Brent: Future is Still Sunny
What happened? Brent returned to the rising channel on Wednesday by gaining 4% during the trading session…
Gold: Fear is Growing
Information is not investment advice
What is happening?
On Monday, July 19th, gold traded lower as the rising numbers of coronavirus cases drove investors to move their savings into safe-haven assets such as the US dollar and Treasuries. This fact proves that gold is not being a safe-haven asset anymore. The price movement of the past few months suggests gold is being thought of as a risky investment despite the fact its holders do not get any interest or dividend.
At the beginning of the month, gold’s price was driven by concerns about inflation and Federal Reserves’ policy, but Monday’s early price action suggests this week’s movement will be driven by fears over risk.
Technical analyses
Daily chart
4H chart
At the moment, the XAUUSD chart is forming a symmetrical triangle. The price is trading under the 200-period moving average between $1772 and $1830, which are 23.6 and 38.2 Fibonacci levels, respectively. On the RSI oscillator, the bullish hidden divergence has been formed, which means the rising trend is going to continue.
Short-term trades:
If the price breaks the 200-period moving average, it will head towards $1830 and $1850 price levels.
On the other hand, in case the price stays under the 200-period moving average it will drop to the bottom side of the triangle.
Long-term trades:
We suggest trading a break through the triangle lines. Breaking through the top line gives the target price of $1900, on the contrary, the price will be dropped at the $1772 price level.
Kirill Belyaev
Similar
How will ECB Drive EUR?
What will happen? The European Central Bank will present the monetary policy statement on June 22…
USD/CAD Reversal Pattern
After a notable rally all the way to 1.28, USD/CAD dropped back to 1.2730 yesterday, confirming our outlook mentioned a few days ago about the need for a downside retracement before the upside trend resumes.
Popular
Brent: Future is Still Sunny
What happened? Brent returned to the rising channel on Wednesday by gaining 4% during the trading session…
New Trend in Tech Stocks?
When Twitter Inc. and Snap Inc. posted quarterly revenue that blew past analysts’ expectations, the results bumped up the shares of the two of their larger rivals: Facebook Inc. and Alphabet Inc.
EUR/USD Holding After ECB Decision
EUR/USD managed to rise for a very short period of time right after the ECB decision to as high as 1.1798 before declining and giving away its entire gains.
Choose your payment system
