USD/CAD: sell in the downtrend
USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.
GOLD: up to $1,600?
Information is not investment advice
Key indicators
Performance in 2020: +4.6%
Last day range: $1,578 - $1,584
52-week range: $1,265 - $1,612
Will gold rise back to $1,600?
Gold trades at $1,585 per ounce – that’s almost as high as it was at the beginning of February, when the unfolding story of the Coronavirus was at the peak level of tension. Today, even with the number of new infection cases in the Hubei province decreasing compared to that of Monday, observers comment that the virus is far from being contained. China is on the way to compensate for the damaging effect of the outbreak. That supports AUD and NZD, slows down the flee-to-safe-haven momentum and improves an overall emotional state of the market. Strategically, however, that does not stop gold to keep rising. It will be of little surprise now if it finally gets back up to $1600. If the state of affairs continues the same as it is now for another week, this question most probably will be not “if” but “when”.
Technical levels
Resistance $1,595
Support $1,577
Gaspar Markosyan
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EUR/AUD formed a candlestick with a long upper shadow on the D1. The pair is currently testing levels below the 50- and the 100-period moving averages.
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USD/JPY has recently formed a higher low at the end of last week. Today the pair is testing levels above the 50-day MA.
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