Gold Surged, Traders Await FOMC Minutes

Gold Surged, Traders Await FOMC Minutes

What you need to know on Wednesday:

  • The US service sector growth was slower than expected. The Services Managers' Index is 60.1, while the forecast was 63.4. It’s a negative factor for the US dollar.
  • Oil prices had the largest decline since mid-March yesterday as OPEC+ members couldn’t make a compromise.
  • Traders are awaiting the FOMC Meeting Minutes today at 21:00 GMT+3 (MetaTrader time) to get more hints on when the Fed may start tapering the emergency asset purchases, which will push the USD up.
  • Gold has surged above the psychological mark of $1800 ahead of the Minutes from the Fed’s meeting.

Technical tips

EUR/USD is moving down. The breakout below the psychological mark of 1.1800 will press the pair down to the next round number of 1.1750. On the flip side, if the pair breaks above the resistance level of 1.1850, the way up to the 50-period moving average of 1.1875 will be open. Notice that the pair has failed to break above the 50-period moving average many times already, that’s why even if the pair approaches it, it will reverse down from it.

EURUSDH4.png

Gold has broken above $1800. The doors are open towards the 38.2% Fibonacci retracement level at $1815. If gold crosses this mark, it may jump to the key resistance zone of $1830-1833, which will be hard to cross as it’s a 50% Fibo level. Support levels are $1790.00 and $1775.

XAUUSDDaily.png

USD/JPY is moving inside the ascending channel. It has bounced off the lower trend line and now it’s getting closer to the 50-period moving average of 110.90. If it breaks it, it may jump to the high of June 5 at 111.15. Support levels are the lower trend line of 110.50 and the mid-June lows of 110.15.

USDJPYH4.png

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