Thursday, 13 August 2020

Today's Gold Market Update

📝 Comment on Gold on August 13, 2020:

   ‼ ️About news:

 - The US economic data continue to show positive signs of a recovery when the CPI in the US rose to 0.6% compared to the forecast of 0.3%, meaning that US consumers have returned to spending.  And it will boost the economic recovery, plus the expectation of Russian vaccine for treatment, prevention of COVID-19 is still the factor driving Gold prices down.

 - In addition, the negotiation on the new US stimulus package is at a standstill and there is no sign that the parties are willing to give in to return to the negotiating table, so it is likely that Gold will not return to momentum.  increase today.

 ‼ ️ About technical and personal opinion:

 - As I mentioned yesterday from morning till night to keep selling down on the GOLD when the price stood below 1980. And in the beginning of the session this morning I kept the same view that the resistance pushed the price.  down to establish a sell position around 1949-1965.  Targets will be on support levels at 1920-1907-188x. 


Quick Over View on Market Top News

 Good morning!  Have a nice day!

 + Check out the important news:

 US $ 1 and bond yields rose ahead of the big 10-year bond sale

 The dollar hit a two-week high, US 10-year Treasury yields also hit their highest in more than a month, while Gold Futures stabilized after falling 5% on Tuesday.

 2️⃣ The US election race heated up

 Democratic presidential candidate Joe Biden has chosen California Senator Kamala Harris as his candidate, a move that appears to increase support among women and ethnic minorities.  time reassured central voters that the party's progressive faction would have no undue influence on policy if Mr. Biden was elected in November.

 3️⃣ British economy was bruised by Covid-19, officially entering a recession

 The UK economy fell more than 20% in the second quarter, the highest level of any major industrialized economy, and it also made the UK economy officially enter a technical recession after 11 years.  .

 The UK economy fell more than 20% in the second quarter, the highest level of any major industrialized economy, and it also made the UK economy officially enter a technical recession after 11 years.  .

 4️⃣ In July, the CPI in the US rose 0.6% against the forecast of 0.3% due to the slight increase in prices of goods such as used cars, clothing and energy.

 - An increase of 0.6% over the same period last month.  If compared with the same period last year, the CPI increased by nearly 1.6% compared to the expected rate of 1.1%.

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Tuesday, 11 August 2020

11 August Gold Market Analysis For you

 📝 Comment on Gold on August 11, 2020:

 ‼ ️ Candlesticks on Thursday and Friday of last week form a short-term reversal candlestick so yesterday our strategy was to wait to sell down at 2050 and succeeded with that strategy.  As I mentioned that GOLD is making an adjustment trend that will be even lower than last Friday's "bottom" in 2015.

 - So in my personal opinion, I will still wait to sell GOLD when the price returns to 2029-2035.  This is also the closest resistance to push the price down on the day and the target will sell to around 2000.

 - The nearest gold lower support is 2000 and beyond is 198x.

Friday, 7 August 2020

Gold Market Short Term Quick Analysis

 📝 Comment on Gold on August 7, 2020:

   ‼ ️About news:

 The Trump administration has sent a top-level delegation to visit Taiwan over the past four decades.  China has voiced dissatisfaction and said it would certainly take countermeasures in response, as it still sees Taiwan as an inseparable entity.  => This is a move that escalates tensions between the two big men.

 - Besides that, investors are waiting for the negotiation on the new stimulus package to be approved.  It is likely that there will be a deal and the above 2 factors will continue to support the price of Gold going up today.

 - The market will wait for new information tonight on the non-farm payroll and the Unemployment Rate will be announced.

 ‼ ️ About technical and personal opinion:

 - The information plus risk sentiment has led to a continuous increase in gold price in recent days, and there have not been many signals to slow this uptrend.  As I have mentioned many days now, the buy trend will be dominant and only wait to buy.

 - Looking on the smaller timeframes M30, H1, we can see that the price recovered slightly compared to the uptrend and clung to the MA20 to go to the next highs.  In my opinion the price of gold in early trading today will still be supported so that the upside could be higher than this morning's peak when the market opened at "2075" heading up the 208x.

 - Maybe the amplitude of Gold before the news tonight will not be too strong because the market is waiting for the news to be announced, so we should pay attention to set the TP levels accordingly.  Price support pushed the price of gold up around the 2060 zone and resistance pushed the price down during the day around 208x.

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