ONLINE FOREX BROKER
2023-01-20 • Updated
The US Dollar is currently trading around a pivot zone on the Daily timeframe, which supports the price. Considering the confluence of the pivot zone, demand zone, and trendline support, we can expect a bullish reaction from the current area. A bullish Dollar often implies a bearish outcome on XAUUSD.
On the weekly timeframe, XAUUSD is currently trading within the vicinity of a supply zone. We can also notice that there's been a recent break of structure downwards, as well as a supply zone. These confluences lend credence to our initial bearish outlook. However, we have to prove it by looking at the Daily timeframe.
From the Daily timeframe perspective, everything aligns perfectly too. Thus, I suggest traders await the price reaction to the supply zone. With a solid rejection at that zone, the price will reverse toward the 50-Moving Average around 1844.
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately. You can access more of such trade ideas and prompt market updates on the telegram channel.
Hey guys, this is the last full trading week in May, and many forward-looking individuals like myself are already preparing themselves to seize whatever opportunities June may have in store. On this note, I will review a few commodities that have satisfied my quest for swing-trading opportunities in the coming month. Follow me!
The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.
Here's the scoop: The Bank of England (BOE) is set to accelerate the pace at which it shrinks its balance sheet, according to one of its deputy governors. Currently, the BOE is unwinding about £20 billion of quantitative easing every three months. The goal is to reduce the stock by around £80 billion per year through active sales and maturing assets.
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
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