GOLD (XAUUSD) Weekly Forecast (08/01/2020 – 14/01/2020)

By Admin in Reviews 0 Comment

News and Data:

  • CNY Caixin Manufacturing PMI 51.5 vs 51.7 expected
  • US ISM Manufacturing PMI 47.2 vs 49 expected
  • US FOMC Meeting Minutes expected to cut interest rate 2 times in 2020
  • US ISM Non-Manufacturing PMI 55 vs 54.5 expected

Market Update:

Gold price jumped over $1,600 per ounce this morning upon the news that AL Asad airbase in western Iraq has come under retaliatory attack from Iran. This action is viewed as the direct attack on American forces located in the region. Following the news of the attack, stocks prices dropped but oil and GOLD rose. Gold has bounced back around more…

Trump cannot stop the trend

By GG Analyst in Reviews 0 Comment

Donald Trump

EURUSD

Victory of Donald Trump in the president elections caused the volatility splash on the markets, but had not affected key trend at all. Those bears, not forced out by EURUSD three figures takeoff, probably, are feeling great now. The pair is developing its decrease inside the downtrend, breaking on its way the short-term support levels. On Monday opening the support, existing since the end of January, around 1.0850-1.0800 area was broken. In spite of the short-term risks of profit-fixing, the common downtrend, targeting 1.0500, is still active though they should be cautious at the 1.06 level, since the probability of the more…

Another tiny little jump of EUR

By GG Analyst in Reviews 0 Comment

EUR/USD

Tuesday turned out to be a fairly quiet day for most of the markets. The American exchanges were generally dominated by the correction sentiment, but the scope of correction didn’t give any particular cause for concern, as stocks recouped most of the losses to close out the day. It is noteworthy that the single currency managed to stay almost unaffected by the initial impetus for decline in the US. Regarding the results of the day, the EUR/USD rate remained almost unchanged, and now makes about 1.3260. Such dynamics supports our supposition that the euro has good chances to grow in the more…