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Forex Trading

UK Corona cases impedes strength of GBP.

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A surge in the UK’s new cases by 938, the highest since June, joins the broad US dollar strength to curb the GBP/USD price moves. Furthermore, chatters surrounding the British government’s warning to the medical suppliers to stockpile and former Tory leader Sir Iain Duncan Smith’s push for reopening the withdrawal agreement also challenged the pair bulls.

UK government has confirmed a £900m funding boost in an effort to speed up construction of homes and infrastructure. This development follows earlier updates, citing anonymous diplomatic sources, to say that the European Union (EU) is willing to compromise to rescue troubled Brexit talks by softening its demand that Britain heeds EU rules on state aid in the future.

Market sentiment for the USD remains positive despite US policymakers’ inability to offer any decision on the unemployment claims benefits and the much-awaited fiscal plans. While portraying the same, stocks in Asia-Pacific gains whereas the US stock futures and 10-year Treasury yields await fresh clues to extend Monday’s upbeat performances.

In another news, XAUUSD bounced off 195.20 where it could potentially rise further to 2001.49.

Trading CFDs on margin carries high risk.

Losses can exceed the initial investment so please ensure you fully understand the risk you are taking.

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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