Market Daily Outlook – Gold reaching all time highs

The safe-haven, XAUUSD is still grinding higher and is reaching to all-time highs as uncertainty still remains around the globe. Yesterday most indices started strong but lost most of the gains at the end of the day. Based on Reuters, Republicans and Democrats are not very close to reaching an agreement regarding the coronavirus aid package. Additionally, the China-US tensions cause further skepticism to the market participants as both sides provoke each other.

EU open is mostly negative as all major indices recording losses following yesterday’s bearish momentum. Similarly, the Asian market closed in red as US news was not encouraging. 

Reading the technicals, XAUUSD is testing a long term rising trendline. A formation of a rising wedge is possible. With mentioning XAGUSD is following the same bullish momentum.

XAUUSDDaily 2272020

NAS100 is potentially forming a double top. Stochastic is very weak.

NAS100Daily 2272020

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GER30 formed a red Doji yesterday which confirms the market’s indecision. Also, Stochastic gave a bearish crossover signal.

GER30Daily 2272020

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Reviewing the forex market, the greenback is getting stronger against its rivals ( AUDUSD -0.05%, EURUSD -0.04%, GBPUSD -0.6%).
The Cable is suffering the most as post-Brexit news were not so optimistic. The Stochastic looks weak in comparison to the price. 

GBPUSDDaily 2272020

Checking the ZuluTrade’s Traders Sentiment, the community is currently bullish on GBPUSD and GBPJPY while bearish on EURUSD and USDJPY.
sentiment 2272020


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