Golden February'17

Tomasz Wisniewski Axiory Global Ltd.

It was a month ago when we last time wrote about Gold. In our analysis we stated that in the long-term we are still bullish on this asset and that was said when the price of the Gold was around the 1190 USD/oz. Well, now we are almost 70 USD higher and it looks like the price will continue to go up in the next few weeks.

End of the January was very good for this precious metal. On 27^th of January, the price created the hammer bouncing from the 23,6% Fiboancci and that is when we started a very strong upswing. We managed to break both 38,2% and 50% Fibo. Now, the price is locked inside the channel up formation (red lines) and is on a best way to test the long-term downtrend line (purple), which is located slightly below the 61,8% Fibo. That can be the closest resistance for now but it is still 20 USD away so we still have time to jump in to that train.

The price of the Gold will be definitely influenced tomorrow when Donald Trump will have his long-awaited speech. Serious proposals about the tax reform can be beneficial for the USD so in the theory - negative for Gold. To be honest with You, for the last two months Gold goes up anyway so sentiment here stays positive anyway. Buy signal will be denied once the price will come back below the 38,2% Fibo but chances for that are now limited.

Author

Tomasz Wisniewski

Axiory Global Ltd.

Tomasz was born in Warsaw, Poland on 25th October, 1985.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.