Ichimoku Cloud Analysis: GBP/USD, XAU/USD, USD/CAD
XAU/USD is trading at 1656.00; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1625.00 and then resume moving upwards to reach 1720.00. Another signal to confirm further ascending movement is the price’s rebounding from the rising channel’s downside border. Read more...
Gold to Silver Ratio Hits 100!
Gold is testing its previous 2020 highs, but silver plunged anyway, which created a very special situation. Namely, the gold to silver ratio just jumped to the 100 level.
This may not seem like a big deal, because ultimately people buy metals, not their ratio, but it actually is a huge deal. This ratio is observed by investors and traders alike, as it tends to peak at the market extremes. Moving to the 100 level might indicate that we are at a price extreme. But what kind of extreme would that be if silver is declining while gold moved up?
Let’s take a closer look at the gold to silver ratio chart for details. Read more...
Gold Price Analysis: Topping these two hurdles crucial to next coronavirus-related rally above $1,700
Gold surged above $1,700 in but was later slapped back down amid extreme volatility conditions. Coronavirus fears were dominant on Monday but markets are bouncing on Tuesday in what looks like a dead-cat bounce. Where next for XAU/USD? Two resistance lines cap the upside and breaking above them may send gold higher.
The Technical Confluences Indicator is showing that critical resistance at $1,663, which is the convergence of the Simple Moving Average 100-1h, the Pivot Point one-month Resistance, and the Bollinger Band 15min-Middle.
The second hurdle that Gold needs to cross to unleash the upside is at $1,665, which is the meeting point of the SMA 5-1h and the Fibonacci 23.6% one-week. Read more...
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