During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
Will Gold Prices Recover Now?
2023-08-22 • Updated
Gold prices have experienced four consecutive weeks of decline, with a 3.6% drop in the current month, marking the worst performance since February. Despite this decline, retail traders are showing increased bullish sentiment toward gold. This suggests that some investors see the lower prices as an attractive buying opportunity. The shift in retail sentiment could be driven by factors such as concerns about inflation and a desire to diversify portfolios. Let’s now see how the charts look.
US Dollar - D1 Timeframe
From the chart we can see that the US Dollar has just reached a pivot zone and is likely to drop from here on out since the overall structure in this case is clearly bearish. In addition to this, we can also see the presence of a resistance trendline as well as the drop-base-drop supply zone. All these point unequivocally in favour of a bearish movement from the current market position.
Analyst’s Expectations:
Direction: Bearish
Target: 102.621
Invalidation: 103.771
XAUUSD - D1 Timeframe
XAUUSD on the daily timeframe seems to be ripening for a bullish move. The confluence of the trendline support, the 200-period moving average, and the pivot zone between the two horizontal lines as drawn on the chart, contribute strongly to the likelihood of a bullish price action from the current market state.
Analyst’s Expectations:
Direction: Bullish
Target: 1929.22
Invalidation: 1869.10
CONCLUSION
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...