Gold continue down, Market waiting for FOMC tomorrow
Gold prices are on standby around their lowest levels in almost two months during Wednesday North American Session as market participants are on the look out for the Federal Reserve Meeting minutes yesterday for fresh clues on the likelihood of another U.S. interest rate hike this year.
Meanwhile, investors will be eyeing developments in the Middle East, where Saudi Arabia, the United Arab Emirates, Egypt, and Bahrain will meet to decide whether to continue sanctions they imposed on Qatar on accusations it was aiding terrorism and courting regional rival Iran.
The dollar climbed against most of the major currencies before the minutes of the Federal Reserve June Meeting.
EURUSD – More bearish news on the EURUSD after ECB’s Coeure explained that the ECB is not talking about changing monetary policy stance. The pair has dropped lower towards the 1.1312 day low before stabilizing around 1.1330.
GBPUSD – Third day downwards, and it would seem that the pair has broken the upward momentum with a short-term top at 1.3030. It is now going lower heading towards the 55-4Hour Exponential Moving Average which might hold the drop so far at 1.2880s.
USDJPY – The JPY has broken higher above the 113.50 which has been acting as a resistance for the pair. Rising above it and seems to have enough momentum to continue higher as investors await the NFP tomorrow and risk-off sentiment has dropped after North Korea ICBM test.
USDCAD – Half of yesterday’s dropped has been erased. The pair seems keen on staying in this downward trend and more bearish pressure could be coming its way should the NFP disappoint.
AUDUSD – The AUD seems to be attempting to break below the trendline that connects the lows from May till today. The bullish momentum remains intact as long as the pair can stay above the 0.7550.
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***Information contained in this news letter are gathered from third parties and should not be regarded in any way as trade advice or recommendations by CM Trading. CM Trading does not recommend or advise traders or investors in their decision making, but merely provides information from the market for its clients as additional information being made available as per the events occurring in the financial markets.
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