22 Apr, 2024
5 minutes
Daily Technical Analysis April 22th 2024
1. GBP/USD Analysis:
News Summary:
The Bank of England said that since the central bank released its latest monetary policy report in February, the balance of domestic risks to the UK's inflation outlook has tilted downwards, and it does not need more evidence of falling inflation to start voting for an interest rate cut. Last month, the BOE governor indicated that a cut to the benchmark interest rate from a 16-year high of 5.25% would come into play at future Monetary Policy Committee meeting.
Trend Analysis:
We can see GBP/USD is oscillating at a low level and is still running below the 48 hours moving average on H4 chart. In addition, the MACD double line and energy column have begun to converge under the zero axis. The sell limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.2300]
Key Resistance Levels: [1.2470]
Pivot Points [1.2430]
2. Gold Analysis:
News Summary:
Gold opened lower on Monday, with institutions pointing out that tensions surrounding Israel and Iran have cooled, which has eased risk aversion and weighed on gold prices. Gold will continue to focus on geopolitics, with an easing of the Iran-Israel crisis likely to trigger a downward correction in gold prices and shift market focus to US data. However, another retaliatory response from Iran could reignite concerns about a deepening crisis in the Middle East and allow gold to continue to benefit from safe-haven demand.
Trend Analysis:
We can see gold H4 level fluctuated downwards and came to near the 48 hours moving average. On the other hand, the MACD double line and histogram bar expanded around the zero axis. The buy limit could be used, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [2320]
Key Resistance Levels: [2400]
Pivot Points [2340]