Tag: XAUUSD

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, 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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