FxWirePro: GBP/USD edges lower amid geopolitical tensions and inflation fears 
FxWirePro: EUR/NZD advances ahead of ECB meeting and US inflation data 
FxWirePro: USD/CAD gains some upside momentum but still bearish 
Gold Surges Past $4400 on Crude Oil Rally; Bullish Trend Dominates 
FxWirePro- Major Crypto levels and bias summary 
AUDJPY Suffers as Yen Buying Pressure Mounts; Bearish Outlook Persists 
FxWirePro- Woodies Pivot (Major) 
FxWirePro: USD/CAD extends decline, vulnerable to more downside 
FxWirePro: EUR/NZD gains some ground, but outlook is bearish 
FxWirePro: USD/JPY hovers near 7-month low, Outlook strongly bearish 
FxWirePro: EUR/AUD range-bound as ECB rate decision and U.S inflation data take focus 
Add as a preferred source on Google
The precious metal (gold) price gains constantly from the last couple of days, especially after the lows of $1,455 levels. But to begin this week, these price gains have been pared with profit booking sentiments. Currently, trading well above $1,700 levels.
Technically, XAUUSD (Gold) price chart forms back-to-back shooting star and gravestone doji at peaks of rallies. These bearish pattern candles coupled with downward convergence of leading oscillators (RSI & Stochastic curves) signal overbought pressures (refer oval shaped area in the daily chart). Thereby, the minor uptrend has appeared to be exhausted and the current price have slid below 7-DMAs at this juncture.
Prior to which, as stated before in our recent post, bulls bounce back especially after testing the strong support at $1,445 - $1,455 levels as both leading and lagging are in sync with the minor uptrend.
On a broader perspective, Bulls have broken-out the stiff resistances of 1,707.89 level (i.e. 88.6% Fibonacci level of December 2015 lows of (i.e. 1044.62) and August 2011 highs of (1922.88) as hammer pops-up at the saucer base, the current prices spike off well above EMAs convincingly with bullish crossovers as the major uptrend is most likely to prolong through saucer pattern upon bullish EMA & MACD crossovers, while both the leading oscillators substantiate the buying sentiments on this timeframe as well.
Trade tips:
At spot reference: $1,718 level, on trading grounds, boundary options trading strategy with upper strikes at $1,725.130 and lower strikes at $1,702 levels. One can achieve certain yields as long as the underlying spot FX remains between these two strikes on the expiration.
Alternatively, on hedging grounds, we advocated long positions CME gold contracts of April’2020 delivery, we now upheld the same strategy by rolling over these contracts for May’20 deliveries as we could foresee more upside risks and intensified buying interests on safe-haven sentiments amid coronavirus pandemic and the global financial crisis.
