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/CHF is waiting for something
2019-11-11 • Updated
SELL 0.9905; TP 0.9870; SL 0.9920
BUY 0.9975; TP1 1.0000; TP2 1.0050; SL 0.9960
USD/CHF is supported by the 50-day MA at 0.9917. The "doji" candlestick that formed on the D1 yesterday signals the uncertainty of market players. If investors start having more serious doubts about the potential phase-1 agreement between the United States and China, the USD will fall. The decline below 0.9910 (MAs on H4) will open the way down to 0.9870 (100-day MA). On the upside, buying will become less risky once USD/CHF gets above the 200-day MA (0.9953) and October 28 high (0.9972). In this case, targets will lie at 1.0000 and 1.0030/50.
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.
Hello, my beautiful readers. This week, we continue our critically detailed look at the markets in hopes of getting profitable trading opportunities. As usual, I'll be starting with the DXY (US Dollar Index) since it holds considerable sway over the Major currency pairs.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.