Uptrend in Gold Starts Now

Uptrend in Gold Starts Now

Events to follow today:

Canadian monthly CPI, Median, Trimmed, and Common CPI – 15:30 GMT+2

US CB Consumer Confidence – 17:00 GMT+2

Gold is about to leap

The US dollar index is bearish on the daily timeframe, with a probable decrease of up to 10%. The downtrend will remain as long as the index is below the 200-daily MA. Therefore, gold is significantly underpriced. The recession and economic uncertainty are perfect for the metal, so we expect a mid-term uptrend to continue.

If the breakout of the $1820 level comes with volatility and momentum gain, we would consider opening a trade in the direction of the movement. $1880 resistance level is the first on the way up, but the metal may go far beyond the all-time high.


Don't miss the market wrap

  • Canadian monthly core retail sales turned out to be higher than expected (1.7% actual vs. 1.3% forecast). However, retail sales were lower than expected (1.4% vs. 1.5%).
  • Fed stated that inflation needs to drop sharply to set the stage for a pivot in monetary policy. Also, the labor market has become significantly weaker.
  • Chinese President Xi will work with Australia to promote China-Australia's comprehensive strategic partnership. In the long term, this partnership may result in the AUD rise.
  • Consumer sentiment in Germany rises for the third time in a row, continuing its cautious recovery. Moderate energy prices may push the sentiment even higher, boosting the EUR.
  • Indonesia will ban bauxite (raw ore) exports from the middle of next year. This move aimed at boosting the domestic processing of its mineral resources.

Take the most from today's trading, good luck!



USD Holds the Line
USD Holds the Line

The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now. 

US Dollar Prepares for the Pump
US Dollar Prepares for the Pump

On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies. 

Latest news

Increased Volatility is Coming
Increased Volatility is Coming

The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.

Market Crash Incoming?
Market Crash Incoming?

This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.

What Currency Will Overperform?
What Currency Will Overperform?

S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

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