2020-09-23 • Updated
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
XAU/USD has been pressed down by the strong demand for the safe-haven US dollar. The greenback has been boosted by the worsened market sentiment amid rising cases in Europe and the UK. Just recently the UK Prime Minister Boris Johnson has imposed new restrictions in the country for further 6 months as new infections have surged, and also colder weather is coming back, making people more vulnerable to respiratory viruses and especially Covid-19.
Fed’s Powell delivered a statement yesterday and pointed to a resilient economic activity, but emphasized there is a long way to the full recovery. The USD surged after that report, pushing gold to the downside. Besides, the optimism over the stock markets diminished the gold’s safe-haven status.
Overall, the current situation on the market points to the further gold bearishness, but it may change after the US Manufacturing and Services PMI reports at 16:45 MT time and Powell’s speech at 17:00 MT time. Pay attention to them!
Gold has been trading in a triangle pattern since the beginning of August. After that, it has broken the lower trend line, confirming the bearish breakthrough. Therefore, the yellow is likely to keep falling further. The move below the support of $1 880 will drive the price to the key barrier of $1 860. In the opposite scenario, if it jumps above the psychological mark of $1 900, the way towards $1 940 will be open.
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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