Gold in strong confluence zone, traders prepare shorts

The price of gold (XAU/USD) is trading in a rising trend channel on the 4-hour chart and is now rebounding upwards from its support around the $2020.00 level, which corresponds to the level of the standard Pivot Point S1 as well as the marked S/R zone. Will the bulls regain strength around the current levels and will the uptrend continue? This is also indicated by the Stochastic indicator, which signals oversold conditions, further decline can thus be limited.

The price of gold (XAU/USD) is rebounding downward from the previously broken neckline (pullback – now resistance) around the $1975.00 level on the 4-hour chart, which corresponds to the 61.8% Fibonacci retracement level and also the SMA 100 moving average At the same time, a bearish engulfing candlestick formation was formed at this level, which indicates possible exhaustion of the bulls. So will we see a rebound from the already mentioned broken neckline and will we gradually weaken to lower values? This is also indicated by the Stochastic indicator, which signals overbought conditions, further growth may thus be limited.

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Today, financial markets ignored the shutdown of the US government, which arose from the collapse of political negotiations on the new budget in the US, and preferred to focus on the newly arrived economic data for September. The closely watched ISM purchasing managers’ index rose to 56.2, beating market estimates while setting a 2.5-year high for US industrial expansion. Sales of new cars for September, which are traditionally published by individual car companies on the first business day of the month, also maintain a very decent growth rate. Thus, any slowdown in the United States economy due to the temporary layoff of 40% of government employees should be more than offset by private sector output.

The price of gold fell below $1,300 per troy ounce globally, falling to its lowest level in nearly three years. Commodity and stock markets responded with a strong sell-off to a signal from the US central bank (Fed), which signaled the end of the era of cheap money on Wednesday.

The price of gold is rising for the third day in a row and is now testing the 23.6% Fibonacci retracement (level from…

The price of gold is rising again during today’s trading session. The price started to rise already last week when US President Donald Trump fired the head of the Federal Bureau of Investigation (FBI), James Comey, and after speculation that he had passed classified information to the Russians. Thus, nervousness entered the financial markets. The increase in risk aversion is reflected in the interest in gold, which is perceived by investors as a safe haven in times of uncertainty, as well as, for example, the Japanese yen.

The gradual end of quantitative easing (QE) in the US, which started this Wednesday, is the last nail…

The price of gold (XAU/USD) is trading in a descending trend channel on the 4-hour chart and there is now a downward bounce from its resistance around the $2040.00 level. So is there a downward bounce from the aforementioned channel resistance and will the downtrend continue? Or will the bulls regain strength around the current levels and we will see a resistance break with a possible short-term trend change?

The price of gold rose by about three percent today and climbed to the highest level since the end of September. A troy ounce (31.1 grams) was sold for $1,924 (CZK 45,246) on the commodity exchange in London in the afternoon, which is $55 more than on Thursday. Gold is being driven higher by a high level of uncertainty following a large-scale attack by the Palestinian Hamas movement on Israel at the end of last week. This week could be the best for the yellow metal in seven months, Reuters wrote.

The price of gold rose almost five percent to a six-week high. Investors are moving money into the yellow…

The price of gold remains in a downtrend following Emmanuel Macron’s victory in the French presidential election, holding close to its 7-week lows. Investors may perceive this election result as a possible return to political stability and, thanks to this, they are moving their funds into more riskier assets. On the contrary, the demand for gold, which is perceived by investors as a so-called safe haven, tends to decrease during the period of certainty.

April’s improvement in confidence in the economy among companies and consumers shows that the Czech economy is reviving. Analysts interviewed by ČTK agree on this. They are particularly positive about the development of consumer sentiments, which they say is a signal that consumer demand will drive this year’s growth in gross domestic product (GDP). They expect it to increase by about one percent.

Europe’s plan to create a common mechanism to resolve eurozone bank problems may be…

US nonfarm payrolls fell significantly less than expected in November.

The US dollar started to strengthen against the Swiss franc after a much better result of newly created jobs in the US.

The US dollar (USD) has been under pressure against most major currencies since the start of the Asian trading session.

The value of the US dollar is ambiguous because the Jap…

As a prize winner of the European Union, Poland was the only one to go through the financial crisis of 2008-09 without a recession, and in recent…