As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.
GBP/USD: a possibility to buy the GBP
2019-11-11 • Updated
TP1 1.3295 TP2 1.3395 TP3 1.3515
On the daily chart of GBP/USD, bears couldn’t pull the pair out of the upward channel and break below 1.3065. It became a signal of their weakness. Bulls are counterattacking and are going to break above the upper boundary of the downward channel with the following implementation of the AB=CD pattern with the 161.8% target.
On H1, the pair keeps reaching targets of the “Wolfe waves” pattern. A break of the resistance at 1.32 will let bulls move to targets of the “Wolfe waves” pattern and to 127.2% target of the AB=CD pattern.
On January 12, the Bureau of Statistics will publish the Consumer Price Index (CPI) figures, a key index for determining interest rates. While we await the release, experts forecast a decline in the CPI data, a hint at weaker Dollar values in the global markets.
Later today Tiff Macklem, the governor of the BoC (Bank of Canada) is expected to speak at the Riksbank's International Symposium as part of a discussion panel on 'Central Bank Independence'.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.