We stated yesterday that should EMA5 cross and lock below we would see the retracement range open. This played out perfectly with EMA5 cross and lock below followed with the price dropping into the retracement range. We had an initial support test at , GOLD is making lower lows, an indicator that the downtrend is still intact. As we forecasted before, the price has reached the lower border of the descending channel. Like, comment and subscribe to boost your trading! See other ideas below too!

Gold is trading in a range between support and resistance So, what is it and what to expect next? Chart 1. Weekly timeframe. Bullish strength manifestation and price moves into the long zone The pattern base line is about to be tested and after the The price has already started a reversal. I expect a correction. Thanks for the likes and comments. Follow me I expect the price to fall first and then return to the resistance because it has to gain energy for further up movement, I expect the movement to continue along the global trend after consolidation.

In the course of this growth, the price will leave correction zone and come to the resistance zone. My target is Indeed, the price has continued its drop and, yesterday, has made a low at Since that low Gold is rising, but the rise is corrective in nature and in a flag pattern.

If the zone holds, the price will move lower and may reach If the price manages to move above the channel, then this trade will be exposed to a further price increase. So just position yourself on the XAUUSD chart. XAUUSD top authors. Goldviewfx Premium. Juicyho Pro. ArmanShabanTrading Premium. Mahmoud has been working fulltime in the Foreign Exchange markets for 12 years. Offers his analysis, articles and recommendations at the most renewed Arabic websites specialized in the global financial markets, and his experience gained a lot of interest among Arab traders.

Works on providing technical analysis, market news, free signals and more with follow up for at least 12 hours a day, and aims to simplify forex trading and the concept of trading for his audience. Did you like what you read? Let us know what you think! Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions.

Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Both beginner and experienced Forex investors alike make the mistake of relying solely on technical analysis while ignoring fundamental analysis in trading gold bullion and other currencies in Forex trade. However, the fact is that fundamental analysis is the most reliable and successful method for trading profitably in the Forex market.

Smart Forex traders favor the blended approach of using both fundamental and technical analysis in making decisions apropos Forex trades.

It increases the chance of making correct forecasts leading to profitable trades in the Forex market. Studying fundamental economic indicators gives you a clear picture of the future trend of currency values. It aids you in analyzing historical currency values and projecting these values into the future. The first step in fundamental analysis is to determine market drivers that have a major bearing on the currency values.

There are different market drivers that affect currency values in medium to long-term duration. You should look at the most important market drivers that drive currency values either in upward or downward direction. The link between gold and us dollars is the most important factor that determines direction of the currency values.

Generally, when gold is moving in upward direction, us dollar moves in the downward direction. The currencies of countries that are largest exporters of gold also experiences rise with the rise in gold market prices.

Live Gold Charts Click Here. The reason for this trend is that gold is considered a safe haven during economic upheaval. Investors turn to gold to safeguard their investment during recessionary times.

As the dollar value declines due to declining productivity and adverse balance of payment during the recession, value of gold and other related currencies experience an upward trend. With this trend in mind, traders can gain from the Forex trade by selling USD currency pair during recessions and buying the pair during an economic boom.

Interest rate and inflation are also important market drivers that influence currency values. Generally, interest rate determines how much it costs to borrow money. This cost strongly influences the increase or decrease in currency demand by investors. If the interest rate of a country is higher than its neighbors its currency price strengthens as it attracts foreign investors to purchase government bonds and bills.

Contrarily if the interest rate of the currency is lower than its neighbors it currency weakens as investors flock to investing in other countries bonds and bills to earn interest income.

US And UK have low cases as Faster vaccination pace going and rest of the world like Europe, Brazil, India got more infections on the top of the table. SPDR Gold Trust reported that the outflow of gold shares selling is reduced when compared to last month. This data gives Buyer a comeback to hold shares and selling pressure is stopped. Pandemic increases in all parts of Globe makes investors mind the fear of safety, now safety bag turns to gold storage.

Gold ETF saw a strong money inflow through the vaccination is going on, but still pandemic of the third wave exist for next 2 months. US Dollar continues weakness persists for the last 3weeks as US Treasuries heavy sell-off on Third-wave hits global parts of World. And the Haven assets like US Dollar remain weak as the Profit booking phase in the US Dollar index for 3 months rally.

FED remains an accommodative stance, and further easing monetary policy is possible if the situation getting worse. US Dollar index settled down in proper buying Dip phase; any spikes in Europe and Asian countries will boost US Dollar more.

The latest UK CPI data is much weaker than expected. CPI data for march month printed at 0. And the PPI data that printed at higher prices will increase factory and producer prices makes higher. The Bank of England may also slowly reduce the stimulus from the economy; currently, the economy is getting back from Covid, with No hike in rates until September And Reducing the stimulus from the economy will boost UK pound much higher against EUR and US Dollar.

Eurozone ready for the German Federal election to happen in September , and due to this Euro may get weaker to UK Pound in the coming months. Euro has targeted for recovery soon though only the single dose of vaccine from Johnson and Johnson.

And Hoping that It may come back soon from the backlog created by AstraZeneca vaccination; the EU will lead the UK soon by Single-dose; this was a game plan of a Vaccination war between the UK and EU. Germany got sanctions to use further stimulus to an economy where the constitution court gave a pass to stimulus bill in Germany. European medical agency EMA given green signal for Johnson and Johnson Vaccination of single-shot dose.

Even Dose has created mild, rare blood clots in patients but not more severe when compared to AstraZeneca.

Johnson and Johnson pharma ready to ship million doses to Europe and million doses to the US. Japanese yen sends higher more against US Dollar as US treasury keeps the heat on selling pressure on year bonds. And US Dollar remains under pressure as the FED approach wait and see policy for rate hikes, easing further stimulus if the economy wants.

Domestic data like unemployment rate not seen to stable reading and inflation seems to range higher, and FED will plan for rate hikes; when jobless claims and inflation data came to stable readings then. Toronto city ordered companies to close if they have more than 5 confirmed cases of novel coronavirus. Now the Third wave gets more tension in Canada, and the Bank of Canada may ease further policy measure in upcoming months if possible.

Investors tilted their minds over Bank of Canada to easing from tightening as Covid fastly hits the Canadian Economy once more.

Australian Dollar declines further even Strong retail sales reported as 1. But due to the lockdown measures, progress in the Australian economy and home prices make us worry about upcoming months.

And Reserve bank of Australia remains an accommodative stance as the economy rebuilding from a pandemic recession. And there will be; No rate hikes and tightening monetary policy decisions until as inflation and employment are rare to pick up to stable targets.

New Zealand Dollar jumps to 0. And the Third-wave hits most parts of the Globe, the Tighter lockdown also imposed in New Zealand. This will affect the normal businesses and Employment rate most and the same situation again happened in The Swiss franc gained 3.

Switzerland went for another lockdown, and Domestic data slower than expected reading makes declines for the Swiss franc in the past 3 months. And US Dollar weakness has only boosted the Swiss Franc, SNB Swiss national bank has no reduced the currency intervention to boost the Swiss Franc. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. EURUSD is moving in the Descending triangle pattern and the Market has rebounded from the Horizontal Support area of the….

GBPJPY Analysis GBPJPY is moving in the Symmetrical triangle pattern and the market has rebounded from the bottom area of…. EURCHF Support Resistance Analysis EURCHF broke the resistance level in the previous month. Again the market came back to retest…. Skip to content Tue, Nov 22, April 21, September 5, FOREX GDP Views 0 Comments. Topics hide. Gold Gold is moving in a minor ascending channel now.

Gold prices surge more as the Third wave hits most parts of the Globe. US Dollar continues falling pressure dictates gold prices to stronger more. USD The dollar index is moving in a descending channel in the 1-hour timeframe chart. This time much lesser lockdown expected in the US when compared to other countries. GBP GBPUSD breakout and retested the broken resistance level. EUR EURUSD climbed up to 3. EURUSD is moving in an uptrend line.

ECB Expectations to ease monetary policy further as Covid cases surge more. JPY Japanese yen sends higher more against US Dollar as US treasury keeps the heat on selling pressure on year bonds. USDCAD jumps to 0. EURCAD fall to the higher low of the channel. AUD AUDUSD is moving in a channel ranges Australia Lockdown — Federation Square and a masked statue of Fearless Girl in Melbourne is quiet and empty during the Coronavirus pandemic Australian Dollar declines further even Strong retail sales reported as 1.

NZD NZDUSD broke the small channel and going to reach the resistance. CHF USDCHF is still making correction in an uptrend. This gain comes after US Dollar steep declines to profit booking and US Treasuries sell-off.

Now vaccination going at in faster pace and will boost for Swiss Franc in coming months. Leave a Reply Cancel reply Your email address will not be published. Also read. EURUSD Faces A Decline Following ECB Speeches And Military Aid EURUSD is moving in the Descending triangle pattern and the Market has rebounded from the Horizontal Support area of the… READ MORE.

Top 10 Forex News and Analysis — Aug 31, GBPJPY Analysis GBPJPY is moving in the Symmetrical triangle pattern and the market has rebounded from the bottom area of… READ MORE. Merry Christmas to all Traders Forexgdp Team wishing you Merry Christmas.

God Bless you to all traders. READ MORE. Old Resistance act as a New Support in EURCHF EURCHF Support Resistance Analysis EURCHF broke the resistance level in the previous month. Again the market came back to retest… READ MORE.

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Hey Everyone, Lovely start to the week with our 1H chart setup playing out like we analysed. Gold Gold is moving in a minor ascending channel now. We've got you covered! Gold Futures. TopTradingSignals Premium.

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