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Forex Trading

Eyes set on NZD as government confirms new coronavirus cases.

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The NZD, New Zealand dollar may come under increasing pressure in the foreign exchange market on the back of the news that the New Zealand government plans to start new coronavirus tests. At the moment, the government has ordered for the closure of a retirement village. The village which is situated at Christchurch is now under total lockdown after 5 people were tested positive for the virus in one day.

Gold is currently trading as low as 1922 per dollar. This major dip comes on the back of Russia claiming they had discovered a vaccine for the novel Coronavirus. With it being tested on the president Vladimir Putin’s daughter. It is worthy to note that gold has been on a losing streak since the turn of the week, that has seen it drop from an all time high of 2075$.

In the international scene, China has banned a few US officials in a retaliatory move against the United States interfering in their Hong Kong territory. At the moment, the market has not reacted to the news. The Chinese government has also kept mute about the US banning of some of it technological companies.

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Forex Trading

Gold aiming for new highs.

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Gold is ready to take out a powerful resistance at $1862, which is the intersection of the previous day high and Fibonacci 38.3% one-day.

Up next, a dense cluster of major resistance levels is put up around $1862, where the Fibonacci 23.7% one-week, SMA100 four-hour and SMA100 one-hour coincide.

The buyers will then target the SMA50 one-day at $1870.

Meanwhile, a lack of healthy support levels makes gold look vulnerable, with an immediate cushion seen around $1848, which is the convergence SMA100 and 50 one-hour and SMA10 four-hour.

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Forex Trading

XAUUSD eyeing upside above $1916

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Risk sentiments joins the precious metal’s ability to stay beyond 50-day Simple moving average to attack the 100-day Simple moving average level of usd1,904.54. However, any further upside will eye for a multi-day-old resistance line around usd1,917.

Should gold buyers manage to cross usd1,918 on a daily closing basis, November’s high near usd1,965/67 will be in the spotlight.

Meanwhile, a downside break of 50-day simple moving average, at usd1,871 now, will attack an upward sloping trend line from November 30, currently around usd1,843.

If at all the commodity sellers dominate past-usd1,843, the monthly low near usd1,776 may return to the charts

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Forex Trading

Gold sees heavy loss.

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The precious metal picks up bids around usd1,840, up 0.21% intraday, during early Thursday. The yellow metal marked the heaviest losses since November 24 the previous day but 200- hourly moving average triggered the much-awaited bounce.

The U-turn gains support from the receding strength of negative monthly average convergence divergence signals to suggest further upside towards 100-hourly moving average , at usd1,852 now.

However, a downward sloping trend line from Tuesday, near usd1,857 now, will challenge gold buyers ahead of highlighting the recent top surrounding usd1,876 on their radars.

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