The G20 summit took place in Bali, Indonesia, on November 2022…
Gold’s rally may be limited
Information is not investment advice
XAU/USD is edging higher, but may meet soon the strong resistance. What is the forecast?
House Speaker Nancy Pelosi set a 48-hour deadline to reach a deal over fiscal stimulus ahead of the US election. This announcement has improved the market sentiment and weighed on the US dollar, allowing gold to rally further.
Moreover, the earnings season is underway. Even though companies faced many difficulties amid the coronavirus restrictions, they have managed to beat market expectations. As you know, when earnings are better than the forecasts, stocks move up. These days, gold tends to rise in combination with stocks as investors want to hedge their risky investments.
Elsewhere, the uncertainty over Brexit and the US election process are among factors, which may underpin the yellow metal.
Gold is trading in an ascending channel near its lower trend line. That means it should continue its zig-zag movement and rise further. If it jumps above the high of October 5 at $1 915, the way to the next resistance of $1 930 will be open, but be cautious as there are 50-day moving average and the upper line of Bollinger Bands at this level, which gold is unlikely to break. Support levels are $1 900 and $1 890.
The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
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Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.