The EURNZD Performance

EURNZD is set for 1.78200 and recently bounced from a support zone around 1.75000 however before that, the market was trading within a descending channel. At the moment the market broke out of the channel as well as the previous structure level. According to this price action traders are bullish and anticipate EURNZD to continue trading higher.

The XAGUSD (Silver) Performance

Silver is now trading at the support zone and created a high of around 25.924 before it aggressively dropped 12.3% and is currently trading in the support zone. The fib retracement tool indicates that the market has dropped 61.8 of the previous bullish wave and this price action provides traders with a few possibilities. However traders are waiting for a rejection and an upward market structure on the lower timeframes before looking for trading opportunities.

The XAUUSD (Gold) Performance

Gold is now trading at the support zone and continued to drop since it created new record highs. In total Gold is now down -8.07%.

From a technical point of view, the market is now trading on a support zone as well as the 78.6 level of the previous impulse wave according to the fib retracement tool. On the lower timeframes, the market has already created a downward market structure and trading opportunities to the downside. However traders will be aware of these levels and are waiting for a break or rejection before creating a trading plan.

Final Thoughts on Today’s Analysis

In conclusion, EURNZD is poised for an upward movement. Silver is trading in a support zone with potential opportunities pending confirmation. Gold is at a critical support level with traders monitoring for decisive market behavior. Traders in each market will likely exercise patience and prudence, waiting for confirmation signals before making significant trading decisions in these dynamic and potentially lucrative scenarios. For more information, subscribe to our YouTube channel.