Is gold predictable now, at all? Let's consider some facts and observations.
EUR: another winner in the field
Information is not investment advice
Performance in 2020: -0.6%
Last day range: 1.1037 – 1.1184
52-week range: 1.0780-1.1515
Euro's winning spree
The euro has been in decline against the US dollar since the very beginning of 2018. That means, for more than two years. Now, this long-term trend is put to a test. Who would know that it would be Coronavirus that led to such an outcome?
So the euro has retaken all its losses to the USD that we have seen since the beginning of February. In fact, it is now one step away to recover all it gave to the US dollar during this year. If it comes to test the resistance of 1.1250, which is the December high and a 6-months high, that will be a sound tactical victory.
Strategically, reaching up to 1.1250 would mean defying the long-term downward trend (market as a blue straight line). That resistance level is less than in 100 pips from the current 1.1145, and EUR/USD made stronger leaps in the recent days. So even if the target may not be an easy one, it is completely realistic for a day’s trade.
Geopolitically, the question about the EUR/USD and its further advancements gets increasingly intriguing as the trade between the US and Europe doesn’t seem to be moving along the most pacifying note on behalf of each side, and Brexit is another catalyst to that “friendly” trade process. Let’s watch what the ECB president Christine Lagarde says next week, and what the US Fed brings to the table the week after.
Gold has been losing value lately. But recently, it is back up. Is it a good time to buy?
S&P falling this much, this stock falling that much... Not all the stocks are like this! Some of them keep standing and defying the virus damage.
Time to collect our knowledge about OPEC and prepare for its meeting.
The British pound is struggling, and there are a lot of reasons for that. What's the outlook?
GBP/JPY has formed a higher low, retraced 50% of the February-March decline, closed above 134.40 on Wednesday and is trading above the March high.