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Forex Trading

Talking points ahead of today’s trade session.

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As we anticipate the stimulus package showdown, gold is consolidating the previous moves in a tight range around 1950 and moving in a sideways formation. .The bulls are still in control amid the Fed expectations, as the US economic recovery stalls on the back of the virus second-wave ramping up across the US. It is possible that the Federal reserves could hint at adopting yield curve control, which could send  the real yields further into the negative zone, triggering a fresh sell-off in the US dollar.

After witnessing massive volatility, Gold (XAU/USD) settled Tuesday above the psychological $1950 level, as tied its broad recovery and saw late-selling amid a resurgence of the coronavirus-led economic concerns. The US Conference Board Consumer Confidence fell more than expected in July, underscoring the virus impact on the growth prospects. Also, the US fiscal aid impasse weighed down on the greenback and helped the bright metal to recover from the sharp corrective slide to $1907. Gold recorded fresh all-time highs at $1981.34 in Tuesday’s Asian trading.

The USDJPY pair is currently trading at the 105.650 area which is a Strong Resistance. The pair 105.009 support area is not appearing to be going anywhere soon. From here, playing between this may be a breakout trap.

EUR  dipped to a low of 1.1697 before closing lower for the first time in seven days (1.1714, -0.31%). Upward momentum on the EUR has diminished considerably and the current movement is viewed as part of a consolidation phase. For today trading session, EUR is likely to trade sideways between 1.1685 and 1.1760.”

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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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