Markets Assess US-China meeting

Markets Assess US-China meeting

Latest news

  • Hong Kong’s HK 50 index rose and the Chinese yuan edged up as traders assess the outcome of the first virtual meeting between US President Joe Biden and Chinese leader Xi Jinping. They aimed to ease US-China tensions while still downplayed expectations for any significant breakthroughs.
  • The main focus will be on the US Retail Sales which will be out today at 15:30 GMT+2 (MetaTrader time). Analysts expect monthly Retail Sales to increase almost twice since the previous report. If the actual numbers are better than expected, the USD may rise.
  • Oil moved up as investors await Biden to tap crude reserves. Gold pushed higher, while Bitcoin slipped to trade around $61,000.
  • As for stocks, Elon Musk exercised options and sold more Tesla shares. The stock keeps falling. Besides, Walmart will announce its quarterly results.

Tech outlook

EUR/USD is moving inside the descending channel. It has taken a breath at the start of the day after falling for four days in a row. It may retrace to the psychological mark of 1.1400, but then the downtrend should continue. The nearest support level is at 1.1350. If it breaks it, the pair may fall to the 1.1300 support – the level unseen since mid-July 2020.

EURUSDDaily.png

Gold keeps rising. It has approached the 50% Fibonacci level of $1875 which will be hard to cross. The long tails of the last candles signal that the metal is exposed to fall to the $1850 support level. On the flip side, if the uptrend continues and gold surges above the 50% Fibonacci level of $1875, the way to the psychological mark of $1900 will be open.

XAUUSDDaily.png

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