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!

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.

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.

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Kseniia Medik

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