Gold and Stocks Keep Rallying

Gold and Stocks Keep Rallying

Latest news

  • US broad-market indexes such as S&P 500 and Nasdaq are still near all-time highs, supported by robust corporate earnings. Microsoft, Google, Coca-Cola, and McDonald’s have beat analysts’ estimates this week. Today, we expect earnings from Apple, Amazon, and MasterCard. Look at these amazing movements!

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  • The Bank of Japan left the policy unchanged. The bank also cut its economic growth forecast because of the weak consumption and supply disruptions caused by the COVID-19 pandemic.
  • Crude Oil Inventories disappointed oil bulls with the hike in oil inventories. XBR/USD (Brent oil) and XTI/USD (WTI oil) dropped.
  • Traders are awaiting the European Central Bank policy meeting today at 14:45 GMT+3. Besides, the US GDP will be out at 15:30 GMT+3.

Technical analysis

Gold keeps moving inside the ascending channel. It has surged above the psychological mark of $1800 and edged higher to the high of October 25 at $1810. If it manages to jump above this resistance level, the metal will rocket to the next round number of $1820. Support levels are the 200-day moving average of $1792 (which also lies at the lower line of the channel) and the 50-day moving average of $1780.

XAUUSDDaily.png

AUD/USD has surged above 0.7500. It will struggle to break the resistance level of 0.7550 at the 200-day moving average, but if it manages to break it, the way up to the four-month high of 0.7600 will be open. Support levels are 0.7500 and the low of October 22 at 0.7460.

AUDUSDDaily.png

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