Tag: Gold

Bullish Breakout in Gold – Potential Target 1,722! 

Gold prices were closed at 1702.04 after placing a high of 1710.96 and a low of 1693.74. Overall the movement of gold remained slightly bullish throughout the day. Gold prices rose and returned to the level of 1700 on Tuesday amid the fall of US CPI in April; however, it remained range-bound as the market ignored the CPI results in later sessions.  At 15:00 GMT, the NFIB Small Business Index for April exceeded the expectations of 86.7 and came in as 90.9 and supported the US dollar. At 17:30 GMT, the CPI for April was declined by 0.8% against the forecasted decline by 0.7% and weighed onus dollar. The closely watched Core CPI also declined in April to -0.4% against the forecasted -0.2% and weighed on the US dollar. At 23:00 GMT, the Federal Budget Balance from the US showed a deficit of -737.9B against the forecasted -729.7BB and supported the US dollar. Another reason for the Gold surge was the renewed call for negative interest rates by Trump on Tuesday. In his tweet, Donald Trump said that the US should accept the gift of negative interest rates. He renewed his calls for the Federal Reserve to push rates further down. Federal Reserve lowered its rates near zero to reduce the economic destruction caused by the coronavirus pandemic. Bank has said that it would use other tools to aid US markets and the economy instead of reducing rates to negative territory. Fig 1 – XAUUSD 120 min Chart XAUSD –

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Daily F.X. Analysis, November 21 – Top Trade Setups In Forex – Eyes on ECB Minutes Today

On Thursday, the traders’ focus stays on the ECB policy meeting minutes, which is due later in the European session. Overall, the market traded risk-off sentiment amid an increased level of uncertainty coming from the U.S. China trade war.  The increased uncertainty and tension regarding trade war and U.S. interference in China & Hong Kong have dragged down the riskier assets, which include the EUR/USD pair. The pair seemed to move in a Bearish trend on Wednesday amid increased uncertainty. Economic Calendar – Eyes on ECB Minutes Today         BTC/USD – Daily Analysis Bitcoin (BTC) has extended to move around its immediate critical support at $8,000, and both, buyers and sellers, have outlived deadlocked as it fails to exhibit any particular trend in the time since its fresh drop down to its prevailing price levels. Traders are now seeing that Bitcoin is presently trading at a critical trendline that could impact its near-term price action, with a violation beneath it, possibly leading to further losses. The BTC/USD continues to trade above the psychological support level of $8,000. As we can see in the hourly chart, the BTC/USD fell below $8,000 mark to place a low of $7,960.  BTC/USD – Daily Technical Levels Support     Resistance  8,586.2         9,134.95 8,354.76       9,452.26 7,806.01    10,001.01 Pivot Point 8,903.51 BTC/USD – Daily Forecast The technical side of the BTC/USD hasn’t changed much due to a lack of trading activity in the leading crypto pair. The Bitcoin continues

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Daily F.X. Analysis, Sept 27 – Top Trade Setups In Forex – Dollar Keeps On Strengthening! 

On Friday, the U.S. dollar climbed to a three-week peak versus the basket of six major currencies. Most of the bullish trend was boosted by tightness in the money markets of the United States. Whereas traders came out of their positions in Euro due to intensified political tightness, and a depressing economic outlook pondered on the Sterling and Euro. Consequently, the dollar index, which gauges the buck’s power against other currencies, traded bullish adding 0.16% at 99.2, its highest since Sept 3. Get ready for  Economic Calendar – Core Durable Goods Orders Up Next     BTC/USD – Daily Analysis  The leading cryptocurrency continues it’s bearish momentum following much inkling of a critical move. Bitcoin has undoubtedly taken a direction for the short-term dumping within the asymmetrical triangle support. Prevailing market price rests on $8,000 support but looks poised to drop further. Bitcoin is now in a new trading range of 8200 – 7720. The 50 periods exponential moving average on the 4-hour chart is signaling selling trend in the BTC/USD.  The Relative Strength Index (RSI) is trading at 77, entering in the bullish zone, suggesting odds of the buying trend in the BTC/USD.  The BTC/USD is now having a current trading range of 8200 – 7720. The bearish breakout of 7700 can extend bearish rally until 7425. BTC/USD – Daily Technical Levels Support  Resistance  7,727.14    8,447.94 7,372.57    8,814.17 6,651.77   9,534.97 Pivot Point 8,093.37 BTC/USD – Daily Forecast The BTC/USD continues to trade lower amid a stronger dollar. The

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Daily F.X. Analysis, September 20 – Top Trade Setups In Forex – Dollar Weakens Over Profit Taking! 

The U.S. Dollar kept trading within a tight range, as investors were divided on the U.S. interest-rate outlook. The Dollar Index slipped 0.2% on the day to 98.34 on Thursday, and it moved to 97.847, losing 0.2% for the day.  The British pound rose 0.4% to $1.2523 after media reported that European Commission President Jean-Claude Juncker expects a Brexit deal to be reached by October 31.  The Bank of England held its benchmark rate unchanged at 0.75% as expected, reiterating that the future rate path would largely depend on the outcome of Brexit. U.K. official data showed that retail sales fell 0.2% on month in August (expected to be flat). Economic Calendar – CAD Retail Sales Ahead    XAU/USD – Gold – Daily Analysis  On Wednesday when Federal Reserve cut the Interest rates by 0.25%, the Gold fell immediately. The Fed left traders with uncertainty about any further monetary easing as Fed Chairman Jerome Powell said that the cut was made to support the economy through weakened global growth and to boost the inflation and there was no guarantee over any further rate deductions.  Gold was supposed to move in bullish trend after the fed decision and interest rates cut should have weakened the greenback. However, the lack of commitment towards further monetary easing by the Federal Reserve gives strength to the US Dollar and put pressure on Gold, making it shortly after the news.  Two more Fed Policy meetings are remaining in October and December this year. The chances

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Daily FX Analysis, Sep 02 – Quick Outlook of BTC/USD, AUD/USD and Gold! 

The Dollar Index soared to a two-year high on Friday, climbing 0.6% on the day to 98.81. On Sunday, fresh U.S. and China tariffs progressed into effect. Meantime, the U.S. president proceeded to pile weight on the Federal Reserve, tweeting: “The Euro is falling against the Dollar like crazy, providing them a great export and manufacturing advantage…and the Fed does NOTHING!” The euro fell 0.8% to $1.0991, posting a five-day losing strip to the lowest level since May 2017. Official data revealed that eurozone core CPI rose 0.9% on year in August (vs. +1.0% anticipated and +0.9% in July), while the jobless rate was poised at 7.5% in July (as foreseen). Economic Calendar – Labor Day Holiday     BTC/USD – Daily Forecast Bitcoin developers have been attempting to get the world’s most famous cryptocurrency extra beneficial for payments, with the slightly dubious Lightning Network one of the most attractive projects. Nevertheless, severe safety vulnerabilities have this week been found on the Bitcoin Lightning Network, which could end in users losing their bitcoin if links are not updated. The BTC/USD pair is correcting the cutting rally from the low of $3,236.09 to the high of $13,973.5. Pullbacks that gain support between the 38.2% and 50% retracement levels are deemed strong. A broader pullback under the 61.8% Fibonacci retracement level decreases the likelihood of a resumption of the uptrend. BTC/USD – Daily Technical Levels Support Resistance  9,477.2      9,725.74 9,336.9      9,833.98 9,088.36   10,082.52 Pivot Point 9,585.44  BTC/USD

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Daily FX Analysis, Aug 29 – Big Day Eurozone PMI & US Prelim GDP q/q In Highlights! 

On Wednesday, the dollar index, which measures the U.S. currency against a basket of six currencies, surged 0.19% to 98.186. The Chinese yuan trimmed lower to 7.1690 in foreign markets, not distant from the record low of 7.186 it placed on Monday. Quite distinctly, the Greenback was building a mounting wedge pattern, pleasing the bears. Meantime, the USD Index continued to stay well above the red Ichimoku Clouds, aiming the 98.45 resistance handle. On the flip side, 97.16 stable support handle remained as an authoritative stoppage. The RSI stood muted near 55 levels, maintaining a neutral perspective on future actions.  Economic Calendar – Eurozone PMI & US Prelim GDP q/q    BTC/USD – Daily Forecast During the previous session, Bitcoin’s price slid more than $600 in 30 minutes, falling back below $10,000. Bitcoins opened the day at just under $10,200. Over the trading day, BTC broke over $10,250 a few of times. The action finished with a 30-minute sell-off. BTC observed a large pullback from $10,200 to $9,600, followed by a small bounce near $9,740, providing temporary support. At the time of writing, BTC is currently changing hands at $9,700. BTC/USD – Daily Technical Levels Support Resistance  9617         10805.92 9094.65    1472.49 7905.73    12661.41 Pivot Point 10283.57   BTC/USD – Daily Forecast On the 4 hour chart, the BTC/USD was facing solid support around 9790 which has now been violated amid massive sell-off. For now, the BTC/USD has an open room for 9476 and 9300. Let’s

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Daily FX Analysis, Aug 23 – Fed Chair Powell & Jackson Hole Symposium In Focus!

A day before, the ECB Meeting minutes recorded that the estimate for the economy persists weaker and additional stimulus would begin as early as in September. Greenback had secured a choppy performance on Thursday, and same continues for Friday as it remaining within 98.14/98.38 range levels. Summer vacations are causing a lack of volatility in the market, which is why we aren’t seeing trendy trades. However, we may experience some movement on the back of economic events. Brace yourself. Economic Calendar – Fed Chair Powell Speaks in Highlights Today, the market prepares to trade major events like Canadian Core Retail Sales m/m, Fed Chair Powell Speaks and Jackson Hole Symposium.   BTC/USD – Daily Forecast Bitcoin price on is trading in negative territory, nursing steep losses of some 7% in the session. The bear market continues to drag prices down across the board, with a lack of slowdown in sight. Now if the trend is to turn down the 9467.57 low will be a major level as a break would make a lower high followed by a lower wave low. Technically, the BTC/USD is facing double bottom support around 9,780. We may see bullish correction until 10,200, but chances of a bearish breakout look dominant. Closing of more candles above 9,780 will trigger buying, and closing of candles below 9,780 can lead BTC/USD towards 9,400. All the best and have a profitable day!   EUR/USD – ECB Meeting Minutes Fails to Surprise The EUR/USD was almost near its opening mark as the day was

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Daily FX Analysis, Aug 20 –Major Trade Setups In Forex & German PPI Ahead!

The Asian session has been a bit quiet on the economic calendar as traders seem to be out on summer holidays, so we are facing a lack of volatility and trade opportunities in the market. Thus, there are no quantitative stats to present direction through the early part of the day. On the monetary policy front, the RBA meeting minutes provided the Aussie Dollar with direction. Quick Look on RBA Meeting Minutes Prominent features from the RBA meeting minutes included: Members anticipated 2nd quarter growth to be more solid. RBA Members also anticipated supply disruptions and mining investment to be scarcer of a burden on exports. Partial indicators point to subdued consumption growth in the quarter, however. The RBA expected dwelling investment to have declined further in the quarter. Public demand and non-mining business investment were expected to have continued to support growth. The unemployment rate stays at 5.2%. Whereas the unemployment rate remains unchanged, the employment to population ratio and participation rate prevailed around record highs. BTC/USD Bitcoin price rebounded recently and climbed above the $10,700 resistance against the US Dollar. The price is currently trading nicely above $10,500, but facing hurdles near $11,000.There is a mixing bullish trend line likely to extend support near $10,250 on the hourly chart of the BTC/USD pair. The price is likely to climb higher if it breaks the $11,000 resistance area in the near term. Economic Calendar – German PPI In Focus     EUR/USD – Horizontal Resistance Pushes Euro Lower On Tuesday, the EUR/USD pair lost

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Daily FX Analysis, Aug 19 –Major Trade Setups & EU CPI In The Limelight!

The summer calm will extend into this week as economic events will remain sparse. Nevertheless, meeting minutes from the central bank and the annual conference of central bankers at the Jackson Hole Economic Symposium should produce loads of headlines ahead of proposed policy easings in September. Besides, the trade and geopolitical tensions will also come to the fore as world leaders attend a G7 summit in France. Bitcoin (BTC/USD) has restored the psychologically level $10,000 whole figure level (as part of its ongoing 2-month consolidation) after some profit-taking during the previous week. Whereas the buyers see BTC/USD recapitulating an up channel. Bulls are also suggested to closely monitor Ripple (XRP/USD) and Ethereum (ETH/USD) as these seem to reclaim (after breaking last week) major prior support at 0.3 and 200 respectively. Economic Calendar – Eurozone’s Inflation Report In Focus   EUR/USD – Inflation Figures Set to Drive Price Action One of the most important fundamental today is the Eurozone’s July inflation figures which are due to kick the week off. Excluding any deviation from prelim numbers, the focus will be on the headline CPI figure. Later, the investors focus will shift to August prelim private sector PMI numbers due out on Thursday. Expect the German manufacturing PMI and the Eurozone’s composite PMI to be the key drivers. Moreover, the Eurozone’s service sector activity will need to extend support, though. Moderate growth in services and anticipate risk aversion to impact. The single currency hasn’t moved much as the EUR/USD pair continues to trade

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Daily FX Analysis, Aug 16 – Major Trade Setups & Economic Events!

On Friday, the U.S. dollar index experienced gains following a surge in U.S. retail sales eased concerns about the world’s top economy. Previously, the greenback was on track for a weekly gain versus safe-haven currencies such as the Japanese yen and the Swiss franc, pointing to some respite for frayed nerves following fears of recession and rallies in Hong Kong rattling financial markets. With that, one this is clear; the market is trading risk-off sentiment and investors are looking to park their investments into the non-risky or safe-haven assets such as gold, silver, and Japanese yen while sell-off is experienced in stock markets. Bitcoin, on the other hand, traded yesterday upwards and moved to $10,407, representing a 0.82% price increase on the day. Bitcoin has consolidated from just under $10,000 to over $12,000 this month and had most recently been on a downward streak. BTCUSD continues to hold below the strong resistance level of 10,400, currently dropping to near $10,000. Yesterday’s move looks like a lower’s high. Therefore the next target can be a lower low around 9,682. However, a bullish breakout of 10,420 can lead BTC towards 10,600 and 10,900. Economic Calendar – U.S Building Permits & Consumer Confidence!     EUR/USD – Slips Lower Amid Descending Triangle Breakout The EUR/USD pair declined to a new 2-week low of 1.1091, as US economic figures shocked to the upside, while ECB’s Rehn discoursed about “significant” stimulus required. US Retail Sales increased by 0.7% in July, more than doubling the 0.3% boost expected.

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