Soon Bullish Rally for Gold ?
The winter is coming, and risky markets expect a rally to come with it. Will this December be bullish for stocks, crypto, and gold? A pack of news will surely help you out.
US Inflation Jumped, Gold Keeps Rallying
Information is not investment advice
Latest news
- EUR/USD has dropped sharply to the low unseen since July 2020. The reason was the higher-than-expected US inflation figures that shocked investors as the annual Inflation Rate rocketed to the 31-year high of 6.2%.
- Concerns about inflation pressures reinforced expectations of interest-rate hikes in the US and pushed the USD up to a one-year high. A more hawkish outlook can press stocks that are near record highs these days.
- China’s Evergrande made an interest payment of $148 million on Wednesday, avoiding a default third time in a row. It has mildly improved the market sentiment and stopped the EUR/USD bears.
- Meanwhile, gold keeps rising! It has surged above $1850 for the first time since June. Will we see gold at $1900 soon?
- Australia has revealed poor labor data. Employment Change: -46.3K (forecast: 50.0K), Unemployment Rate: 5.2% (forecast: 4.8%). AUD/USD dropped initially but then reverse up.
Tech analysis
Gold has broken above $1850! If it manages to overcome the next resistance level at the 50% Fibonacci retracement level of $1870, it may jump to the psychological mark of $1900. Support levels are $1845 and the 38.2% Fibo level of $1830.
AUD/USD is moving inside the ascending channel. It is getting closer to the lower line, so the reverse-up should occur soon. If it jumps above the 50- and 100-day moving averages of 0.7360, the way up to the next resistance level of 0.7450 will be open.
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Soon Bullish Rally for Gold ?
The winter is coming, and risky markets expect a rally to come with it. Will this December be bullish for stocks, crypto, and gold? A pack of news will surely help you out.
November 23: Heaven for Day Traders
This Wednesday will be heaven for day traders. A considerable number of events will make the market volatile.
Alibaba's Success and Bullish Forecasts for China from Top Agencies
Goldman Sachs turns bullish on China, news from ECB, and Twitter's drama - everything you need to know in one place!
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