GBP/USD has managed to rise for the third trading day in a row including today’s Asian session, while the daily technical indicators are moving higher gradually.
Daily Market Analysis
EUR/USD found support at 1.1845 and is currently trading just below the 61.8% Fibonacci retracement of the March-May advance at 1.1920.
The Federal Reserve kept the current policy as widely expected. However, the surprise came from the Dot Plot.
Gold prices tumbled during the first trading day of the week declining to as low as 1844 USD/Oz. However, it was able to trim these losses and closed the day around 1866 USD/Oz.
Gold price failed to break above $1900 last week and slid down. Read the article to see the technical outlook for the price!
Gold managed to rally yesterday on the back of the US inflation data which posted the highest reading since the 2008 financial crisis,
US inflation report and ECB meeting will shake the market on Thursday. More opportunities for traders! Read the article to know how the market will probably react.
All eyes are headed toward the Bank of Canada today. Estimates point to no change both for the main rate and the ongoing QE which stands at $3B weekly.
Gold managed to bounce back right after the US Jobs Report on Friday and closed the week near $1900 resistance. Gold continues to benefit from inflation expectations. Yet, such rebound is unlikely to be sustainable.
The US Jobs Report could be considered as a disappointing report, excluding the wages growth which keeps the fears over inflation.
Gold has declined but then reached support. What's next?
USD/CAD managed to advance further yesterday breaking above 1.21, reaching as high as 1.2128 earlier today, while our long signal that was issued at 1.2060 is now in profit with over +60 pips.