In our FOMC Meeting live coverage on YouTube yesterday, we sent out a short signal on USD/JPY around 25 minutes after the decision and right before the press conference.
GOLD: up to $1,600?
Information is not investment advice
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”.
The Federal Reserve decided to keep the current policy unchanged as widely expected, with no additional information about the timing of the tapering. In fact, in this meeting, the Fed mentioned tapering twice only.
Since the beginning of the earnings season, companies are posting record earnings, most sectors have so far beaten the estimates by a large margin…
As we discussed in the previous article devoted to gold, the price is growing extremely fast after a dovish FOMC’s statement…
What happened? Facebook presented an earnings report on July 28…
Ichimoku Kinko Hyo NZD/JPY: The NZD/JPY pair is trading slightly below the Tenkan Sen level…