The performance of the British pound against other majors has grabbed a lot of attention during the last couple of weeks.
Gold Trade Update
2021-08-30 • Updated
Gold managed to post further gains at the end of last week's trading amid fears of Covid19-Delta variant, in addition to the Federal Reserve's remarks about QE tapering. Despite multiple hawkish remarks by non-voters including Bullard, the Fed's chairman made it clear that tapering is coming later this year, but the Fed is not in a rush to taper. Such remarks were enough for gold to break above 1800, all the way to 1811 target mentioned in our previous reports. With that being said, our medium-term long positions from 1730 which was issued few weeks ago has +$80 profit so far and it would be wise to move our stop loss now to 1780 to reserve more profit and protect our positions. In the meantime, Gold may retrace to retest $1800 support area, but its likely to hold before the next leg higher, which may test $1830 later this week.
The rally of the US dollar has stopped for a while. That allowed risk-on assets (GBP, NZS, AUD, stocks) and also gold to recover some losses.
GBP/USD is moving inside the ascending channel. Since it’s in the lower part of this channel, the pair should reverse up and continue moving in zig-zag.
The Turkish lira has been pressed by Turkey’s central bank (CBRT). Analysts believe USD/TRY will reach 10.00 by the year's end.
One of the largest tech companies in the US will reveal its financial results for the third quarter already tonight after the market closing! Await the release at the midnight (GMT+3).
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