ONLINE FOREX BROKER
2022-08-30 • Updated
Recently, gold climbed above $1,750 coming to test the resistance of May’s high of $1,764. That came as a result of a decisive day-long march upwards on Friday where it left the base at $1,722. What does it mean?
Friday was pretty full of second-wave fears and social clashes. Until now, both remain on the radar. Therefore, until we see people leave the streets and calm down, specifically in the US, and investors finish factoring in the reoccurrence of the virus at a large scale, gold will have the full right to rise.
Technically, we may well see more aggressive growth of the gold price. On the daily chart, the current rise to the highs of $1,750 and above merely completes the latest sideways episode at the higher border of the channel. In the meantime, the overall trend still has a lot of room for further advance upwards.
In the long-term, however, there is little evidence – so far – to expect the current curve (“2”) to be as steep as it was during the crisis of 2009-2010 (“1”). At the same time, while it has a milder inclination, it still has not entered the rounding-up stage, which geometrically is likely to open at approximately $1,800. For this reason, it is safe to assume that the current uncertainty about the second wave and other global issues will provide enough fuel to drive the gold price to $1,800 almost in a straight trajectory. Later on, however, it will ease if the global environment improves. If it doesn’t – the upward curve is still there…
The Crypto market usually also has a rough time in September. Bitcoin lost 12.7% in September 2021, 17.4% in 2020, 17.5% in 2018, 21.4% in 2017 and 45.4% in 2015. The main cryptocurrency increased by 13.3% and 3.95% in 2016 and 2019, respectively.
US100 broke through the strong resistance trendline, following July's inflation numbers on Wednesday, which were less than analysts expected…
Powell wants a soft landing for inflation, as Greenspan did in 1994. But it looks like he will get a hard landing.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.
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