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Forex Trading

Intra-day perspective.

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Today will be somewhat quiet in Europe from a fundamental/data perspective, with markets’ attention concentrated on this evening’s US Factory Orders for June. A jump ranging to 5.0% is forecast, but usefulness is diminished, with the data being well over a month old, and prior to the pandemic wave.

Gold had a modest gain to trace out a new record high at USD1987.00 overnight, before edging lower to finish the session unchanged at USD1978.00 an ounce. The dip to USD1960.00 an ounce was keen, with gold content to consolidate its recent gains as it awaits events to spur price action from elsewhere. Buyers too, seem more than content to wait for dips to add to longs, rather than chase markets higher.

Patience is key until the US Non-Farm Payrolls on Friday. As Gold could yet inflict a downward correction on recent long positioning but needs to break support at USD1960.00 and USD1940.00 an ounce to do so. Resistance rests at the overnight high at USD1987.00 an ounce, followed by the USD2000.00 an ounce region.

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

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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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