Technical Analysis
EFD Group shows how to look back in time through trading on a forex chart. EFD technical analysts utilize technical charts to predict future price movements. Our Clients with open and funded trading accounts get help from our technical analysis which increases the winning potential in the forex market. The technical analysis is done based on the information provided by forex charts. Future investment movements are anticipated through a technical analysis, which looks at historical market prices and technical indicators. They believe supply and demand forces in the specific security market cause short-term price fluctuations.
Chart of the day
Gold futures saw a sharp increase on Thursday, with the February contract closing at $2746.30 after hitting an intraday high of $2757.60, approaching the December 12th peak. This rally was driven by disappointing retail sales data, which led to a weaker U.S. dollar. The precious metal almost matched its December 12th record when February gold touched an intraday high of $2759 and $2761 on the previous day. However, the December peak was not sustainable, as gold then dropped $48.60 to settle at $2705.20. This decline in December was triggered by an unexpected inflation report, specifically the Producer Price Index (PPI) for November, which showed a 0.4% monthly increase—twice the 0.2% increase economists had anticipated. This followed a 0.2% rise in October, bringing the annual headline PPI to 3%. The market's reaction to the PPI data prompted a significant correction, causing February gold futures to fall to $2598.10 by December 18. After a modest recovery of $10.40 on December 19, gold staged a strong rebound. The upward momentum continued, and gold gained approximately $148, reaching today's settlement price of $2746. The gain of $24.30 (0.89%) on the day was attributed to traders responding to the weaker-than-expected retail sales data.
