As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.
MODERNA stock: trade the dip
2020-12-17 • Updated
Moderna was at $177 a while ago. Back then, the market was celebrating the completion of the vaccine trials, and expectations of seeing them finally rolled out to the public made the price soar. What happened next? Days were going by, vaccines have been out there being administered since then, and the virus... hits record daily deaths in the US. So, how to trade that? Trade it fundamentally. You saw the market emotions push the price upwards; now, cooling off, it goes down. Will it eventually go up? Very probably, yes. But not now. Just look at the chart: everything above $95 seems to resemble a rocket blast. That's all emotions, and now, the market is removing them from the price. However, dropping back to $95 might possibly be just too much of a correction. Therefore, a downward retrace to the area of $120 is advised as a currently expected support to be hit. Once the stock is there, watch for the bullish reversal signs, and buy. The stock gives a fundamentally good outlook, so a mid-term bullish bet seems to be an appropriate strategy here.
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On January 12, the Bureau of Statistics will publish the Consumer Price Index (CPI) figures, a key index for determining interest rates. While we await the release, experts forecast a decline in the CPI data, a hint at weaker Dollar values in the global markets.
Later today Tiff Macklem, the governor of the BoC (Bank of Canada) is expected to speak at the Riksbank's International Symposium as part of a discussion panel on 'Central Bank Independence'.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.