ONLINE FOREX BROKER
2020-12-17 • Updated
Gold crossed the December highs of 1 875. By doing so, it entered the zone of two-month resistance reversing the losses of November. To complete the pattern, it would need to reach 1 900. That will likely happen in the mid-term, however, it is strongly advised to factor in the possibility of a downward retrace to 1 850 before or the area above it before an upswing takes the gold price to 1 900.
Therefore, tactically, it is advised that you wait and watch so far. The current bullish rally has been pretty powerful and may exhaust itself at any moment. When that happens, gold may into either a flattening period or retrace downward. A correction to the zone of 1 850 – 1 860 seems more likely. If that happens, that will be the recommended moment to enter the market.
Now, strategically, the channel 1 875 – 1 900 is the upper frontier of the five-month downtrend gold has been in since August. Most of the time, it has been trading below the primary resistance. However, the October high of 1 960 created a reference point to believe that there may be a secondary resistance – which is where the gold price may be aiming at. In any case, that just adds momentum to the potential of a bearish reversal: crossing the five-month resistance zone requires some effort, and even if 1 900 is reached in one shot, it will likely send the price downwards before it comes back up again.
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.
In a call scheduled for January 25, 00:30 am GMT+2, the Tesla Inc. team 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.
The Netflix stock (NFLX), with a market cap of $145.17B and a whooping 10 000+% rise since its inception 16 years ago, experienced some turbulence for a short period last year while trading around the $250 share price. However, the NFLX stock quickly recovered and rose to over $300 towards the end of the previous quarter of 2022.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
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