Markets.com Logo
euEnglish
LoginSign Up

US Dollar Fluctuations, Gold Patterns, and EUR/GBP Shifts

Jan 14, 2024
3 min read
Table of Contents
  • 1. U.S. Dollar Index Analysis
  • 2. Gold Market Movements
  • 3. Crude Oil Outlook
  • 4. Euro Trends
  • 5. British Pound (GBP) Direction
  • 6. Bottom Line

Yesterday's trading closed with a net loss of around negative $8,000, setting the current net worth at $743,000. This downturn was largely attributed to a long position in crude oil, which unfortunately broke support, leading to substantial losses. In gold trading, the market was relatively quiet with no new entries and a noticeable one-sided decline.

 

Yesterdays us dollar trading chart

 

U.S. Dollar Index Analysis

Turning our attention to the U.S. Dollar Index, the daily chart reveals a string of small doji candles over the past four days. 

This pattern suggests a period of market indecision. With the recent rebound appearing somewhat exhausted and no major data releases on the horizon, the outlook leans slightly towards a bearish sentiment for today. 

The focus shifts towards the upcoming Consumer Price Index (CPI) release for further market cues. A potential strategy might involve shortening the dollar around the 102.6 level in anticipation of a pullback.

 

 

Gold Market Movements

A closer examination of gold's recent activity shows a rebound from its lows, placing it at a critical support area. The 4-hour chart provides a more detailed view, indicating that gold briefly dipped to its lows before pulling back swiftly. 

This behaviour suggests a potential for further recovery. Considering today's conditions, entering a long position in gold around the 2023 level seems plausible.

 

Crude Oil Outlook

 

todays crude oil trading chart

 

In the wake of yesterday's sharp decline, today's crude oil market appears to be under less pressure. 

Observing the transition from support to resistance in the critical support area of yesterday, there's a cautious perspective towards a bearish bias for intraday trading. 

The price might struggle to exceed the 72.2 level, potentially hovering around 71.8 to 71.5. Hence, a short position near the 72.2 level could be a consideration for today's market.

 

Euro Trends

 

daily euro trading chart

 

The Euro is currently in a phase of consolidation within an upward channel. The absence of a significant drop recently, coupled with the overall upward trend, suggests a likelihood of resuming its ascent post-adjustment. 

A strategic approach might involve considering a long position on the Euro in case of a pullback, targeting an entry point near yesterday's support level of around 1.092.

 

British Pound (GBP) Direction

Mirroring the Euro, the British Pound exhibits a similar trend and pattern. The recommendation leans towards taking a long position on the Pound, with a suggested entry point around 1.270, slightly below the Euro.

 

Bottom Line

In summary, today's market analysis points towards a potential upward trend for the US Dollar Index, suggesting a short position around 102.6. 

For gold, buying on dips near 2023 could be a viable approach. Crude Oil may offer opportunities for shorts near 72.2, with a cautious eye on the 71.8 to 71.5 range. For currency pairs, the Euro and Pound seem favourable for long positions at 1.092 and 1.270, respectively.

Become a member of markets.com and access a cutting-edge trading platform.

“When considering “CFDs” for trading and price predictions, remember that trading CFDs involves a significant risk and could result in capital loss. Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be considered investment advice.” 


Risk Warning: this article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform.When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients. 

Danesh Ramuthi
Written by
Danesh Ramuthi
SHARE

Markets

  • Palladium - Cash

    chartpng

    --

    -1.17%
  • EUR/USD

    chartpng

    --

    -0.12%
  • Cotton

    chartpng

    --

    -0.74%
  • AUD/USD

    chartpng

    --

    -0.49%
  • Santander

    chartpng

    --

    0.16%
  • Apple.svg

    Apple

    chartpng

    --

    -0.02%
  • easyJet

    chartpng

    --

    -0.54%
  • VIXX

    chartpng

    --

    -0.28%
  • Silver

    chartpng

    --

    -2.40%
Tags DirectoryView all
Table of Contents
  • 1. U.S. Dollar Index Analysis
  • 2. Gold Market Movements
  • 3. Crude Oil Outlook
  • 4. Euro Trends
  • 5. British Pound (GBP) Direction
  • 6. Bottom Line

Related Articles

LKQ Stock Hits 52-week Low: What’s Happening with LKQ Corp?

LKQ Corporation (NASDAQ: LKQ) has recently hit a 52-week low, raising concerns among investors and market analysts.

Ghko B|1 day ago

Intel Stock (INTC) Slides 7%: How to Trade Intel Stock CFDs?

Intel Stock (INTC) Slides 7%: Intel Corporation (INTC) has long been a cornerstone of the technology sector, known for its innovations in semiconductor manufacturing.

Ghko B|1 day ago

Deckers Stock Surges Today: How to Trade DECK Stock CFDs?

Deckers Stock Surges Today: Deckers Outdoor Corporation (DECK) has recently experienced a significant surge in its stock price, drawing attention from investors and traders alike.

Ghko B|1 day ago
Markets.com Logo
google playapp storeweb tradertradingView

Contact Us

support@markets.com+12845680155

Markets

  • Forex
  • Shares
  • Commodities
  • Indices
  • Crypto
  • ETFs
  • Bonds

Trading

  • Trading Tools
  • Platform
  • Web Platform
  • App
  • TradingView
  • MT4
  • MT5
  • CFD Trading
  • CFD Asset List
  • Trading Info
  • Trading Conditions
  • Trading Hours
  • Trading Calculators
  • Economic Calendar

Learn

  • News
  • Trading Basics
  • Glossary
  • Webinars
  • Traders' Clinic
  • Education Centre

About

  • Why markets.com
  • Global Offering
  • Our Group
  • Careers
  • FAQs
  • Legal Pack
  • Safety Online
  • Complaints
  • Contact Support
  • Help Centre
  • Sitemap
  • Cookie Disclosure
  • Awards and Media

Promo

  • Gold Festival
  • Crypto Trading
  • marketsClub
  • Welcome Bonus
  • Loyal Bonus
  • Referral Bonus

Partnership

  • Affiliation
  • IB

Follow us on

  • Facebook
  • Instagram
  • Twitter
  • Youtube
  • Linkedin
  • Threads
  • Tiktok

Listed on

  • 2023 Best Trading Platform Middle East - International Business Magazine
  • 2023 Best Trading Conditions Broker - Forexing.com
  • 2023 Most Trusted Forex Broker - Forexing.com
  • 2023 Most Transparent Broker - AllForexBonus.com
  • 2024 Best Broker for Beginners, United Kingdom - Global Brands Magazine
  • 2024 Best MT4 & MT5 Trading Platform Europe - Brands Review Magazine
  • 2024 Top Research and Education Resources Asia - Global Business and Finance Magazine
  • 2024 Leading CFD Broker Africa - Brands Review Magazine
  • 2024 Best Broker For Beginners LATAM - Global Business and Finance Magazine
  • 2024 Best Mobile Trading App MENA - Brands Review Magazine
  • 2024 Best Outstanding Value Brokerage MENA - Global Business and Finance Magazine
  • 2024 Best Broker for Customer Service MENA - Global Business and Finance Magazine
LegalLegal PackCookie DisclosureSafety Online

Payment
Methods

mastercardvisanetellerskrillwire transferzotapay
The markets.com/za/ site is operated by Markets South Africa (Pty) Ltd which is a regulated by the FSCA under license no. 46860 and licensed to operate as an Over The Counter Derivatives Provider (ODP) in terms of the Financial Markets Act no.19 of 2012. Markets South Africa (Pty) Ltd is located at BOUNDARY PLACE 18 RIVONIA ROAD, ILLOVO SANDTON, JOHANNESBURG, GAUTENG, 2196, South Africa. 

High Risk Investment Warning: Trading Foreign Exchange (Forex) and Contracts For Difference (CFDs) is highly speculative, carries a high level of risk and is not appropriate for every investor. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin. Please read the full  Risk Disclosure Statement which gives you a more detailed explanation of the risks involved.

For privacy and data protection related complaints please contact us at privacy@markets.com. Please read our PRIVACY POLICY STATEMENT for more information on handling of personal data.

Markets.com operates through the following subsidiaries:

Safecap Investments Limited, which is regulated by the Cyprus Securities and Exchange Commission (“CySEC”) under license no. 092/08. Safecap is incorporated in the Republic of Cyprus under company number ΗΕ186196.

Markets International Limited is registered  in the Saint Vincent and The Grenadines (“SVG”) under the revised Laws of Saint Vincent and The Grenadines 2009, with registration number  27030 BC 2023.

Close
Close

set cookie

set cookie

We use cookies to do things like offer live chat support and show you content we think you’ll be interested in. If you’re happy with the use of cookies by markets.com, click accept.