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2021-08-30 • Updated
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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.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 1738.86 | 1773.06 | 1795.32 | 1807.26 | 1829.52 | 1841.46 | 1875.66 |
After completing a substantial 4-week bullish rally, the US Dollar closed last week with a big bearish candle, which has led to a 2.63% decline in US Dollar prices. The million-Dollar question on traders' and investors' minds: is this the start of a US Dollar dump or just a correction?
All eyes seem to be on the US Dollar as traders await the Federal Reserve Chair's speech this Thursday at the Cato Institute's Annual Monetary Conference.
Fed Chair Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in the US500 index since June. Most risky assets experienced severe drawdowns, and EURUSD returned to the above-parity area. We explain everything you need to know about the Symposium in this article.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD
The US dollar index has all chances of reaching the 2000s high of 120.00.
The Consumer Price Index announcement by Statistics Canada is set for release in a few hours will reveal the state of inflation in the Canadian economy
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