EUR/USD is trading below 1.13, steady. ECB President Lagarde hinted she will pause in next week's decision while urging leaders to agree on fiscal stimulus. US coronavirus data and Sino-American relations are eyed.
Gold is trading above $1,800, highest since 2012, topping its previous high of $1,797 which now serves as support. The next levels to watch are $1,810 and $1,825. Further out, investors are eyeing $1,911 – the 2011 peak – and $2,000.
GBP/USD is trading around 1.2550, holding onto its gains. UK Chancellor Sunak is set to lay out the fiscal stimulus plan. Brexit remains deadlocked as Johnson told Merkel that Britain could leave without a deal.
Markets are looking for a new direction after stocks retreated and the dollar gained some ground on Tuesday. Concerns about coronavirus cases in the US and geopolitical tensions are in play.
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XRP/USD bears remained in control for the second straight day as the price fell from $0.1852 to $0.1848. Despite the bearish price action, the Elliott Oscillator has had seven consecutive green sessions ...
The positive mood remains on the cryptocurrency market. While Bitcoin (BTC) is rising slightly, altcoins are outperforming the leading crypto. The top gainer from the 10 most popular coins is Bitcoin SV (BSV) ...
Litecoin bulls have engaged higher gears in their quest to push the price above $50. From the highs traded in June around $50, LTC/USD embarked on an exercise of trimming gains to the extent of dropping under $40.
SPECIAL WEEKLY FORECAST
After the financial markets went into chaos in March, and desperately look to stabilize in April, investors began to recover their optimism throughout May and June, hoping for a soon-to-come economic comeback.
Super Saturday – Brits can go to the pub for the first time since March and may also celebrate the pound's minor recovery. While markets cheered the Non-Farm Payrolls, America's coronavirus situation and Brexit talks will likely continue weighing on cable and could turn into another "dead cat bounce."
The AUD/USD pair is up for a second consecutive week, and it has recovered the 0.6900 threshold, although it couldn’t run beyond it. In the previous two weeks, the pair met sellers in the 0.6970 price zone.
The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.
Gold Weekly Forecast: What happened the last time gold broke out of its highs after such a long pullback
Despite some positive data this week there still seems to be lots of reasons for investors/traders to look for some safety. The COVID-19 pandemic is showing no signs of slowing down in the US as a record number of cases is being printed almost every day.
The flight to safety theme, in the face of rising coronavirus cases and regional lockdowns globally, drove Gold drove to its highest level since November 2011. The price, however, fell an arm’s distance short of the $1800 mark. Let’s see how it is positioned for the day ahead.
The Technical Confluences Indicator shows that the yellow metal is likely to face a small hurdle near $1798 (eight-year high) before the bulls resume its quest for the 1800 handle.
On a break above the latter, the next resistance is seen at $1806, the pivot point one-week R2.
Alternatively, the immediate downside could be cushioned at the pivot point one-week R2 near $1791.50.
The buyers will likely remain hopeful as long as the bright metal holds above the critical $1789 support, where the Bollinger Band one-hour Middle, SMA5 4H and previous week high.
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