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πŸ“• Comment on Gold on July 23, 2021:



 - In yesterday's session, precious metal Gold went standard as analyzed in the early morning when it was still in a sideways range when it fell to 1794 then bounced back to 1807. Once again Gold failed to break the zone.  support 1794 and we will prioritize buying if gold drops there first today.

 - As I have analyzed for many days, Gold will mostly move sideways in a large range of 1794-1818 and there will be no specific breakout and in my opinion today we will still hold this view if  If gold breaks any boundary, we will hit that border.  These are also support and resistance areas in today's session

Forex: 

 The euro fell and the dollar rose slightly, and fluctuations in risk sentiment kept trading volatile dα»‹ch

 On Wednesday, the US dollar hit its highest level in more than three months.  Risk appetite fluctuated and US stocks closed slightly higher today, but orders to buy government bonds remained strong, dampening yields.  Analysts said that although the US dollar has fallen from a three-and-a-half-month high, investors still have demand for the US dollar.

 "Whether it's the US markets, global macroeconomics, epidemic concerns, or political risks, there is a risk," said Simon Harvey, senior forex market analyst at Monex Europe in London.  a lot of uncertainty. I don't think the uncertainty is going to happen in the short term. So I think the dollar will continue to rise in the coming months."

 European Central Bank President Lagarde did not make any comments at the press conference to change the market's cautious view of the euro area.  She said the new wave of COVID-19 could pose risks to the region's recovery, but she pointed out that the economic outlook was more balanced.

 While many other central banks are considering withdrawing stimulus measures during the pandemic, the European Central Bank has adopted a dovish bias after a recent strategic review, which is expected to keep the euro under pressure.

 1️⃣ Yesterday's main news

 - Gold used to increase more than 10 dollars and oil price continues to increase more than 2%.

 - Claims for initial jobless claims increased again from the United States through July 17.

 - Iran opens important oil pipeline that can pass through the Strait of Hormuz to transport crude oil.

 US used-home sales in June rose for the first time in five months.

 - The European Central Bank committed to a policy of "permanent easing" and revised future guidance on interest rates.

 - Saudi Aramco hacked and demanded $ 50 million ransom.

 - IMF: Will improve its concessional lending program, or "limit sale" of its gold reserves.

 - The Tokyo Olympics opened today and only 950 people were present to watch the opening ceremony

 2️⃣ Financial facts and data today

 - Today will publish the initial value of the manufacturing PMI in France, Germany and the Eurozone in July.

 - PMI of UK manufacturing and services sectors will be published in July.

 - The initial value of the Markit Manufacturing and Services PMI will be published in July.

 - Japan's Tokyo Stock Exchange is closed for one day due to the Sports Festival.

 - At Saturday, the total number of US oil rigs for the week to July 23 will be announced.



[Weekly Review] The Federal Reserve eased stimulus concerns

 Indices

MARKET VIEW

Weekly changes: SPX500 -0.87%

SPX500 declined and finished the week at 4,327.16. The index rose at the start of the week after the four biggest American banks provided great second-quarter results. However, by Friday, it went down as COVID started affecting the market.

DXY was strong and closed Friday at 92.675. The U.S. Dollar Index had its largest weekly gain in a month due to upbeat retail sales data.

BULLISH TRIGGERS

The second-quarter earnings season started with great reports from big banks. Giants like Netflix, Intel, AT&T will publish their data next week. Analysts expect additional earnings growth there as well.

The U.S. dollar was bought on the concerns of quicker rates increase. However, the greenbacks' power held back all the majors.

BEARISH TRIGGERS

Amazon and Apple lost more than 1%. Gaining from already high prices became difficult, as SPX500 rose 15% from the start of the year. The investors also started worrying about rising COVID cases.

The U.S.dollar is likely to remain strong over the next month. Bearish triggers will occur once the American data becomes weaker and stops feeding rates' growth expectations.


Currencies

MARKET VIEW

Weekly changes: EURUSD -0.46%, GBPUSD -0.88%, USDJPY -0.19%, NZDUSD -0.14%

The EURUSD pair closed the week at 1.18036. Earlier that week, the price declined and tested 1.1770. The ECB will declare its monetary policy strategy this Thursday.

GBPUSD fell to 1.37613, near its multi-month low of 1.37300. Yesterday U.K. reported the most significant one-day COVID cases spread since the start of the year. Meanwhile, the BoE officials talked about reducing their asset purchase program, but it looks like words will remain only words for now.

USDJPY finished Friday at 110.053, almost unchanged for the week. The Bank of Japan surprised no one with its inaction. Governor Haruhiko Kuroda said nothing we didn’t already know, i.e. that the Japanese economy remains in a bad state, but activity will be picking up amid vaccine progress.

The hefty inflation lifted the New Zealand dollar. The market now considers the RBNZ to be the first major central bank to raise the rate next month. Although the greenback was that firm, it erased the local currency from the current range, so the NZDUSD pair closed Friday below 0.70000 with minor weekly changes.

BULLISH TRIGGERS

The ECB will hold a meeting, and it probably will move the markets because of its hawkish tone of voice.

The BoE released relatively hawkish comments from its official last week about reducing the asset purchase programme sooner than anticipated. This Monday, the country will end all legal COVID restrictions. The BoE concluded its meeting but hasn't changed any policy settings.

BEARISH TRIGGERS

If the ECB meeting results are as non-eventful as were previous ones, the EURUSD will be under pressure. The regulator may delay announcing its hawkish steps till publishing the new summer data.

In the U.K., the focus remains on recent COVID developments in the absence of meaningful events. The Japanese currency was damaged by the BoJ decision of downgrading economic forecasts.

Gold

MARKET VIEW

Weekly changes: XAUUSD +0.41%

By Friday, XAUUSD declined to 1,811 USD after touching 1,834 USD in the middle of the previous week. Gold eased its fourth weekly gain as U.S. Treasury yields reversed some losses made in the wake of dovish comments from Federal Reserve Chair Jerome Powell.

Nevertheless, the precious metal is rising this week, moved by a slide in inflation-adjusted bond yields. Traders are closely watching for clues on the outlook for monetary policy as inflation runs hotter than expected.

BULLISH TRIGGERS

Traders seemed to be buying the dips after Powell repeated his dovish stance, soothed tapering fears of earlier rate tapering and bolstered the appeal of the yellow metal. In addition, concerns about the ongoing COVID-19 outbreaks involving the Delta variant helped limit the losses for the safe-haven commodity.

BEARISH TRIGGERS

Is Gold a hedge against rising costs? That remains an open question. On the one hand, if currencies lose value, the precious metal becomes more valuable. But, on the other hand, central banks could raise interest rates and make yieldless Gold less attractive as a safe haven.

Oil

MARKET VIEW

Weekly changes: XBRUSD -3.61%

XBRUSD ended the week lower, towards 72.51 USD upon volatile trade. The volatility was caused by expectations of growing supplies just when a rise in coronavirus cases could lead to lockdown restrictions and depressed demand.

BULLISH TRIGGERS

OPEC and its allies agreed to gradually raise oil output until December and extend their pact until the end of 2022. The multifaceted agreement gives consumers a clearer view of how quickly OPEC+ will restore the 5.8 million barrels a day. Therefore oil bulls should read this as positive OPEC+ supply management continues.

BEARISH TRIGGERS

The U.S. oil rig count continued its slow increase, gaining two rigs this week to 380 active units. As a result, U.S. crude production has increased by 300,000 barrels per day (BPD) over the last two weeks. According to federal data, the oil rose to 11.4 million BPD in the week ended 9 July, the highest since May 2020.

Cryptocurrencies

MARKET VIEW

Weekly changes: BTCUSD -5.78%

During the week, the price of bitcoin decreased by 5.78%, dropping to the level of 32,000 USD. Over the past seven days, the price of the main cryptocurrency has fallen to the lowest level since 26 June and reached 31,000 USD. Thus, the background on cryptocurrencies remains extremely tense.

BULLISH TRIGGERS

In options, 30,000 USD is the most-sold downside strike price for July and August. This price increases confidence among traders that the level will hold, according to Delta Exchange. The downside price should provide strong support to the market. Traders are also trying to take advantage of price ranges, buying between 30,000 and 32,000 USD.

BEARISH TRIGGERS

The main culprit of BTCUSD's weakened position is China and its measures to ban cryptocurrencies. Bitcoin is very dependent on mining, so when the Chinese authorities began to put pressure on miners, it sharply shook the stability of bitcoin. Unlocking the units of the Grayscale Bitcoin Trust bitcoin fund after six months can also affect the exchange rate. Next week, January shares can be sold for more than 1.4 USD billion, a significant amount for the total market volume. If there is negative news for the market, bitcoin may fall to around 20,000 USD.

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The market's pulse: Main news regarding Trading market

 Upcoming news

All eyes will be focused mid-week on the ECB and the fresh clues on its monetary policy. The USA will publish its construction indices and the Manufacturing PMI data. Germany, the eurozone and the U.K. will issue the latter index too. The U.K. will deliver its Retail Sales numbers.



Yesterday's main news

 - A bipartisan procedural vote on the infrastructure bill is scheduled for Wednesday and Biden supports it.
 US API crude inventories rose by 806,000 barrels last week, far exceeding expectations.
 - New crown-positive cases related to the Tokyo Olympics reached 67, not excluding the last-minute cancellation of the Games.
 - EU proposes banning anonymous cryptocurrency transactions.
 - The Biden team believes the chip supply will increase.
 - Japan's inflation has also exploded, with core CPI hitting a 15-month high.
 - The United States announced an extension of the "State of Public Health Emergency" for 90 days.

πŸ‘‰
Oil prices recover slightly as overall financial markets recover from sharp drop
 Crude oil rose slightly on Tuesday, as the overall market recovered from Monday's sharp epidemic drop;  New York crude oil prices rose 1.5% on Tuesday, rising along with the US stock market.

 Oil prices fell the most since September last year on Monday, as countries around the world struggled to limit the spread of highly contagious delta variants.

 Capital Capital Infrastructure CEO Jay Hatfield said that oil prices will fluctuate in a range, because delta variations are "albeit true" "Demand is not catastrophic", but  it limits consumption, especially demand related to international travel.

 Crude oil price plunge on Monday sent Brent oil price falling below the 100-day moving average for the first time since last November and for the first time since May. Falling below the 50-day moving average.

 West Texas Intermediate crude futures futures rose $1 on Tuesday to close at $67.42 a barrel;  the more active September contract rose 85 cents to close at $67.20 a barrel;  Brent September contract rose 73 cents to close at $69.35 per barrel

πŸ‘‰

US dollar hits three-month high on safe-haven buying

The US dollar rallied to a three-month high in safe-haven buying on Tuesday, and investors remained right.  The rapidly spreading variant virus is causing concern because it could stifle global economic growth.

Commodity currencies that are associated with risk appetite, such as the Australian dollar and New Zealand dollar, have experienced tough trends.  As worries about the highly contagious variant of the Delta virus flare up again, investors will choose to hedge or stay out.  Delta virus is currently the main novel coronavirus in the world.

The number of infections in the United States has risen sharply, especially in areas where vaccinations are lagging.  The US dollar rose and US Treasury yields fell.  The 10-year US Treasury yield fell to a five-month low below 1.20% on Monday, as markets once again cast doubt on the economy's strong recovery from the outbreak.

 “The shift in relative growth expectations is weakening capital outflows from the United States and increasing the attractiveness of investments,” said Karl Schamotta, chief market strategist at Cambridge Global Payments.  in dollars.."

 “I think the dollar’s ​​safe-haven strength is justified, because global economic growth is weak and not as strong as it was in the quarter,” said Juan Perez, forex strategist and trader at Tempus Inc.  first, so all valuations and economic growth are now called into question in terms of high expectations, that's true"

πŸ‘‰

U.S. Treasury yields rebounded and the dollar strengthened, dampening gold's rally

Gold wiped out gains on Tuesday, heading for its second drop in three trading days, as a rebound in US Treasury yields curbed non-yielding assets demand for gold.  Yields on 10-year US Treasuries rebounded after falling early on Tuesday. The market thinks that as the global pandemic returns, the Fed will continue to support the economy through extreme interest rates.  short;  A stronger US dollar has also weakened the appeal of gold as an alternative.

 As investors tried to gauge bond yields, monetary policy and the global growth outlook, among other factors, gold prices faltered after four straight weeks of gains.  Gold, often seen as a safe-haven in times of market turmoil, has also been hit by a new wave of the new pneumonia pandemic that has affected the outlook for an economic recovery.

TD Securities and analysts led by Bart Melek say that despite the continued risk - Adverse sentiment, gold prices have yet to rise, suggesting speculative capital inflows remain very weak, increasing the possibility of further corrections  .

 Any factor that forces the central bank to expand its stimulus measures will be well received by the gold market.  Gold prices in June hit their worst month since 2016, as the Federal Reserve conducted a rate hike forecast on inflation concerns.

 However, WisdomTree Research Director Nitesh Shah said that while rising inflation data may underpin monetary policy trends, the growing number of infections could nevertheless put the central bank at risk.  Can't brake early.

πŸ‘‰


Technical Analysis on Gold(XAUUSD)

 πŸ“• Comment on Gold on 20/07/2021:



In yesterday's trading session, precious metal Gold had quite strong declines from 1817 to 1794 ($23) after touching this price range Gold had a quick bounce back to 1815 and closed the session.  Trade with a bullish pullout candle.  With the end of the day like that in my personal opinion the momentum will be maintained in the beginning of today's trading session.

Looking at the shorter-term timeframe H4 we can see the intraday support of the precious metal Gold around 1808-1810.  Here we can establish a long position with the safe target that is the "old top" zone at 1827-1830.

Buy limit GOLD at 1813 and buy  limit at 1810

 SL: 1805

 TP: 1825-18XX

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Update European Session on Gold

During the Asian session, Gold declined from 1817 to 1805. It is currently at the lower edge of the small ascending channel at 1805. A break of 1805 could extend Gold's decline to the 1796 region.


In the early trading sessions of last week, precious metal Gold had bounced up to the price area of ​​1834, however, in the last trading session of the week, the selling pressure dropped to 1809 and closed the week's session with a tree.  The green candle rallied but the increasing force was not strong, so in my opinion, the selling pressure from the end of last week will still affect the precious metal. Gold early this week.



 - In terms of a shorter time frame than H4, currently Gold is having upward forces and I expect this precious metal can recover to around 1820-1825 if it can reach this price range, then this is the price range.  ideal for us to establish a short position in precious metal Gold with a target of 1804-1807.


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Get a latest updates on Gold and Forex trading: Register for Forex&Gold signals

After 6 days of trading sideways in the range of 1790-1818, in yesterday's session, precious metal Gold had a break out of this accumulation area.  Closing yesterday's session with a bullish candle with quite strong force.  With the strong increase in candle power and the break of the previous sideways range, the precious metal Gold, in my opinion, is likely to continue to gain momentum in today's session.

Switching to a shorter-term time frame than H4 we can see the precious metal Gold is facing a short-term resistance around 1828 so it is likely that here Gold will tend to correct slightly around 1820.  and this is also a good price zone for us to establish a buy position with precious metal Gold with the target to be the next resistance around 1840-1848.




Gold update

Gold in the Asian session bounced up from 1823 to 1832. Despite the soaring US inflation data, Mr. Powell's speech last night still boosted gold prices.  Powell said that high inflation is only temporary and that the environment of "high degree of monetary easing" should still be maintained.  In addition, he thinks that there is still a long way to go to full employment, even after the wave of labor supply arrives, full employment may not be a reality.  The “dovish” comments are now supporting the gold price rally.

 However, Gold may remain under downward pressure after rallying to the 50% Fib area of ​​the previous decline or touching the upper boundary of the ascending channel.


 πŸ‘‰

Sell limit GOLD at 1835 and sell limit at 1840

Stop-loss 1845

Take profit 18XX

Forex and Gold Trading Updates: Register for Signals and Tips

πŸ“• Comment on Gold on July 23, 2021:  - In yesterday's session, precious metal Gold went standard as analyzed in the early morning when ...