Gold managed to rally yesterday on the back of the US inflation data which posted the highest reading since the 2008 financial crisis,
Daily Market Analysis
Two days ago, we sent out a new short trade on EUR/USD at 1.2180 in addition to a pending order to short again at 1.2205.
The Bank of Canada decided to keep the current policy unchanged as widely expected. However, the bank did not mention anything about tapering again in July.
US inflation report and ECB meeting will shake the market on Thursday. More opportunities for traders! Read the article to know how the market will probably react.
All eyes are headed toward the Bank of Canada today. Estimates point to no change both for the main rate and the ongoing QE which stands at $3B weekly.
EUR/USD managed to recover some of its last week’s decline, rising for the 2nd day in a row (Friday & Monday). However, such upside momentum is unlikely to continue.
Gold managed to bounce back right after the US Jobs Report on Friday and closed the week near $1900 resistance. Gold continues to benefit from inflation expectations. Yet, such rebound is unlikely to be sustainable.
The US Jobs Report could be considered as a disappointing report, excluding the wages growth which keeps the fears over inflation.
Gold has declined but then reached support. What's next?
USD/CAD managed to advance further yesterday breaking above 1.21, reaching as high as 1.2128 earlier today, while our long signal that was issued at 1.2060 is now in profit with over +60 pips.
Summer brings positive inflows into the crypto market! What should we be aware of?
Gold regained above $1900/Oz during yesterday’s trading, reaching as high as $1910 but it failed to sustain these gains during the Asian session today, leading to another leg lower back below $1900/Oz.