EUR/USD at 52 week high
Asia-Pacific stocks lacked firm direction as momentum faded from the record-setting performance on Wall St, where the S&P 500 and Nasdaq printed fresh all-time highs
Gold is testing the November high
Information is not investment advice
Since yesterday, gold has been testing the November high of 1,476. On the daily chart, it is also visible that it is testing the resistance of the 50-period and 100-period Moving Averages. This means that the bullish factors are slowly gaining momentum in the market. At least, the bearish bias is not as evident as it has been since the beginning of September. This, in turn, is confirmed by the rising lows of the Awesome Oscillator in the previous month. Although it is too early to state the market reversal upwards, the resistance level of 1,491 may be a good threshold to check it. The crossing point of the two marked trend lines is located right at this level. If the price breaks it, it will likely go for 1,515. Further resistance levels will be the September highs of 1,533 and 1,553. For the downtrend continuation, the November low of 1,453 may be set as the support level.
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EUR/USD at 52 week high
Asia-Pacific stocks lacked firm direction as momentum faded from the record-setting performance on Wall St, where the S&P 500 and Nasdaq printed fresh all-time highs
USD bulls try to resist
Fed's Powell said a slowing recovery and a surging pandemic meant the US was entering a "challenging" few months, with the potential deployment of a vaccine still facing hurdles.
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