global geopolitical risks. If the escalation of war continues, it might increase safe-haven flows that benefit the Swiss Franc.

Today there will still be US economic news releases that may be of interest to investors, core CPI and CPI month of month.

USDCHF D1

USDCHF price is now moving between the upper and middle band lines. Bollinger bands draw a flat channel with slightly deflated bands indicating a sideways market in moderate volatility.

MA 50 is below the price drawing a descending channel, MA 200 is far above the price drawing a flat channel, a death cross signal has been formed since August 2024.

The TDI indicator's VB high shows a value of 58 and VB low shows a value of 30. The difference of 28 reflects moderate volatility in the daily timeframe.

The market base line points to a value of 44 with an upward channel, meaning the weight of bearish is greater than bullish.

The RSI Price line shows a value of 55 trying to cross the TSL from the upper side indicating a downtrend market.

The trade signal line points to the value 56 drawing an upward channel indicating an uptrend market.

USDCHF H4

USDCHF price in the H4 timeframe is now moving between the lower and middle band lines. Bollinger bands draw a flat channel with rather wide band spacing indicating a sideways market with moderate market volatility.

MA 50 below the price draws an upward channel indicating an uptrend market. MA 200 with a flat channel indicates a sideways market. The golden cross signal has been forming since October 7.

The TDI indicator's VB high shows a value of 75 and VB low shows a value of 49. The difference of 26 reflects the value of moderate volatility in the H4 timeframe.

The market base line points to a value of 62 with a flat channel, meaning the weight of bullish is greater than bearish.

The RSI price line shows a value of 47 which has crossed the TSL and MBL from the upper side indicating a downtrend market.

The trade signal line pointing to the value 58 has crossed the MBL from the upside with a downward channel indicating a market downtrend.

 

[radex78]

Silver gapped down seen at Monday's market open

Silver is now traded at around 31,179 on the FXOpen platform. Last weekend Silver prices rose drawing a bullish candlestick with a low of 31,055 and a high of 31,624 extending the previous day's rise.

Silver prices experience a gap down at market opening and can even be seen on the daily timeframe, where the open price is far below the close price of the previous candle.

Last week's summary Silver faced downward pressure by drawing a bearish candle with a long shadow at the bottom of the candle, reflecting the price under pressure and trying to rise again at the end of the week. Briefly Silver prices rose to 32,955 but fell again to 30,119.

The robust US economic data including the labor market and CPI which supports a stronger USD seems to affect the value of Silver because it lifts US Treasury yields making it less attractive for Silver which does not provide yields.

Gold and Silver often go hand in hand, but it seems that Silver's movement is lagging behind Gold, this may be weighed down by weak industrial demand and weak Chinese interest.

Today the Japanese bank holiday commemorates Health-Sports Day, also the Canadian bank holiday commemorates Thanksgiving Day, and the US bank holiday commemorates Columbus Day. Bank holidays can affect transaction volume in the forex market.

XAGUSD D1

Silver price on the daily timeframe is now moving slightly below the middle band line. Bollinger bands are somewhat deflated reflecting reduced volatility.

The 50 MA is below the lower band drawing a slight ascending channel. The 200 MA also drew an upward channel far below the 50 MA indicating an uptrend market.

The VB high TDI indicator shows a value of 68 and the VB low shows a value of 43. The difference of 25 reflects the value of moderate volatility in the daily timeframe.

Market Base Line points to a value of 55 with a flat channel, meaning the weight of bullish is greater than bearish.

The RSI price line points to a value of 54 with an upward channel indicating upward pressure.

The trade signal line points to a value of 54 with a downward channel indicating a market downtrend.

XAGUSD H4

Silver price in the H4 timeframe is now moving above the middle band line. The gap can be seen more clearly in this timeframe by drawing a small body bearish candlestick with a long wick at the bottom of the candle. Bollinger bands draw a flat channel with wide band spacing indicating high volatility market.

MA 50 above the price draws a flat channel indicating a sideways market, MA 200 below the middle band line draws a flat channel indicating a sideways market.

The TDI indicator's VB high shows a value of 61 and VB low shows a value of 29. The difference of 32 reflects the value of moderate volatility in the H4 timeframe.

Market Base line points to a value of 45 with a descending channel, meaning the weight of bearish is greater than bullish.

The RSI price line shows a value of 55 trying to cross the TSL from the upper side indicating downward pressure.

The trade signal line points to the value 56 with a sloping upward channel indicating the uptrend is fading somewhat

 

[radex78]

USDCAD extends the increase that started on October 2

Yesterday's USDCAD price was still drawing a bullish candlestick with higher highs lower highs which reflects a bullish market.

Although Canadian economic data released on Friday showed job growth was higher than expected and showed signs inflation pressures may be easing. However, the market may still doubt the possibility that the Bank of Canada will cut interest rates by 50 bps. Investors may still be watching to see whether the labor market recovery is sustainable.

On the other hand, the dollar index (DXY) shows an increase in value at 103.212 which started at the beginning of October. This increase was also triggered by US economic data last week which showed CPI data rising 0.2% and an increase in payroll employment of 254k in September, although: PPI final demand was unchanged in September. Prices for final demand services increased 0.2 percent, and the index for final demand goods decreased 0.2 percent. Prices for final demand rose 1.8 percent for the 12 months ended in September.

Today investors will focus on Canadian CPI data which may be one of the benchmarks for the BoC in formulating interest rate policy.

USDCAD D1

USDCAD price is now moving near the upper band line. Bollinger bands appear to be expanding, reflecting high market volatility. The band started expanding after passing 1.36395.

The 50 MA near the middle band is drawing a descending channel and has crossed the 200 MA from the upside signaling a death cross. On the other hand, the 200 MA is slightly above the middle band line drawing a flat channel indicating a sideways market.

The TDI indicator's VB high shows a value of 68 and VB low shows a value of 28. A difference of 40 reflects a high volatility value in the daily timeframe.

The market base line points to a value of 48 with an upward channel, meaning the weight of bearish is greater than bullish.

The RSI Price line points to a value of 73 with an upward channel, indicating the upward trend is in the overbought level zone.

The trade signal line points to the value 68 with an upward channel indicating an uptrend market.

USDCAD H4

USDCAD price appears to be on a long rally as seen from the price tendency to draw lower highs and higher highs. The price is now moving near the upper band line. Bollinger bands draw an upward channel with moderate band spacing reflecting a bullish market with moderate volatility.

MA 50 below the lower band line drawing an ascending channel has crossed MA 200 from the lower side indicating a golden cross signal. MA 200 draws a flat channel indicating sideways market.

The TDI indicator's VB high shows a value of 84 and VB low shows a value of 71. The difference of 13 reflects the low volatility value in the H4 timeframe.

The market base line shows a value of 78 with a flat channel, meaning the weight of bullish is greater than bearish.

The RSI price line points to a value of 76 with a flat channel indicating that the price is in the overbought level zone.

The trade signal line points to a value of 76 and draws a flat channel indicating a sideways market.

 

[radex78]

Gold prices returned to moderate gains around $2660

Yesterday the price of gold rose drawing a bullish candlestick from a low of $2638 to a high of $2668. The rise in this precious metal benefited from sentiment to avoid geopolitical risks and easing demand for the US Dollar.

The moderate movement in Gold prices may be due to investors waiting for the Fed's new policy on interest rates. Several Fed officials have made statements but have not given any new clues regarding the next direction of monetary policy. A largely neutral speech does not mean dovish or hawkish in the current view that the central bank will cut interest rates by 25 basis points at its November 7 meeting. According to the CME group's FedWatch tool, the current forecast for a 25 bps cut is 90.6%, and the rate forecast is unchanged at 9.4%.

Even though gold still has the potential to continue its upward trend, several analysts stated that there are many obstacles for gold, including Chinese stimulus, a strengthening dollar, a weakening euro, and also profit-taking. Data from China has a double impact, weak data reduces demand for gold, but a broader economic slowdown could hurt the market.

XAUUSD D1

The price of gold on the daily timeframe is now moving around $2662. Gold moves between the upper and middle band lines. Bollinger bands that appear to be deflating reflect reduced market volatility.

The 50 MA below the lower band draws an upward channel well above the 200 MA which also draws an upward channel.

The TDI indicator's VB high shows a value of 75 and VB low shows a value of 52. The difference of 23 reflects the low volatility value in the daily timeframe.

The market base line points to a value of 63 with a flat channel, meaning the weight of bullish is greater than bearish.

The RSI price line shows a value of 62 with a flat channel crossing the TSL from the upper side indicating a sideways market.

The trade signal line is pointing at the value 58 with the flat channel having crossed the MBL from the upside indicating a fading downtrend.

XAUUSD H4

Gold price in the H4 timeframe is now moving slightly below the upper band line. Bollinger bands also appear to be deflating, indicating a decrease in market volatility.

MA 50 is below the price near the middle band drawing a flat channel indicating sideways. Meanwhile, the 200 MA below the lower band draws an upward channel indicating an uptrend market.

The TDI indicator's VB high shows a value of 68 and VB low shows a value of 30. The difference of 38 reflects the high volatility value in the H4 timeframe.

The market base line points to a value of 49 with an upward channel, meaning the weight of bearish is greater than bullish.

The RSI price line is pointing at 60 with the flat channel having crossed the TSL from the downside indicating the uptrend may be fading.

The trade signal line points to a value of 56 with a flat channel indicating a sideways market.

 

[radex78]

AUDUSD drops awaiting Australian employment data

AUDUSD prices yesterday extended their decline amid traders waiting for Australian employment data which will be released today.

AUDUSD fell to form a low of 0.66579 and a high of 0.67042 on the FXOpen platform extending the previous decline. The decline in AUD was also caused by market sentiment avoiding risk amid hopes that former Donald Trump would win the upcoming election. Trump supports a closed economic culture that impacts risk-sensitive currencies.

On the other hand, the dollar index (DXY) extended its gains to 103.524 amid speculation that the Fed would cut interest rates in November. According to the CME group's FedWatch tool, the 4.50%-4.75% cut has risen by 94.1% and the forecast 4.75%-5.00% cut is only 5.9%. A cut in interest rates would probably cause the currency to weaken.

Today investors will focus on several important news Retail sales and Unemployment claims US and Australian employment data.

Australia's Employment Change is forecast at 25.2k from previous data of 47.5k, while the Unemployment Rate is forecast to remain unchanged at 4.2%.

On the other hand, US Core Retail Sales are predicted to be the same as previously at 0.1%. Retail sales are predicted to increase 0.3% from the previous 0.1%. Meanwhile, Unemployment Claims is predicted to be 241k from the previous 258k.

AUDUSD D1

AUDUSD price on the daily team frame is now moving near the lower band line. Bollinger bands appear to be expanding, indicating higher market volatility.

MA 50 above the price below the middle band line draws a slight upward channel. The 200 MA is below the price near the lower band drawing a flat channel.

The VB high TDI indicator shows a value of 68 and the VB low shows a value of 37. The difference of 31 reflects the value of moderate volatility in the daily timeframe.

Market Base Line points to a value of 52 with a descending channel, meaning the weight of bullish is greater than bearish.

The RSI price line shows a value of 36 with a downward channel crossing the MBL and TSL from the upper side indicating a downtrend market.

The trade signal line points to the value 40 with a descending channel crossing the MBL from the upper side indicating a downtrend market.

AUDUSD H4

AUDUSD price in the H4 timeframe is now moving near the lower band line. Bollinger bands expand to draw a downward channel indicating a downtrend with fairly high volatility.

MA 50 above the middle band line drawing a descending channel crossing MA 200 from the upper side indicates a death cross signal. Meanwhile, the 200 MA above the upper band line draws a flat channel.

The VB high TDI indicator points to a value of 50 and VB low points to a value of 25. The difference of 25 reflects the value of moderate volatility in the H4 timeframe.

The market base line points to a value of 38 with a flat channel, meaning the weight of bearish is greater than bullish.

The RSI price line points to a value of 29 with a descending channel crossing the MBL and TSL from the upper side indicating a downtrend entering the oversold level.

The trade signal line pointing at the value 31 draws a descending channel crossing the MBL from the upper side indicating a downtrend market

 

[radex78]

EURUSD plunged after the ECB cut interest rates by 25 basis points

EURUSD prices have extended yesterday's decline following the ECB cutting interest rates by 25 bp. EURUSD price fell to a low of 1.08104 from a high of 1.08788, candle closing at 1.08294.

At yesterday's meeting, the ECB reduced the Rate on Deposit Facility by 25 basis points (bp) to 3.25%, as expected. Likewise, the Main Refinancing Operation Interest Rate was reduced by 25 bp to 3.4%. This is the second 25 bp rate cut by the ECB in a row. The ECB is predicted to cut its benchmark interest rate by another 25 bp in December.

The statement by the President of the European Central Bank (ECB) Christine Lagarde shows that price pressures in the European zone are under control. He also could not confirm the possibility of cutting interest rates in December and the decision will be based on incoming data.

On the other hand, the USD strengthened due to speculation over Trump's victory and expectations of the Fed cutting interest rates heavily in November. Retail sales data also added to USD strength even though unemployment claims data was as expected. If Trump wins the election, it is expected to result in higher tariffs on imports from Asian and European countries, tax cuts, and an easing of financial conditions.

Meanwhile expectations of the Fed cutting interest rates by 50 bp are now down 86.2% and the forecast for unchanged interest rates is 13.8% according to the CME Group's FedWatch tool.

EURUSD D1

EURUSD's price on the daily timeframe is now moving near the lower band line. Expanding Bollinger bands reflect high market volatility.

The 50 MA near the middle band line draws a flat channel well above the 200 MA which draws a flat channel slightly above the current price.

The TDI indicator's VB high shows a value of 65 and VB low shows a value of 28. The difference of 37 reflects high volatility in the daily timeframe.

Market Base line points to a value of 47 with a descending channel, meaning the weight of bearish is greater than bullish.

The RSI price line points to a value of 25 with a descending channel indicating a downtrend market in the oversold zone.

The trade signal line points to a value of 29 with a downward channel indicating a market downtrend.

EURUSD H4

EURUSD's price in the H4 timeframe is now moving near the lower band line. Bollinger bands draw a descending channel indicating a downtrend with moderate market volatility.

The 50 MA near the upper band line draws a descending channel well below the 200 MA which also draws a descending channel indicating bearish sentiment.

The TDI indicator's VB high shows a value of 44 and VB low shows a value of 24, the difference of 20 reflects the low volatility value in the H4 timeframe.

Market Base Line shows a value of 34 with a flat channel, meaning the weight of bearish is greater than bullish.

The RSI price line points to a value of 25 with a downward channel, indicating a downtrend market in the oversold zone.

The trade signal line points to a value of 26 with a downward channel indicating a market downtrend.

 

[radex78]

Why is the price of Silver surging but not setting a new all-time high?

Last week we witnessed the rise in gold prices which again set a new all-time high for the umpteenth time in 2024. And last week we also saw the price of Silver rise from a low of 31,678 to a high of 33,751. The increase in Silver prices during this day drew a long-body bullish candlestick almost without a shadow. Only tens of pips difference between the highest price and the closing price.

However, the soaring price of Silver has not set a new all-time high, even though it will be the highest throughout 2024. If we pull the monthly chart back, the all-time high price of Silver was set in 2011 in April at $49.21 per ounce. The soaring silver price at that time was due to concerns about monetary inflation and government solvency in developed countries, especially in the Eurozone.

According to Morgan Stanley, Silver investments are more volatile than gold, with half of Silver used in heavy industry and high technology, including smartphones, tablets, car electrical systems, solar panels, and many other products and applications, according to the World Silver Survey. Silver prices are also cheaper than gold.

Even though Silver is more widely used in industry, analyst still predicts an increase in demand in the industrial sector next year as achieved in 2023 when industrial take of 654.4 million ounces reached a record high.

XAGUSD D1

Silver price on the daily timeframe is now moving outside the upper band line. Soaring prices at the weekend crossed the upper band line. Bollinger bands appear to be starting to expand, reflecting increasing market volatility.

The 50 MA near the lower band draws an ascending channel above the 200 MA which also draws an ascending channel.

The VB high TDI indicator shows a value of 70 and the VB low shows a value of 45. The difference of 25 reflects the value of moderate volatility in the daily timeframe.

Market Base line shows a value of 57 with a flat channel, meaning the weight of bullish is greater than bearish.

The RSI price line points to a value of 70 with an upward channel crossing the TSL and MBL from the lower side indicating an uptrend market in the overbought zone.

The trade signal line points to the value 59 with an upward channel crossing the MBL from the lower side indicating an uptrend market.

XAGUSD H4

Silver price in the H4 timeframe is now moving above the upper band line. Bollinger bands appear to be expanding, reflecting high volatility.

The 50 MA below the middle band draws an upward channel above the 200 MA which draws an upward channel too.

The VB High TDI indicator points to a value of 74 and VB Low points to a value of 44. The difference of 30 reflects the value of moderate volatility in the H4 timeframe.

Market Base Line points to a value of 59 with an upward channel, meaning the weight of bullish is greater than bearish.

The RSI price line points to a value of 84 with an upward channel crossing the MBL and TSL from the lower side indicating an uptrend market in the overbought zone.

The trade signal line points to a value of 71 with an upward channel indicating an uptrend market.

 

[radex78]

Gold price rebounded after reaching a new ATH of $2740

On Monday, the gold market price resumed its rise and reached a record high of $2740.34 from an open price of $2717.80 with a low of $2713.83. The soaring gold price is thought to be due to increasing demand for safe-haven assets amidst the deepening Middle East conflict. Israel steps up attacks in Beirut and prepares to launch a retaliatory attack against Iran. Meanwhile, Yahya Sinwar, the leader of Hamas, was reportedly killed by Israeli Markava tank fire. On the other hand, Lebanon attacked Israel with 200 missiles which made warning sirens sound in Israeli territory.

Apart from the Middle East conflict, gold also getting support from steps taken by the People's Bank of China (PBoC) to further loosen credit conditions by lowering interest rates. The PBoC's move to reduce the one-year and five-year principal loan interest rates not only has an impact on increasing the attractiveness of gold but also on greater demand for gold from Chinese investors who are the largest market for this precious metal commodity.

However, further increases were hindered after gold reached a record high of $2740, gold prices fell due to gold profit-taking and brought it down to around $2719.

The forecast for the Fed to cut interest rates by 50 bp according to the CME Group's FedWatch Tool increased by 86.8%, while the forecast for interest rates was unchanged at 13.2%.

Today, apart from the IMF meeting which discusses global economic issues, BRICS also held an annual meeting which also discussed global economic, political, and security issues.

XAUUSD D1

Gold price on the daily timeframe is now moving near the upper band line. Bollinger bands appear to be expanding, indicating increased market volatility.

The 50 MA below the lower band line draws an upward channel well above the 200 MA which also draws an upward channel.

The TDI indicator's VB high shows a value of 76 and VB low shows a value of 54. The difference of 22 reflects the low volatility value in the daily timeframe.

Market Base line points to a value of 65 with an upward channel, meaning the weight of bullish is greater than bearish.

The RSI price line points to a value of 71 with the rising channel having crossed the TSL and MBL from the lower side indicating an uptrend market in the overbought zone.

The trade signal line points to the value 67 with an upward channel crossing the MBL from the lower side indicating an uptrend market.

XAUUSD H4

Gold price in the H4 timeframe is now moving above the middle band line. After a long rally there are two bearish candlesticks indicating a weakening rally. Bollinger bands with a wide band spacing upward channel indicate an uptrend with high volatility.

The 50 MA is slightly above the lower band drawing an upward channel far above the 200 MA which also draws an upward channel indicating an uptrend market.

The VB high TDI indicator shows a value of 83 and VB low shows a value of 51. The difference of 32 reflects the value of moderate volatility in the H4 timeframe.

Market Base Line points to a value of 67 with an upward channel, meaning the weight of bullish is greater than bearish.

The RSI Price line points to a value of 63 with a descending channel crossing the TSL and MBL from the upper side indicating a downtrend market.

The trade signal line points to a value of 74 with a downward channel indicating a market downtrend.