2020-05-06 • Updated
On one hand, the gold intraday range is broad, on the other hand, its week range is narrow. What’s the reason?
On April 6 XAU/USD dropped dramatically. The first reason is that most countries have started to ease their lockdowns and slowly reopen their economies, what gets the risk appetite up, though the number of coronavirus cases continues to rise. Another reason is the strong US dollar.
As we can see at the chart below the 50-period moving average crossed the 100-period moving average upside down, that was the signal to sell. The gold price fell below 1690, but it’s still above the 200-period moving average. The most probable scenario that it may touch the recent low on 1672, reverse and move up after the short pullback. We know from the past, when gold volatility falls but gold prices do not follow, it will lead to further rally up. The resistant line is 1705.
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Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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