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.
USD/CAD: the loonie plans the reversal
2019-11-11 • Updated
SELL 1.353 SL 1.3585 TP1 1.3425 TP2 1.33 TP3 1.3205
On the daily chart of USD/CAD, bulls managed to reach the 127.2% and 88.6% targets of the AB=CD and "Bat" patterns. As a result, the risks of the reversal increased. If the pair does not go higher than the convergence zone and does not manage to break the resistance at 1.36, it will likely fall down.
On H1, the "Spike and Ledge" pattern was implemented. If the uptrend line is broken, bears will pull the pair towards the 1.3425 and 1.33 levels.
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.