Tag: XAU/USD

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 4– Top Trade Setups In Forex – NFP Supports the Dollar!  

On Monday, the U.S. dollar seems to trade with a neutral bias following better than expected economic data. The Unemployment Rate ticked higher 3.6% from the previous month’s 3.5%. And Average Hourly Earnings also dropped to 0.2% from the expectations of 0.3%. The decline in Manufacturing Business activity from the United States put pressure on the U.S. Dollar while the ISM Manufacturing PMI dropped for the month of October to 48.3 from expected 49.0. Economic Calendar -NFP Supports the Dollar!       BTC/USD – Daily Analysis The Bitcoin soared to trade higher to drop lower from high of $9,512 to sell at $9,170. The BTC/USD has fallen 2% on Tuesday, and after the beginning of the day, the BTC is consolidating within a short range of 9400 – 8985. One of the reasons Bitcoin is demanded is its potential for freedom from the banking system, which is clearly in trouble. Banks keep their clients to ransom when services are drawn. This is precisely what is passing now in China as residents hurry to withdraw their savings. BTC/USD – Daily Technical Levels Support    Resistance  9,157.11        9,627.45 8,889.01      9,829.69 8,418.67     10,300.03 Key Trading Level: 9,359.35 BTC/USD – Daily Forecast The technical side of the BTC/USD hasn’t changed over the weekend as it continues to trade below the 23 .6% Fibonacci support level of 9,345. The leading cryptocurrency pair is now likely to gain support above 38.2% Fibonacci support level of 8,985. The bearish breakout of

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Daily FX Analysis, Aug 27 – Boosted Haven Appeal Weights on Dollar, What’s on the Chats Today?

During the previous session, the U.S. dollar index was crossing the centerline of the Bollinger Bands, heading to the upper vicinity of the indicator. After shaking the market on Monday, President Trump was on the tape, making remarks from the G7 meeting in Europe. The President stated that China has stretched out to his cottage and was ready to come back to the negotiating desk. He also sought to soothe the markets by striking a more friendly tone. Trump also clarified that China necessitated the US more than the US needed China as he proceeded to seek the upper hand on the Chinese. Economic Calendar – CB Consumer Confidence Up Next!     BTC/USD – Daily Forecast BTC/USD moved from 10,182 to 10,680 in ten minutes In the Asian session.  We know that a volatile consolidation range of between $14,000 and $9,800 will likely be met with an explosive breakout. However, If trading volume levels don’t rise soon, which is lowest due to summer holidays, Bitcoin price will likely see another drop which could create a lower low on the 4-hour chart, anywhere between $8,800 and $8,100. If price levels drop below $8,100, it’s wise to assume the trend is bearish and to be more cautious when taking long positions. BTC/USD – Daily Technical LevelsSupport Resistance 10142.9 10532.01 9916.35 10694.57 9527.24 11083.68 Pivot Point 10305.46   BTC/USD – Daily Forecast On the technical front, the BTC/USD is still facing double bottom support around 9,780. Bitcoin has already completed correction until 10,200,

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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 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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