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 is testing support
Information is not investment advice
XAU/USD formed a pin bar on W1 — such candlestick usually marks a reversal to the downside. On H4, the price has already formed a lower high and is testing support line from November in the 1318 area. The decline below this support will confirm a “Double top” and send gold towards 1309 (200-period MA).
The return above 1321 is needed to open the way back up to 1326 and 1330.
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.
U.S. stocks are set to reopen higher after the Martin Luther King Day holiday on Monday, with Yellen’s remarks a welcome reminder of the momentum behind economic stimulus measures.
Joe Biden will take the post of president of the USA on the morning of 20 January 2021. Trump is going to skip the inauguration. What will be the market reaction? Let’s find out!
Asian equity markets mostly rallied with risk appetite spurred as trade picked up from Monday’s holiday.