Andrew-Trading

Andrew-Trading Updated  Aug 3, 2023

BRICS economies and around 40 friendly countries are likely to support a new gold-backed exchange standard using their increasing gold reserves to back a new international currency unit, which is yet to be named. A gold-backed BRICS currency would be a "potential disruptor" highlighting the increasing importance of asset-backed support in the global credit...

Andrew-Trading Aug 2, 2023

After reacting to the EMA 100 line, EUR/JPY has rebounded. The MACD line shows signs of preparing to cross above the Signal line, while the RSI indicator is gradually surpassing the threshold of 50. However, the prospects for further growth will not be solidified unless the daily candle can close above the resistance line formed over last week, currently at...

Andrew-Trading Aug 2, 2023

OANDA:EURUSD : Consolidation could continue EUR/USD might continue to weaken due to resistance at the 200-week moving average. The short-term trend is consolidating, but overall, the outlook is positive. The broader uptrend would only be at risk if it falls below 1.0500-1.0600, which includes the early-2023 lows. OANDA:EURAUD : Broader bullish trend...

Andrew-Trading Updated  Aug 1, 2023

Gold currently tests the confluence support level at $1.960 – the intersection of the Feb 2023 high and the lower bound of the channel. Gold bulls will be eying this crucial level, hoping for a bounce higher and a push towards the $1.985 level. 1985 kept higher prices at bay when gold was trading within a sideways channel between mid-May and mid-June. If prices...

Andrew-Trading Updated  Aug 1, 2023

Gold prices weakened after reaching a 2-month high due to concerns over the US Federal Reserve's high interest rates. Despite the prevailing optimism in the market, analysts advise investors to hold off until the Fed announces its interest rate decision later this week. Optimism still surrounds gold as the Fed struggles to control inflationary pressures in the...

Andrew-Trading Updated  Aug 1, 2023

Gold is currently priced at $1,961, showing a slight increase of $2 compared to yesterday. The Federal Reserve will announce its interest rate decision on Wednesday (26/7), followed by the European Central Bank (ECB) on 27/7, both expected to see significant rate hikes. The US Dollar Index's recovery at the start of the week has put pressure on gold, which is...

Andrew-Trading Updated  Jul 21, 2023

Gold market is steadily increasing but lacks new price momentum as US consumers seem to be spending less. Despite retail headline and core sales falling short of expectations, some economists note that solid adjustments in May compensate for some disappointments. Analysts highlight that consumer spending remains reasonable and will continue to support economic...

Andrew-Trading Updated  Jul 21, 2023

Growing expectations that the Federal Reserve will end its tightening cycle after next week's monetary policy decision is providing new momentum for the gold market as prices test another important resistance points. Gold prices have pushed to a seven-week high, with August gold futures currently trading at $1,979 an ounce, up 1.2% on the day. According to some...

Andrew-Trading Updated  Jul 21, 2023

The gold market is at a crucial resistance point of $1,980, while the U.S. housing market is struggling. Housing starts fell by 8% to 1.43 million units, below the expected 1.48 million units. May's data was also revised lower to 1.56 million units from 1.63 million units.

Andrew-Trading Updated  Jul 21, 2023

Gold prices slightly declined in Wednesday's midday trading session in the US. Profit-taking activities from short-term futures traders were highlighted, driven by the midweek recovery of the US dollar index. Gold for August delivery last dropped by $1.5 to $1,979. US stock indices were mixed at midday. Speculators betting on the rise of US stock indices are...

Andrew-Trading Updated  Jul 21, 2023

Gold prices slightly increased and silver remained stable in a calm summer trading session on Thursday. The US dollar index was slightly lower, crude oil prices were slightly higher, and US Treasury bond yields decreased slightly, all of which were daily positive factors for the precious metals market. Short-term price trends for gold also showed an upward...

Andrew-Trading Updated  Jul 21, 2023

After a strong performance earlier in the week, gold prices were subdued on Thursday, falling roughly 0.5% to $1,967, undercut by soaring U.S. bond yields and U.S. dollar strength following better-than-expected economic figures in the United States. In the morning, a Department of Labor report showed that the number of Americans filing for unemployment benefits...

Andrew-Trading Updated  Jul 20, 2023

Recently, gold prices have been pushed higher due to the cautious weakness of the US Treasury yields and the US dollar. Retail traders have increased their risk levels for these precious metals in response. This can be seen through the IG Client Sentiment (IGCS), which acts as a contrary indicator. The IGCS measure shows that around 66% of retail traders are net...

Andrew-Trading Updated  Jul 20, 2023

Commerzbank's latest research suggests that the gold market may be stuck around the $1,950 mark for the rest of the summer as the Federal Reserve has yet to complete its interest rate hike. The updated forecast was released as August futures for gold traded at $1,959 a 0.25% decrease for the day. After reaching a three-week high last week, the gold market is...

Andrew-Trading Updated  Jul 20, 2023

Gold is currently consolidating above $1,950/ounce, but there is an increasing selling pressure due to the surprising optimism of U.S. consumers. The Consumer Sentiment Index of the University of Michigan showed a preliminary reading of 72.6, which is higher than the revised reading of 64.4 in June. The reading significantly exceeded the predicted 65.5. Overall,...

Andrew-Trading Jul 14, 2023

The EUR/JPY pair has bounced back slightly from its intraday low but is still slightly lower around 154.80 as we head into Friday's European trading session. This recovery is due to a small increase in Treasury bond yields and the negative data from Japan. However, trading activity has been slow. The US 10-year and two-year Treasury bond yields have risen slightly...

Andrew-Trading Jul 13, 2023

In June, the Consumer Price Index (CPI) rose 0.2% in the US, which was below the expected 0.3%, and the annual rate slowed to 3%, the lowest since March 2021 and below the expected 3.1%. Following the report, the US Dollar tumbled across the board, and US yields slid. Expected to continue to decline sharply in a short time!

Andrew-Trading Jul 13, 2023

The EUR/JPY pair is holding steady around the 154.50 mark during the early European session. It's currently positioned below the 100-hour EMA with a downward trend, indicating a preference towards the downside. Looking at the one-hour chart, it's predicted that the EUR/JPY pair will experience an initial level of support at 153.45 (low of July 12) before moving...