Stocks, oil, and risk currencies gained on Tuesday as the formal go-ahead for US President-elect Joe Biden to begin his transition burnished a November already boosted by Covid-19 vaccines.
How to trade gold?
Information is not investment advice
XAU/USD has paused its advance in February and since then has been trading in a triangle-like fashion. It looks like the precious metal is not ready to continue the big uptrend, at least for now.
The price turned up from support around 1,286 on Friday but failed to get above 1,300. As long as it stays above 1,286, it will retain a chance to get to 1,300 and 1,308 (50-day MA), where it will find a significant resistance.
A break below 1,286 will make the gold price test the 100-day MA at 1,279. If that level is breached, a bigger decline to 1,250 and lower may follow.
EUR/USD fell below 1.1850 after reaching 1.1920 on Monday. The pair consolidated after the initial bearish move.
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.
The mix of economic reports from Canada and the USA will have a huge impact on the pair! Get ready with us!
GBP/USD is heading for the fifth week of gains. Will the rally up continue or stop?
Asian shares scaled a record high on Friday on growing prospects of a large U.S. economic stimulus package, while hopes that coronavirus vaccine rollouts will boost the global economy underpinned investor sentiment.