Connect with us

Forex Trading

Gold drops on the back of good NFP statistics.

Published

on

Gold prices are fell drastically today, to as low as $2010 before making a sharp recovery to $2030 from which it is currently hovering. Earlier today, the yellow metal reached at $2075, a new record high. It then pulled back and accelerated sharply to the downside during the American session amid a rally of the US dollar.

The greenback was rising and after a short-lived delved to the lows o after the release of NFP, it resumed the upside, as a report suggests the White House will sanction Hong Kong’s leader Carrie Lam.

In another news, the US Dollar Index (DXY) jumped to 93.60, reaching the highest level since Tuesday. It is up by 0.75%, having the biggest gain in months. The greenback also rallied against commodity and emerging market currencies. In Wall Street, main stock indexes are falling modestly. The Dow Jones drops 0.19% and the Nasdaq 0.02%.

This brings an to an eventful trading week which has seen the USD at his weakest.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Forex Trading

Gold aiming for new highs.

Published

on

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.

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

Continue Reading

Forex Trading

XAUUSD eyeing upside above $1916

Published

on

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

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

Continue Reading

Forex Trading

Gold sees heavy loss.

Published

on

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.

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

Continue Reading

Trending