Signals will list Live Trading Signals with Entry, Stop-loss, and Profit Targets (Future addition)
Entry Price – Buy 134.389
Entry Price – Buy 1780.33
Entry Price – Buy 121.763
Entry Price – Buy 1.24947
The safe-haven-metal prices failed to stop its previous day losing streak and remained depressed around $1772 from the multi-year highs level, mainly due to the risk-on market sentiment that was backed by the release of positive data from the U.S. and China. On the other hand, the ever-increasing number of COVID-19 cases globally and simmering tensions between the U.S. and China turned out to be the key factors that kept a lid on any additional losses in the gold prices. However, the selling bias surrounding the U.S. dollar might turn out to be the only factor giving some support to the dollar-denominated commodity (gold) and limiting deeper losses. The yellow metal prices are currently trading at 1,773.74 and consolidated in the range between the 1,772.95 - 1,777.16.
Entry Price – Buy 0.90313
On the news front, the primary focus will stay on the ADP non-farm payroll figures, which are expected to be positive. If the actual data also comes out positive, we are going to see sharp selling in gold. Conversely, the negative data can drive selling the dollar and buying in gold.
Entry Price – Sell 1.23654
Entry Price – Sell 1.12256
Entry Price – Sell 0.91248
Entry Price – Buy 1.12575
The EUR/JPY failed to extend its early-day bearish moves and rose well above 119.820 support levels, mainly due to bullish correction. It seems like a sharp rise in the coronavirus cases in Europe and on-going tensions between the EU-US undermined the shared currency and kept a lid on any additional gains in the pair, at least for now. Currently, the EUR/JPY trading at 120, holding right below an immediate resistance level of 120.193. However, the hopes of the European Union (E.U.) Recovery Fund deal kept the positive tone around EUR/JPY pair high.
The USD/JPY pair was closed at 107.195 after placing a high of 107.450 and a low of 106.829. Overall the movement of the USD/JPY pair remained bullish throughout the day. The USD/JPY jumped to fresh weekly high around 107.45 regions on the back of increased demand for the US dollar despite the risk-off market sentiment.
The safe-haven-metal prices flashed green and drew bids around the $1,766 level, mainly due to the risk-off market sentiment backed by the Virus fears, trade war, and many more, which eventually underpinned the safe-haven demand in the market and contributed to the gold gains. As a result of high safe-haven demand, the broad-based U.S. dollar climbed from the previous session low as Jump in Covid-19 Cases Boosted Safe-Haven Demand, which becomes one of the main thing that kept a lid on any additional profits in the gold prices. At the press time, the yellow metal prices are currently trading at 1,763.20 and consolidating in the range between 1,755.49 and 1,766.12.
The USD/CAD currency pair extended its previous day winning streak and rose to 1.3580 level, mainly due to the declines in the crude oil prices, which tend to undermine the commodity-linked currency the loonie and contributed to the pair's modest gains. The broad-based U.S. dollar strength initiated by the fresh pickup in the U.S. Treasury bond yields turned out to be one of the key factors that kept currency pair higher, at least for now. Currently, the USD/CAD currency pair is currently trading at 1.3562 and consolidating in the range between 1.3525 and 1.3583.
The EUR/GBP pair is trading at 0.9028 level, holding above the triple bottom support area of 0.9020 level. Overall, the EUR/GBP is trading with a bullish bias, both from fundamental and technical perspective. For instance, the headline IFO Business Climate Index was improving to 85.0 against 79.5 previously. While, the Current Assessment sub-index was arriving at 84.0 this month, while the IFO Expectations Index – indicating firms' projections for the next six months – is likely to come out at 87.0 in the reported month vs. 80.1 last.
The EUR/USD currency pair extended its previous day winning streak and took bids around the 1.1311 level, mainly due to the fresh risk-on market sentiment, which undermined the broad-based US dollar and contributed to the currency pair gains. The reason for the upticks in the currency pair could also be attributed to the report that the Spanish government officials are considering pledging as much as EUR50 billion in additional loan guarantee, which underpinned the shared currency and provided support to the major.
The USD/JPY currency pair broke its previous session consolidation range near 106.70-75 region and rose above 107.00 level mainly due to the risk-on market sentiment, which undermined the safe-haven Japanese yen and contributed to the currency pair gains. On the flip side, the broad-based US dollar edged lower on the day backed by the lack of safe-haven demand in the market kept a lid on any additional gains in the currency pair.
During the early European trading session, the USD/CAD currency pair failed to stop its previous day bearish run-up and dropped to 1.3570 from the 1.3617 level, mainly due to the broad-based U.S. dollar weakness backed by the risk-on market sentiment. As well as, the reason for the pair declined could also be attributed to the upticks in crude oil, which underpinned the commodity-linked currency the loonie and contributed to the pairs declines.
Earlier today, the GBP/USD flashed green and rose from three-week lows to just below mid-1.2400 level following Friday's upbeat U.K. retail sales figures, which underpinned the British Pound and contributed to the currency pair gains. The broad-based U.S. dollar weakness triggered by the risk-on market sentiment also played a key role in the pair's bullish trend. The GBP/USD is currently trading at 1.2380, as it has violated the consolidation range of 1.2405 and 1.2456.
During Friday's early Asian trading session, the safe-haven-metal prices still consolidate into the overnight confined range around the 1,725 level, mainly due to mixed trading sentiment in the market. However, the bullish trend in the yellow-metal remains as long as it trades above the $1700 level. The prices of gold dropped sharply yesterday from the high of 1738, mainly after the upbeat U.S. data and positive reports from China that they overcame the coronavirus outbreak.
The EUR/JPY extended its previous session losing streak and dropped below 119.785 level, mainly due to increased safe-haven demand of Japanese yen. The reason for the EUR/JPY pair declines could also be attributed to the risk-off market sentiment underpinning the safe-haven Japanese yen and contributing to the currency pair gains.
The safe-haven asset failed to break its previous session's confined trading range near below $1,730 level but erased its some losses from an intraday low mainly due to the risk-off market sentiment triggered by the fresh US-China tension. The second wave of coronavirus (COVID-19) also fueled the risk-off market tone, which eventually provided some support to the gold prices. At the moment, the yellow-metal press is currently trading at 1,724.06 and consolidating in the range between 1,717 and 1,730.07.
The USD/CHF pair seems to be trading sideways within a narrow trading range of 0.9520 - 0.9510 aimed at increased risk sentiment. The reason for the soured risk sentiment could be attributed to the statement that the Dragon Nation recently imposed strict measures on air travel to stop outbreak 2.0 and planned to impose further lockdown restrictions as the new coronavirus cases rose above 557 far.
The AUD/USD pair was closed at 0.68886 after placing a high of 0.69766 and a low of 0.68332. Overall the movement of AUD/USD pair remained bearish throughout the day. The decreased risk appetite after increasing fears of the second wave of coronavirus in China and renewed lockdown restrictions to hold the spread of the virus again in Beijing.
XAUUSD had a bounce off its lows that began on Jun 15 at 13:00 the bounce re3ached the $1730 level and began to move sideways, making lower lows. The last interaction made an evening star with a large bearish candlestick. We think this is a good short setup to scalp with a target at the current 200-hour SMA for a nice and fast reward. The R/r factor is just 1 but the odds of the pair going south are very high, which makes the trade appealing. We see also that the Stochastics made a crossover to near the middle of the range, suggesting an increased bearish momentum.
The WTI crude oil has violated the descending triangle pattern, which was providing resistance at 37.20 area. Above this level, we may see the WTI prices heading north towards the next resistance area of 39.37. It seems like the demand for crude oil is gaining in the wake of positive sentiment over the COVID19 vaccine.
During the European session, the EUR/USD pair flashed red and dropped to 1.1230 before bouncing off towards the 1.1270 level. The broad-based U.S. dollar just started to erase its early-day losses and gained some bullish traction due to the risk-off market sentiment, which also exerted some downside pressure on the currency pair.
The safe-haven-metal prices rose slightly to $1,731 before falling to intraday low pf at 1,708 level due to the risk-off market sentiment triggered by the second wave of coronavirus (COVID-19) outbreak which tends to underpin the safe-haven assets like gold. On the other hand, the traders did not give any significant attention to the upbeat comments from the Dallas Federal Reserve President Robert Kaplan.
The AUD/USD pair was closed at 0.68540 after a high of 0.70039 and a low of 0.68392. Overall the movement of AUD/USD pair remained bearish throughout the day. The risk perceived Aussie posted losses on Thursday in risk-off market sentiment, which was caused by the gloomy outlook of the US economy by Federal Reserve in its monetary policy meeting. The FED in its report said that the impact of coronavirus could last for a more extended period of time than Fed expected, and recovery would also be slower than expected.
The USD/CAD Currency Pair Hit The Fresh Session High Around 1.3500 Marks Due To Combination Of Factors. The USD/CAD pair was closed at 1.36295 after placing a high of 1.36317 and a low of 1.33969. Overall the movement of USD/CAD remained bullish throughout the day.
The safe-haven-metal prices failed to maintain its previous day gains and dropped to $1,730 from $1,740, the highest since June 02 while representing 0.35% losses on the day as the broad-based U.S. dollar recently took a U-turn from the multi-day low backed by the fresh US-China tussle and contributed to the yellow-metal losses as they both have an inverse relationship. On the other hand, the risk-off market sentiment triggered by fresh conflict between US-China turned out to be one of the key factors that kept a lid on any additional losses in the gold.
In our previous market analysis corresponding to EURAUD cross (read here,) we commented that the price action revealed potential raises, supported by the price action and confirmed by the RSI oscillator.
The EUR/USD is trading slightly bullish and took bids around above the 200-week simple moving average (SMA) of 1.1360 level mainly due to the broad-based U.S. dollar weakness ahead of U.S. Federal Reserve policy meeting.The EUR/USD is trading at 1.1355 and consolidates in the range between the 1.1332 - 1.1370. However, the Fed’s monetary policy statement is scheduled at 1800 GMT and will be followed by a press conference from Chairman Jerome Powell.
The USD/JPY pair is trading with a bearish bias around 107.350 in the wake of increased haven appeal and weaker U.S. dollar. Today, the key focus will be on the FOMC monetary policy decision, which is scheduled to be announced later this Wednesday. The Fed is widely anticipated to keep interest rates unchanged at the end of a two-day meeting.
On Tuesday, the safe-haven extends its previous session bullish moves and soars to 1,715 level after dipping to $1,698, mainly due to the broad-based U.S. dollar bearish bias ahead of the U.S. Federal Reserve policy meeting. The gold's bullish bias could also be attributed to the risk-on market sentiment backed by the growing optimism over a sharp V-shaped economic recovery from the coronavirus pandemic, which recently dominated the US-China tussle. The yellow-metal prices are currently trading at 1,715 and consolidate in the range between the 1,700 - 1,725. However, the geopolitical tensions in Korea, Libya, and concerning China turned out to be the key factors that is keeping a lid on any additional losses in the gold, at least for now.