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%.
Gold is trapped in the triangle
2019-11-11 • Updated
BUY $1262,5 SL $1252,5 TP $1315,
SELL $1248 SL $1258 TP1 $1233 TP2 $1224.
On the daily chart of gold, quotes are hovering near the upper border of the triangle. A break of the resistance and return of quotes to the upward trading channel can lead to the continuation of the rally towards $1315 per ounce (target 127.2% of the AB = CD pattern). In contrast, the return of the bullion to the long-term downward trading channel may result in the correction to the medium-term bullish trend.
On the hourly chart of gold, there is a consolidation within the triangle. A break of the resistance at $1262.5 will create prerequisites for the continuation of the rally. A successful test of the support at $1248.3 is fraught with the rollback.
On Wednesday, the US dollar weakened in anticipation of the US CPI data, which could influence market exposure. A Bloomberg survey predicts a year-on-year read of 5.0% to the end of April. Market sentiment is affected by the US debt ceiling and issues with regional banks. While the major APAC equity indices are...
Gold prices have stabilized at around $2,020 ahead of Tuesday's trading session, following last Friday's dip. Recent fluctuations in risk sentiment have been the driving force behind the pricing of the precious metal. How does this look on the charts? Let’s find out.
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Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
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.