Forex Technical/Fundamental Analysis & Forecast by RoboForex

Gold (XAUUSD) is up, rising above 2,650 USD

This week, XAUUSD prices received support from buyers at the 2,600 USD level and reversed upwards, with growth likely to continue. More details in our XAUUSD analysis for today, 29 November 2024.

XAUUSD forecast: key trading points

• Market focus: the US markets are closed as the country celebrates Thanksgiving Day
• Current trend: Upward movement
• XAUUSD forecast for 29 November 2024: 2,650 and 2,700

Fundamental analysis

XAUUSD quotes completed a downward correction and confidently reversed upwards, resuming the long-term uptrend. Gold remains in strong demand from central banks and investors, supported by the Federal Reserve’s monetary policy easing and the escalation of local military conflicts. The decline in the US dollar against major currencies also contributed to Gold’s growth this week.

With US markets closed today for the Thanksgiving holiday, no macroeconomic data is expected to be released. Without major news, Gold may continue to strengthen moderately within the current technical framework.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

GBPUSD declines at the beginning of the week as the news lull ends

The British pound sterling is undergoing a correction after its recent rise and is trading at 1.2691, as the impact of the US dollar has returned in full force. Find out more in our analysis for 2 December 2024.

GBPUSD forecast: key trading points

• The GBPUSD pair rose briefly before pausing
• The extended US holidays provided support for the pound’s rise
• GBPUSD forecast for 2 December 2024: 1.2635 and 1.2763

Fundamental analysis

The GBPUSD rate has dropped to 1.2691.

At the end of last week, the GBP strengthened against the US dollar as overseas investors observed an extended Thanksgiving holiday. Trading volumes were low, but November proved to be highly volatile.

However, the pound’s November losses against the US dollar were less pronounced than the euro’s. The GBP’s resilience was supported by expectations of a more decisive monetary policy from the Bank of England and the threat of tariff complications from the new US administration. For the pound, the absence of news was indeed good news.

The GBPUSD forecast appears moderate.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

Gold (XAUUSD) awaits US employment data

XAUUSD prices are consolidating within a narrow range, close to 2,650 USD, as market participants await today’s ADP US employment statistics. Find out more in our XAUUSD analysis for today, 4 December 2024.

XAUUSD technical analysis

On the H4 chart, the XAUUSD pair has secured above 2,600 USD, with prices now hovering around 2,650 USD. If the correction is complete, the asset could continue its ascent to the all-time high of 2,790 USD within the long-term uptrend.



Gold (XAUUSD) has gained a foothold above 2,600 USD.

Read more - Gold Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

AUDUSD halted its decline: even sellers take a break

The AUDUSD pair has paused around 0.6434. The Australian dollar could tumble at any moment. Find out more in our analysis for 5 December 2024.

AUDUSD forecast: key trading points

• The AUDUSD pair halted its decline
• The market capitalised on trade surplus statistics to pause AUD sales
• AUDUSD forecast for 5 December 2024: 0.6480

Fundamental analysis

The AUDUSD rate fell to 0.6434 before stabilising.

The latest data revealed that Australia recorded its largest trade surplus in eight months this October, thanks to a recovery in exports.

However, the AUD remains near a four-month low against the US dollar as the market continues to factor in weak GDP data and anticipates an imminent easing of monetary policy by the RBA.

On Wednesday, the AUDUSD pair declined by almost 1%.

The AUDUSD forecast appears bleak, with sellers likely to return to the market at any moment.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

Gold (XAUUSD) is consolidating within a range ahead of nonfarm payrolls

XAUUSD prices are consolidating within a narrow range near the 2,650 USD level as market participants await US employment statistics. Find out more in our XAUUSD analysis for today, 6 December 2024.

XAUUSD forecast: key trading points

• Market focus: market participants await US labour market data, with nonfarm payrolls and the unemployment rate due today
• Current trend: consolidating within a range
• XAUUSD forecast for 6 December 2024: 2,700 and 2,600

Fundamental analysis

XAUUSD prices continue to hold firmly above 2,600 USD. The asset appears poised to complete its correction and move towards annual highs. The US labour market statistics released during the American trading session could drive further price increases.

The data released by Automatic Data Processing Inc. (ADP) on Wednesday showed an increase of 146 thousand in US jobs, which was nearly in line with the forecast of +150 thousand.

The market awaits another batch of US employment statistics today: nonfarm payrolls (the economy is projected to show an increase of 200 thousand jobs) and the unemployment rate (projected at 4.2%). Better-than-forecast data will support the US dollar, likely extending the correction in the XAUUSD pair. Conversely, weaker-than-expected figures could trigger a return to Gold’s annual highs.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

GBPUSD: the pound has the potential to strengthen against the US dollar

David Ramsden’s speech may trigger a further decline in the GBPUSD rate to 1.2700. Find more details in our analysis for 9 December 2024.

GBPUSD technical analysis

The GBPUSD H4 chart shows that the market has reached the 1.2810 level. A wave towards 1.2630 might form today, 9 December 2024. The price tumbled to 1.2720 and could rise to 1.2760 before declining to 1.2670 and potentially continuing the wave to 1.2630, the first target.



Alongside technical analysis for today’s GBPUSD forecast, Ramsden’s speech suggests a potential downward wave towards the 1.2700, 1.2670, and 1.2630 levels.

Read more - GBPUSD Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

Brent is trading below 72.00 USD following the OPEC+ meeting

Brent is trading within a broad sideways range, with prices currently hovering around 72.00 USD. Market participants did not receive significant signals from the OPEC+ meeting. Find out more in our Brent analysis for today, 10 December 2024.

Brent forecast: key trading points

• Current trend: trading within a broad consolidation range
• Market focus: the OPEC+ decision aligned with market expectations
• Brent forecast for 10 December 2024: 72.00 and 70.00

Fundamental analysis

At Thursday’s meeting, OPEC+ decided to keep oil output at current levels for Q1 2025. The group plans to gradually increase production starting from Q2 and continue this policy until September 2026. This decision aligned with market expectations, resulting in no strong reaction from oil quotes, with prices remaining in the 70.00-76.00 USD sideways range.

The American Petroleum Institute (API) will release US oil stock statistics today, with data from the Energy Information Administration (EIA) due tomorrow. A reduction in oil reserves may support Brent prices, whereas an increase in the figures could push the asset lower.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

USDCAD: expectations of the Bank of Canada’s decision keep the market on edge

The USDCAD rate shows a minor correction, dropping to 1.4164. More details in our analysis for 11 December 2024.

USDCAD technical analysis

The USDCAD H4 chart shows the market has completed a growth wave, reaching the local target of 1.4193. A consolidation range is expected to form below it today, 11 December 2024. A correction will begin with a breakout below the range, targeting 1.4100.



Growth in the USDCAD pair is driven by the strengthening of the US dollar due to strong employment statistics.

Read more - USDCAD Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

AUDUSD: the Australian dollar has a chance of strengthening

Amid positive data from Australia, the AUDUSD rate may continue its ascent to the 0.6444 level. More details in our analysis for 12 December 2024.

AUDUSD forecast: key trading points

• Australia’s employment change in November: previously at 12.2 thousand, currently at 35.6 thousand
• Australia’s unemployment rate in November: previously at 4.1%, currently at 3.9%
• US initial jobless claims: previously at 224 thousand, projected at 221 thousand
• AUDUSD forecast for 12 December 2024: 0.6444

Fundamental analysis

Australia’s employment change reflects the difference in the number of officially employed citizens over the reporting period. The previous value was 12.2 thousand, while the actual figure came in at 35.6 thousand, exceeding both expectations and the earlier reading. This could indicate some improvement in Australia’s economic climate. Following the release of the employment data, the AUDUSD pair underwent a correction.

Australia’s unemployment rate dropped to 3.9%, down from the previous reading. Fundamental analysis for 12 December 2024 shows that this improvement in unemployment figures became a positive factor for the Australian dollar.

The forecast for 12 December 2024 suggests that US initial jobless claims for the previous week are likely to fall to 221 thousand from the previous 224 thousand. The decrease is expected to be minor, serving as a neutral factor for the US dollar.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

NZDUSD is at a two-year low: the situation could deteriorate further

The NZDUSD pair is falling to 0.5763, testing another local low under significant pressure from the US dollar. Find out more in our analysis for 13 December 2024.

NZDUSD technical analysis

The NZDUSD H4 chart shows that the market is forming a downward wave towards the local target of 0.5690. This level is expected to be reached today, 13 December 2024, before a potential rise to 0.5790 (testing from below).



The NZDUSD pair has incurred significant losses, with the minor trend only strengthening.

Read more - NZDUSD Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team