What's the upside target for gold now? Read the article and set your levels for the previous metal.
Dollar gains after touching three-week lows. What is next?
2021-02-16 • Updated
Ichimoku Kinko Hyo
USD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
XAU/USD: Gold facing a further weakness the last hours and trading below the 23.6% retracement area.
US Market View
The US stock market was closed on Monday for Presidents Day, but February is still on track to be the strongest month for the major Wall Street indices since November. US stocks are seen pushing higher Tuesday, continuing recent gains amid growing confidence the country’s ramped-up vaccination program will lead to a prompt economic recovery. Germany, Europe’s largest economy, rose sharply in February on expectations consumption will take off in the coming months, the ZEW economic research institute said earlier Tuesday.
Oil prices hovered near 13-month highs on Tuesday, supported by a cold snap that shut wells in the biggest US producing state Texas, although gains were capped by a wage deal in Norway that averted supply disruptions in Europe.
The US dollar was mired at a three-week low on Tuesday as growing optimism about the outlook of the global economy in the coming months. Sterling, extended gains to hit $1.3950, its highest level since April 2018 as Britain leads the world in per-capita vaccination speed. However, in the last hours, US Dollar gains strength.
USA Key Point
- The NZD is the strongest, while the JPY is the weakest.
- Germany February ZEW survey current situation comes at -67.2 vs -66.5 than expected.
- BOJ's Kuroda supports that BOJ policy effective in maintaining long-term rates at low levels
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