10 May, 2024
5 minutes
Daily Technical Analysis May 10th 2024
1. EUR/USD Analysis:
News Summary:
Euro zone retail sales rebounded in March, in line with a slowdown in price increases. Data showed that retail sales increased by 0.8% in March from the previous month, which was slightly higher than economists expected and reversed the downward trend in February. The growth was driven by higher spending on fuel and food, while other non-food sales were flat. Inflation in the region was 2.4% in March, cooling sharply from the highs of previous years.
Trend Analysis:
We can see EUR/USD fluctuated and shrank and moved above the 48 hours moving average on H4 chart. Moreover, the MACD double line and the energy bar began to converge near the zero axis. The sell limit could be used, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.0680]
Key Resistance Levels: [1.0870]
Pivot Points [1.0810]
2. Gold Analysis:
News Summary:
Gold has performed well in 2023, especially in a high interest rate environment, outperforming most assets. In 2024, the global economy faces three possible scenarios, including a soft landing of the US economy, the risk of economic recession, and an uncertain scenario of no landing. In these scenarios, gold is likely to continue to be favoured by investors as an effective hedging tool. Gold not only attracts attention as an investment asset, but its demand as a consumer product cannot be ignored.
Trend Analysis:
We can see gold oscillated and rose and reached above the 48 hours moving average on H4 chart. In addition, the MACD double line and histogram bar expanded near the zero axis. The buy limit could be placed, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [2310]
Key Resistance Levels: [2380]
Pivot Points [2330]