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 trying to make a top
Information is not investment advice
XAU/USD has been consolidating within the narrowing wedge since 2016. It seems like the price is trying to form a top in the upper part of this range and turn lower. The bearish candlestick on W1 with a very long upside wick is a negative sign. A decline below the support at 1,276 (38.2% Fibo of the 2018-2019 advance) will bring the price down to 1,260 (50-week MA) and 1,253 (50% Fibo). The picture will remain bearish as long as gold is trading below 1,302.
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.
XAU/USD is eyeing $1 850. Will it be able to reach it?
Asia-Pacific stocks lacked firm direction as momentum faded from the record-setting performance on Wall St, where the S&P 500 and Nasdaq printed fresh all-time highs
Fed's Powell said a slowing recovery and a surging pandemic meant the US was entering a "challenging" few months, with the potential deployment of a vaccine still facing hurdles.