Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
GOLD: after-breakout consolidation
Information is not investment advice
Fundamentally, we have all the factors pushing the gold price in the mid-term. There are infections out of control in the US – and that is not going to be sorted sooner than weeks from now. We have the US-China and the US-EU trade relations that are as complicated. Together, these factors are likely to bring the price of gold up to $1 850 by the middle of August.
Technically, however, gold is going through a phase of consolidation. It did break the mark of $1 800 last week, and now is in a rebound. Lower highs and horizontally stable lows suggest that bulls are just waiting for their turn to take over. Clear upward resistance is pointing higher. Therefore, expect some more sideways movement in the immediate short-term, and a continuation of the uptrend as the next stage.
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.