Forex Signals Brief for Aug 12: Gold Takes a Tumble
US markets were up early and closed lower but it was the moves in both gold and silver that really caught the eye of traders.
US Market Wrap
US markets were up early and closed lower but it was the moves in both gold and silver that really caught the eye of traders.
GOLD slumped under the key $2,000 level, while SILVER has fallen below $25. Both are still looking soft in Asian trade.
At the same time, a rising USD didn’t help matters and also weighed on most of the majors.
There is still no resolution in sight surrounding the US Government stimulus packages at a time when COVID cases keep on rising across the country.
The Data Agenda
The [[GBP//USD]] will be the one to watch early today as there are a number of economic data points coming out in the European session.
The main ones of note will certainly be GDP and Manufacturing Production. The Pound is certainly looking a little toppy on the charts and a bad set of numbers could see 1.3000 come under threat.
In the US, we get to see CPI which the USD will be paying attention to. While later in the session, the main focus is going to be on WTI as the latest inventory data will tell us the supply situation at the moment.
Forex Signal Update
The FX Leaders Team hit 6 winners from 8 trades yesterday, as we were able to make the most of the markets running out of steam.
If the selling continues, keep watching the forex signals page as volatility will be high and there should be more opportunities ahead.
EUR/GBP – Pending Signal
The EUR/GBP has been rotating around the 0.9000 level. We’re looking at a long signal here once again.
Gold – Watching
GOLD has seen a dramatic fall over the last 24 hours and the momentum to the downside is still strong.
Cryptocurrency Update
The slide in stocks and a rising USD has no doubt contributed to the fall in BTC. For now, it looks like the $12,000 level will live to fight another day.
ETH has also dropped away from the $400 level and it was a similar story in LTC and XRP.
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