Giles Coghlan LLB, Lth, MA
Financial Source
Listen to the latest market mood for the XAUUSD pair.
The rise in gold to take out all-time highs has been supported by the following three things:
-
A weak dollar. Fears of a fiscal cliff this week from the US are keeping the dollar weak on the session and this has bolstered gold.
-
A technical break of the all-time highs in gold opens up the $2000 region.
-
Rising US-China tensions and COVID-19 cases also supports the purchase of gold as a hedge.
Therefore expect gold buyers today on any pullback to $1900.
Day trade outlook – We expect this trade to play out over the next 12 hours.
Trade Risks: If there is strong risk aversion that could result in some gold long positions being liquidated to offset stock losses.
Our products and commentary provides general advice that do not take into account your personal objectives, financial situation or needs. The content of this website must not be construed as personal advice.
Recommended Content
Editors’ Picks
EUR/USD holds gains above 1.0700 as USD struggles ahead of data
EUR/USD is posting small gains above 1.0700 in the European session on Thursday. The pair remains underpinned by a sustained US Dollar weakness, in the aftermath of the Fed policy announcements and ahead of more US employment data.
GBP/USD stays firm above 1.2500 amid US Dollar weakness
GBP/USD is consolidating the rebound above 1.2500 in European trading on Thursday. The pair's uptick is supported by a broadly weakness US Dollar on dovish Fed signals. A mixed market mood could cap the GBP/USD upside ahead of mid-tier US data.
Gold price trades with modest losses amid positive risk tone, downside seems limited
Gold price edges lower amid an uptick in the US bond yields, though the downside seems cushioned. A positive risk tone is seen as another factor undermining demand for the safe-haven precious metal.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.