The G20 summit took place in Bali, Indonesia, on November 2022…
Gold: bullish forecasts
Information is not investment advice
XAU/USD is eyeing $1 850. Will it be able to reach it?
Stimulus talks have resumed in the USA. US lawmakers proposed to unveil an aid of $908 billion. The combination of US stimulus hopes and negative real yields pushed the USD down and gold up. Elsewhere, Fed’s Powell held a meeting yesterday and gave quite dark comments about the current economic state. According to him, the recovery path is still uncertain, and the US economic activity is severely damaged. The widespread vaccinations are going to start soon if vaccines pass approval. However, the economy won’t quickly recover after it happens, it will need more time to rebound, and we will see some downbeat data for a while.
Gold has turned to the upside after touching the support of $1 770. It has broken through the 50-period moving average, so the way up to the 38.2% Fibonacci retracement level of $1 840 is clear now. It may meet some selling pressure near this level. However, if it manages to break through it, the way up to the 50% Fibo level of $1 865 will be clear. In the opposite scenario, if it drops below the intraday low of $1 810, it may fall to the key support of $1 800.
The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
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.