The EUR/USD pair is making gains, approaching multi-month highs around 1.0960, driven by a weakened USD and Christine Lagarde's somewhat hawkish remarks before the European Parliament. Minor housing data from the U.S., specifically New Home Sales for October, came in below expectations but didn't significantly impact the pair. Lagarde, President of the...
Will Gold Prices Recover Now?
2023-08-22 • Updated
Gold prices have experienced four consecutive weeks of decline, with a 3.6% drop in the current month, marking the worst performance since February. Despite this decline, retail traders are showing increased bullish sentiment toward gold. This suggests that some investors see the lower prices as an attractive buying opportunity. The shift in retail sentiment could be driven by factors such as concerns about inflation and a desire to diversify portfolios. Let’s now see how the charts look.
US Dollar - D1 Timeframe
From the chart we can see that the US Dollar has just reached a pivot zone and is likely to drop from here on out since the overall structure in this case is clearly bearish. In addition to this, we can also see the presence of a resistance trendline as well as the drop-base-drop supply zone. All these point unequivocally in favour of a bearish movement from the current market position.
XAUUSD - D1 Timeframe
XAUUSD on the daily timeframe seems to be ripening for a bullish move. The confluence of the trendline support, the 200-period moving average, and the pivot zone between the two horizontal lines as drawn on the chart, contribute strongly to the likelihood of a bullish price action from the current market state.
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Canada's forthcoming Consumer Price Index (CPI) data, set for release on Tuesday, is projected to show a year-on-year decline in inflation to 3.2% for October from the previous 3.8%. This potential inflation dip might offer leeway for the Bank of Canada (BoC) to maintain its overnight rate target at 5.0% in the...
Speculation persists regarding the Bank of Japan's potential departure from negative interest rates, yet the USD/JPY maintains its position within a 150–152 range for seven consecutive sessions. Caution is warranted due to a weaker-than-expected Q3 GDP, a slump in imports, and...
Bitcoin's price remains stagnant despite the Fed's slightly less hawkish tone. In contrast, Bitcoin has outperformed other assets, doubling in price from $16K to nearly $38K this year. Improved fundamentals, including the resolution of Binance concerns...
Hey folks, it’s a wrap to yet another month in the 2023 calendar, and I’m guessing you know what that means - time for another episode in the “What To Trade” series. For December, I will be mapping out trade more cautiously as the market volatility often drops
Gold prices, reaching the highest since May 5, are consolidating as traders await the US PCE Price Index, a key inflation indicator. The upcoming data could impact the Fed's policy, influencing the demand for the US Dollar and providing direction for gold. The Greenback sees some repositioning, recovering modestly ahead of the data risk.