Soon Bullish Rally for Gold
The winter is coming, and risky markets expect a rally to come with it. Will this December be bullish for stocks, crypto, and gold? A pack of news will surely help you out.
What drives the market on August 10?
The market has started the week with a mixed sentiment. The US dollar is holding its gains, while the S&P 500 is edging higher.
Fundamentals
- On the one hand, the ongoing disputes between Democrats and Republicans add uncertainty to the market. They can’t reach an agreement over the fiscal stimulus package. The delay of announcing may weigh on the US economy. Another reason, which may deteriorate the overall sentiment, is US-China trade talks, which are scheduled for this week. If countries don’t make a deal, safe-havens will be boosted.
- On the other hand, the NFP report pleasantly surprised investors. It came out better than expected. Non-farm payrolls rose by 1.76 million, while the forecast was 1.53 million. Average hourly earnings and unemployment rate beat all estimates too.
Watch our daily forex trading plan!
Technical tips
EUR/USD
Let’s look at the EUR/USD chart. If it crosses the key psychological mark at 1.1800, it may climb up to the 61.8% Fibonacci level at 1.1820. Otherwise, if it falls below the support at 1.1750, which it has touched several times, it may drop even deeper to 1.1700.
S&P 500
The S&P 500 is approaching the all-time high at 3 390. It has been rising for 9 consecutive days. Watch out support levels at the lows of the beginning of this year at 3 325 and 3 270.
Gold
Gold is trading near the $2 030 level. The move above $2 050 will push the yellow metal to the record high at $2 075. On the flip side, if the price drops below $2 025, it may fall even deeper to the key psychological mark at $2 000.
USD/JPY
Finally, let’s look at the USD/JPY. The pair is edging higher on the positive NFP data. If the price jumps above 106.00, it will open doors towards the high of August 3 at 106.30. Support levels are at 105.70 and 105.40.
Similar
US Dollar Might Get Under Pressure After These Events
Today, two events will shake the US dollar. First, at 16:45 GMT+2, Markit, a statistical company, will release the US Flash Services PMI. Moreover, at 21:00 GMT+2, the Federal Reserve will release its meeting minutes.
November 23: Heaven for Day Traders
This Wednesday will be heaven for day traders. A considerable number of events will make the market volatile. Don't miss it!
Latest news
Two Central Banks Will Grab Traders’ Attention
The central banks' meetings will highlight the week as well as the PPI release
Get Ready for the NFP Release
Good Friday, traders! The markets are frozen ahead of today's NFP release at 15:30 GMT+2…
US Dollar Index at a 3-month Low
The USD weakened after Fed Chair Powell hinted at a slowdown of rate hikes, and stocks strengthened. What else is moving the markets today?
