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.
XAU/USD can make a small correction
Information is not investment advice
After its extensive decline last week, the USD can make a small comeback. We picked XAU/USD to make a bet on it: gold’s advance is very stretched both on W1 and D1. Hopes related to the upcoming G20 summit may provoke at least some correction in the safe-haven metal. The decline below 1,400 will open the way down to 1,394 (50-hour MA). A break above the previous highs of 1,412 is needed to open the way up towards 1,420/30. That scenario will be possible if tensions between the US and Iran keep escalating and the Fed’s Chair Powell is dovish on Tuesday.
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.
How do we trade the gold price? It seems to be losing the upside momentum - no problem for bears!
GBP/USD went beyond 1.37 and reversed the gains. How to trade it now?
Let's trade GBP/USD. It gives a very interesting bullish layout currently - you'll find both mid-term and long-term strategies inside.