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Is Gold prices currently testing the psychological level of $2000?

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With Governments of different countries embarking on fiscal stimulus to support the global economy, fiscal deficits in a large number of countries have exponentially risen to double digit numbers. Such developments has made most investors nervous, especially in combination with the substantial amount of monetary policy stimulus. And as a result, investors have sought safe haven commodities by buying gold.

On the technical chart, Investors are utilizing every buying opportunity. Now the psychological resistance of $1,800 per ounce has been surpassed and the all-time high at $1,921 has been taken out. Above that the important psychological level of $2,000 per ounce is within reach.

Gold is currently trading with extremely bullish tendencies.

Analysts at Goldman Sach are predicting that prices are headed towards the $2,300 levels.

USD/JPY remains on the bearish path after the pair peaked for the day at 105.68, the pair is currently trading at lower daily basis in the 105.20 price zone. USD/JPY is technically bearish and poised to extend its decline. USD/JPY is trading near the multi-month low achieved this week at 105.11 and poised to extend the slide.

 The 4-hour technical indicators resumed their declines after correcting extreme oversold readings, while the SMA20 has extended its slide above the current level, and below the larger ones.

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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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