The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
Trade idea for XAU/USD
SELL 1,409; TP 1,400; SL 1.411
XAU/USD, also known as spot gold, rose to the 1,440 area - the same zone that stopped its advance last week. On D1, there’s a “shooting star” candlestick that points at the bearish correction. A decline below the 50-period MA at 1,409.50 will open the way down to the key support at 1,400. The return above 1,420 is needed to let the price retest the recent highs.
Currently, the precious metal trades in the zone of 7-year highs. How far away is the all-time high?
The volatility in USD/MXN has jumped. The pair is correcting up within the downtrend, which has been in place since September.
It looks like the American stock market woke for the true depth of dangers presented by the Coronavirus. Why now?
AUD is on a downswing against the USD. It reached the Spring-2009 lows. Will it continue the same direction?
NZD seems to be in an equal fight against the JPY. What stands behind that?