Trading news

Gold Continue Session Continues - Quick Daily Outlook

The safe-haven-metal prices stuck in a trading range of $1,796 to $1,803 and traded with a mild bearish bias through the European session. However, the yellow metal failed to gain any positive traction on the day and stayed below the key $1800 mark for the 2nd consecutive session. Although the bullion losses could be attributed to the modest upbeat sentiment backed by the receding coronavirus (COVID-19) numbers from the U.S., The upbeat China trade data also favored the risk-on market sentiment. They contributed to the yellow metal's losses. 

Besides, the broad-based U.S. dollar strength triggered by the U.S.-China tensions kept a check on any additional gains in the gold. At the moment, the yellow metal prices are currently trading at 1,798.57 and consolidating in the range between 1,796.05 and 1,803.32. 

At the data front, the June month trade figures from China suggested the world's largest commodity player, also the key customer of Australia, has gained further momentum in its post-coronavirus (COVID-19) recoveries. Exports and Imports crossed the previous +1.4% and -12.7% figures with +4.3% and +6.2% marks.

As well as, the reason behind the upbeat market sentiment could also be associated with fresh reports that U.S. President Donald Trump's assistants at the White House and the State Department are retreating from the possibilities of punishing China by limiting Hong Kong's access to the U.S. Dollar which initially added strength to the upbeat trading sentiment. 

Despite this, the tensions between the US-China still lingering as the South China Sea became an additional factor on which the United States and China showed an opposing tone. The U.S. Secretary of State Mike Pompeo's latest comments turned down Beijing's claims on the South China Sea. Moreover, the latest update signaled further hardships for listings of the Chinese major's companies on the U.S. floor, which exerted some downside pressure on the trading sentiment and trimmed a substantial part of its initial gains. 

As in result, the broad-based U.S. dollar extended its early-day bullish moves and remained well bid as investors turning to the safe-haven in the wake of an intensified tussle between US-China. Although, the gains in the U.S. dollar kept the gold prices lower as the price of gold is inversely related to the price of the U.S. dollar. Whereas, the U.S. Dollar Index that tracks the greenback against a basket of other currencies gained 0.03% to 96.537 by 9:36 AM ET (2:36 AM GMT).

Apart from the US-China woes, the U.S. health officials and drug makers set to start producing possible coronavirus vaccine doses by the end of the summer, as per senior administration officials. However, this coronavirus (COVID-19) vaccine-related positive news also favored the risk-on market sentiment and contributed to the gold declines. On the flip side, the rise in the U.S. coronavirus numbers started to fade its momentum, giving confidence to the market traders. Elsewhere, the figures from Australia and some parts of Asia were also increasing day by day.

Elsewhere, the trading sentiment gains were further bolstered by the possibility of further stimulus measures from the developed economies, including the U.S. and the U.K., underpinned the risk-on moves. Whereas, the S&P 500 Futures diverted from the downbeat Wall Street performance to print 0.21% gains around 3,155. However, the U.S. 10-year Treasury yields remain depressed around 0.62%.

At the UK-China front, the U.K.'s previous ban on Huawei from British networks until 2027 and confrontations with new aircraft carriers kept the China hostile, which also added worries into the global markets.

Looking forward, the U.S. Consumer Price Index (CPI) data for the previous month will be key to watch. However, major attention will be given to qualitative catalysts. Thus, the market traders will keep their eyes on the USD price dynamics and coronavirus headlines, which could play a key role in influencing the intraday momentum for the gold.



Daily Support and Resistance

S1 1779

S2 1792.22

S3 1797.33

Pivot Point 1805.43

R1 1810.54

R2 1818.65

R3 1831.86

The precious metal gold is staying bullish above 1799 level, the support level, which is extended by the upward trendline on four hourly timeframes. Gold is trading with a mixed bias right now above 1,797 with the next support around 1,795/93 region. On the upper side, resistance stays at 1,801 and 1,809 level today. Simultaneously, a bearish breakout of 1,793 support can lead to gold prices more lower unto 1,787 and 1,773 marks. Good luck! 

EagleFX Review

Tuesday, 14 Jul, 2020 / 1:35

Note: Company News is a promotional service of the Directory and the content isn't created by Finance Magnates.

Source :

Trading news

 

Oil Fixed Between $43-44

Author: Dmitriy Gurkovskiy, Chief Analyst at RoboForex Early in August, [...]

Posted on Monday, 03 Aug, 2020 / 12:12 under

GBP/USD Failed To Maintain It's July Month Sharp Gains - U.S. Dollar Fresh Strength! 

The GBP/USD currency pair stopped its previous Month winning streak and now [...]

Posted on Monday, 03 Aug, 2020 / 11:37 under

Gold Sideways Movement Continues - Risk-Off Market Sentiment In Play

During the Monday's Asian trading session, the safe-haven-metal prices failed [...]

Posted on Monday, 03 Aug, 2020 / 10:27 under