Gold is Strong

Forex Signals Brief for Jun 24: The Gold Rally Continues

Posted Wednesday, June 24, 2020 by
Rowan Crosby • 2 min read

US Market Wrap

Markets faced a big whipsaw yesterday, bought about by White House trade adviser Peter Navarro who suggested the trade deal with China was ‘over’.

After a big fall early on, the truth came to light and in-fact the deal was still well and truly on. From that point onwards, US markets rebounded strongly and the SPX closed green on the day, with the NASDAQ printing more record highs.

However, the real story of the session was in GOLD. The yellow metal has been on a bit of a tear since, breaking key resistance and has since printed a new 7-year high.

The move was also helped by some softness in the Greenback. After the big move to safety in the early days of COVID, the USD has given some of those gains back, which has underpinned Gold to some degree. 

The Data Agenda

Data is very thin today, but the EUR/USD will be in focus early on as we get a look at how sentiment is trending in Germany.

As Germany is the real powerhouse economy of Europe, what happens there has a big impact on the shared-currency. Yesterday, we saw a big jump in some of the key PMI readings and with a falling Greenback, the Euro could see some more upside.

Later in the US session, the attention will be back on WTI as we get the release of Crude Oil inventories. Price has moved back above the $40 level and is supply continues to contract, that could help the bulls today along with improving sentiment.


Forex Signal Update

The FX Leaders Team hit 3 winners from 5 trades yesterday, for a 60% strike rate as we had a busy session.

Be sure to follow our live signals as there are a number of products that are starting to break out, meaning there are plenty of opportunities.


Gold – Pending Signal

As mentioned GOLD has been incredibly bullish after prie broke above both $1740 and $1750. Clearly, we are hunting an opportunity to the long side.

Gold – 240min.


USD/CAD Active Signal

The USD/CAD has been trending lower on the back of a weaker USD and moves towards the CAD. We are short, looking for some further downside here.

USD/CAD – 240min.


Cryptocurrency Update

BTC is still holding above the $9,600 level, for the time being despite the whipsaw yesterday.

In reality, price is still strong, but the wider range remains intact. For now, we wait for this consolidation to end with a break of those key support and resistance levels.

BTC – 240min.
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