Tradeo ceased offering trading services last year in May. Trading and ancillary will not recommence, and the brand/platform will be permanently discontinued.
For the clients with remaining balances, kindly send a withdrawal request through your login or via chat or email. If there are any queries or concerns relating to your account or any other matter, please email us at [email protected]
Gold (XAU/USD) fails to resist above the $1850 level once again, as sellers return in early European trading.
Despite the latest leg down, gold prices remain in a familiar range of around $1840-45 levels, awaiting fresh impetus from the US economic data.
The US dollar clings onto its recovery gains across its main rivals, as the risk-off action in the US stock futures weighs on the market mood amid ongoing Wall Street speculative trades and vaccine concerns.
From a technical perspective, the XAU bears remain hopeful so long as the price makes a sustained move above the critical 200-daily moving average (DMA), now at $1851.
Gold bulls have failed to find acceptance above the latter over the past six trading sessions, leaving the downside risks intact in the metal.
Therefore, Thursday’s low of $1834 could be challenged en route the January 13 low at $1803. The Relative Strength Index (RSI) edges higher but remains the midline, backing the case for the sellers.
24-hour view: “We highlighted yesterday USD ‘could move above the month-to-date high near 104.40’. We added, ‘a rise beyond 104.75 is unlikely’. Our view was not wrong as USD eased from 104.46 and closed at 104.21. USD rose sharply after opening this morning and the rapid pick-up in momentum suggests that USD could strengthen further but the odds for sustained advance above 104.75 are not high. For today, the next resistance at 105.00 is unlikely to come into the picture. Support is at 104.25 followed by 104.00.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (28 Jan, spot at 104.25). As highlighted, ‘risk for USD has shifted to the upside but the solid resistance at 104.75 may not yield so easily’. The positive outlook is deemed intact as long as USD does not move below 103.75 (‘strong support’ level was at 103.50 yesterday). Looking ahead, the next resistance above 104.75 is at 105.00.”
24-hour view: “We highlighted yesterday that ‘the bias remains on the downside even though 1.2050 is a solid support and may not be easy to crack’. However, EUR recovered quickly after touching a low of 1.2079 (high has been 1.2141). Downward pressure has eased and for today, EUR is likely to trade sideways, expected to be within a 1.2085/1.2150 range.”
Next 1-3 weeks: “We have held the same view since last Friday (22 Jan, spot at 1.2165) where we expect EUR to ‘trade between 1.2080 and 1.2250 for a period of time’. Since then, EUR has traded mostly sideways but it dropped sharply to 1.2056 yesterday. Shorter-term downward momentum is improving and the risk is shifting to the downside. That said, EUR has to close below 1.2050 before a sustained decline can be expected. The odds for such a move are quite high unless EUR moves above 1.2180 within these few days. Looking ahead, the next support below 1.2050 is at 1.2000.”
Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. UR Trade Fix Ltd accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Past performance does not constitute a reliable indicator of future results and future forecasts do not constitute a reliable indicator of future performance.
It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organizational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests when providing our services