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Gold is the main focus of attention today. It surged to $1 795. There are just few steps left to achieve the $1 800 mark. Anyway, look for support levels at the yesterday low at $1 778 and then at $1 770.
The Euro is loosening against the US dollar. It’s moving down towards the strong support at the intersection of the 50- and 100-period moving averages at 1.1255. The move below this level may push the price to the next support at 1.1215. Resistance levels are at 1.1300 and 1.3300.
USD/CNH has just broken through the support at 7.0200 after the short correction. We can notice that red candles prevail and the long term trend is downward. Based on that, we can expect the further falling. It will meet the support at 6.9650. If it breaks it down, it will open doors towards the next barrier at the low of March 4 at 6.9200. Resistance levels are at 7.0920 and 7.1000.
The WTI oil has been trading near $40 a barrel for quite a long time. That proved the sustainable recovery of the oil market. Watch out the crude oil inventories report today at 17:30 MT time. It will add the fresh volatility. If the data comes better than the forecast, the WTI oil will rise, otherwise-fall. Don’t miss out this chance!
To trade WTI with FBS you need to choose WTI-20Q.
We are now past the middle of January, and this means that the largest US companies will report their earnings for the fourth quarter and many of them will provide the results of the entire 2020.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Jump in to know the key market events and trading ideas for this week!
The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.
USD’s rally takes a pause, while riskier assets are modestly rising.
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