MTradingGlobal

MTradingGlobal

Having recently dropped to the early December 2020 lows, gold prices bounce off $1817 to currently around $1840. Even so, the corrective pullback stays below 200-SMA. Other than the SMA breakdown, bearish MACD and a downward sloping trend line from last Wednesday also favor gold sellers. As a result, the yellow metal is up for a fresh decline targeting the $1800...

MTradingGlobal

Although pullback from $1959 directs gold sellers to attack a confluence of 50-SMA and an ascending trend line from November 30, currently around $1,908, the yellow metal bulls keep the reins until the quote drops below a joint of 200-SMA and 61.8% Fibonacci retracement level near $1889. Ahead of that, multiple highs marked during late-November and December of...

MTradingGlobal

EURUSD snaps three-day uptrend while reversing from the highest since April 2018 on early Thursday. The currency major bears the burden of overbought RSI conditions while nearing an upward sloping trend line from March. Not only the technical details but expected US dollar bounce on the back of likely stimulus from America, due to the Democratic victory, also...

MTradingGlobal

AUD/USD teases a 33-month high around 0.7780 inside a bearish chart pattern as global markets await Georgia’s Senate runoff. Although Democrats are likely to snatch Republicans’ control over the upper US House, the thin majority and odds of President Trump’s likely plot to defy the results can probe the bulls. As a result, the AUDUSD is knocking the multi-month...

MTradingGlobal

Despite breaking an ascending trend line from early November, Brent oil remains beyond 21-day SMA. However, a clear break beyond the previous support line, now resistance, around $51.30 becomes necessary to renew optimism. Following that, $52.50 and the recent high close to $53.30 can lure energy buyers ahead of making them confront February lows near $53.65. It...

MTradingGlobal

Having battled with 100-day SMA during the end of 2020, gold prices kick-start 2021 on a positive front while crossing a multi-day-old hurdle. Although overbought RSI conditions may challenge the bulls, the November high near $1,965 is in a hand’s reach due to the sustained trend line breakout. During the quote’s upside past-$1,965, the $2,000 threshold could lure...

MTradingGlobal

Gold trades defensive despite the US dollar gauge’s (DXY) slump to the fresh low since April 2018. The yellow metal’s repeated failures to cross $1,900, not to forget 61.8% Fibonacci retracement of November’s downfall, drag it to an upward sloping trend line from November 30, currently around $1,875. With the sluggish MACD and neutral RSI joining the lower high...

MTradingGlobal

With the US House backing President Donald Trump’s demand for a $2,000 paycheck, AUDUSD remains positive amid a risk-on mood. The pair failed to justify Trump's signing of the coronavirus (COVID-19) aid package the previous day amid fears that the Senate will turn down his push during the last days in the White House. While Monday’s downbeat performance printed a...

MTradingGlobal

Despite recently easing from 1.3575, GBPUSD stays above a one-week-old ascending trend line amid bullish MACD. On the fundamental side, the passage of the Brexit deal and US coronavirus (COVID-19) stimulus also favor the Cable buyers. Though, a downward sloping trend line from December 17, currently around 1.3620, becomes necessary for the GBPUSD bulls to keep the...

MTradingGlobal

Although gold prices paid a little heed to the Brexit deal announcement and the US stimulus news, bullish flag formation on the weekly play as well as the metal’s sustained trading above 50-SMA keeps the buyers hopeful. That said, the latest consolidation of a bull-run from August 2018 needs to stay beyond the pattern support near $1738. Though, a pullback to the...

MTradingGlobal

With the recently upbeat markets, amid hopes of a Brexit deal and the US coronavirus (COVID-19) aid package, EURUSD is up for grabs ahead of Christmas. While the key fundamental events are yet to be announced, no major negatives are likely to erupt, which in turn cuts the US dollar’s safe-haven demand. Technically, the currency major’s ability to stay past the...