Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
Gold: Fear is Growing
2021-07-20 • Updated
What is happening?
On Monday, July 19th, gold traded lower as the rising numbers of coronavirus cases drove investors to move their savings into safe-haven assets such as the US dollar and Treasuries. This fact proves that gold is not being a safe-haven asset anymore. The price movement of the past few months suggests gold is being thought of as a risky investment despite the fact its holders do not get any interest or dividend.
At the beginning of the month, gold’s price was driven by concerns about inflation and Federal Reserves’ policy, but Monday’s early price action suggests this week’s movement will be driven by fears over risk.
At the moment, the XAUUSD chart is forming a symmetrical triangle. The price is trading under the 200-period moving average between $1772 and $1830, which are 23.6 and 38.2 Fibonacci levels, respectively. On the RSI oscillator, the bullish hidden divergence has been formed, which means the rising trend is going to continue.
If the price breaks the 200-period moving average, it will head towards $1830 and $1850 price levels.
On the other hand, in case the price stays under the 200-period moving average it will drop to the bottom side of the triangle.
We suggest trading a break through the triangle lines. Breaking through the top line gives the target price of $1900, on the contrary, the price will be dropped at the $1772 price level.
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Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
Hey guys, this is the last full trading week in May, and many forward-looking individuals like myself are already preparing themselves to seize whatever opportunities June may have in store. On this note, I will review a few commodities that have satisfied my quest for swing-trading opportunities in the coming month. Follow me!
The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.