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/MXN can offer more
2019-12-10 • Updated
SELL 19.1950; TP1 19.15; TP2 19.08; SL 19.22
USD/MXN has found itself within a rather steep downtrend. The pair has topped at 19.6550 at the end of November and during the last several days dropped below the 100-, 50- and 200-day MAs. Although in the short-term the USD is obviously oversold, daily Awesome Oscillator has just approach the zero line, so there’s still scope for more downside. In addition, the pair has experienced prolonged descents before. It has already retraced 61.8% of the October-November advance (this level of 19.26 is now a resistance) and the natural level to look at next is the 78.6% Fibonacci at 19.50. The further support is at 19.08 (support line).
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.
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.
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.