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Forex Trading

As we head into the London session.

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Gold jumped to  a new record high of $2031.20 in the  early hours of  this morning, building on the breakout. Markets continue to weigh the risks of a stimulus being injected into ecomomies. There was  a quick retracement which  knocked-off the yellow metal to near $2010 region after  reports of a vaccine  sparked a mild recovery in the risk sentiment. Despite the corrective slide in the metal, the sentiment still remains bullish.

Going into today’s European session, There were two key catalysts behind the upsurge in the yellow metal, first being the persistent weakness in the US dollar, as the US Treasury yields (real and nominal) sit at record lows. The deadly explosion in Beirut further boosts the demand for safe haven. Falling bond yields remain reflective of the worsening US economic picture amid the continued rise in the coronavirus cases and the ongoing US Congress stalemate over the virus relief package.

Note : This is not a trading strategy, neither is it a signal.

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Forex Trading

Gold dips after pmi release

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XAUUSD prices have slipped back towards where they traded for most of June. This is despite US yields and the dollar slipping back a little, which makes me think this move is more technically driven, than being a more bearish signal.

The yellow metal ran into resistance just above USD 1,835, around the same area it struggled a couple of weeks earlier. As long as it holds above USD 1,795, the outlook looks favourable. A move above that resistance zone could give the yellow metal a bit of a kick, with USD 1,855 then being key above here.

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Agri-Tech

You can now assign Nairaforex traders to your funds.

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Nairaforex one of Nigeria’s leading trading services has now opened their  functionality to the general public. With Nairaforex, users can now assign the best remote professional forex traders to their capital and earn returns within a specific period.

Nairaforex who employs traders who work remotely across Nigeria, South Africa, Kenya, Germany, France and other countries. With Nairaforex, you can easily assign these traders to your funds to trade on your behalf and get back reasonable returns at the end of a specified duration.

Each trader posses a different money-back guarantee, deliver within different periods and have different returns on the funds. Nairaforex has also included the functionality of assigning more than one trader to your funds for preferential purposes.

Go to Nairaforex.com to join Nairaforex now, and for more information.

Stay tuned to Nairainvest for more investment opportunities and do not forget to subscribe to our newsletter for news at your doorsteps.

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Forex Trading

NZD/USD continues bullish move.

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The New Zealand Dollar and United States dollar pair closed at its highest since March 4th on Monday, extending last month’s bottom.

The breakout above the 23.7% Fibonacci extension at 0.7175 and falling resistance from February have been confirmed, exposing the 38.2% level at 0.7318. Beyond the latter sits peaks from 2018, making for a critical zone of resistance between 0.7397 and 0.7438

Stay tuned to Nairainvest for more investment opportunities and opportunities and do not forget to subscribe to our newsletter for news at your doorsteps.

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