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Market View

Market Daily Outlook - Gold reaching all time highs

Wednesday, July 22, 2020 12:10 PM GMT

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.

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

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

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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. 

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

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The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.

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