2020-07-17 • Updated
Gold prices tend to rise together with risky assets as investors try to hedge their exposure to stock investments. Indeed, the risk sentiment changes every day, sometimes even during one day. It forced investors to react quickly and switch between risky assets and safe-havens according to the market mood. However, constantly increasing virus cases forced investors to buy gold, as well. Despite successful vaccine tests, there is no still any vaccine. New infections will continue rising and may push gold prices to $2 000. Also, Sino-American tensions may deteriorate the market sentiment and increase the demand for gold. Moreover, yesterday the mixed data from China and the USA showed that the global economic recovery will take a lot of time to reach pre-crisis levels.
Gold fell down significantly yesterday, but today it reversed. XAU/USD rose on the weak US dollar. The greenback, in turn, slumped because of the strong EUR based on the optimism over the EU’ 750-billion-euros recovery fund. Gold is moving upward to $1 810. If it breaks this level, it may surge higher to the resistance at $1 815. Support level are at $1 794 and $1 789. Bulls will remain in control as long as the gold price is above the key support at $1 789.
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
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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