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Gold Price Prediction: XAU breakdown to $1,800 seems imminent

Gold futures market suffered for another week as the US dollar gained. XAU/USD might revisit $1,800 if the short term support at $1,820 fails to hold in the coming week. Gold experienced intense selling pressure in the concluded trading week. The precious metal was not able to pick up momentum follo

Wall Street Close: Second day in a row in the red for stocks

US equity markets closed Friday in the red, the second day of losses in a row. Friday saw quintessential risk-off trade; risk assets sold off and havens were bought on a variety of concerns. US equity markets closed the final trading day of the week in the red, the second day of losses in a row. For

USD/JPY Weekly Forecast: Weakening US statistics fail to dent the dollar

Fed Chairman Jerome Powell affirms accommodative monetary policy. Dismal US Retail Sales, Jobless Claims have scant market impact. USD/JPY unchanged on the week, higher on the month. FXStreet Forecast Poll sees limited declines ahead for USD/JPY. Twin specters of unemployment and a consumer recessio

DXY breaks above key downtrend, eyes move above 91.00

USD has been strongly supported on what has shaped up to be a very much risk-off Friday. DXY has broken above a key downtrend and eyes a move towards 91.00. USD has been strongly supported on what has shaped up to be a very much risk off final trading day of the week. Most G10/USD pairs have seen si

Biden’s Stimulus proposal, Bank Earnings, US Data confirms weaker growth, Oil, Gold/FX, Bitcoin

Risk aversion is percolating as investors brace for arduous negotiations over Biden’s stimulus proposal. Not helping sentiment is the Trump administration passing of the US-China trade/tech war baton. The blacklisting of another 9 Chinese companies brings the Defense Department total to 44 companies

EUR/GBP rebounds modestly from key resistance just above 0.8850

EUR/GBP is a little higher on the final trading day of the week, amid what appears to be mild profit-taking. The pair rebounded from significant support just above 0.8850. Both EUR and GBP much more focused on global risk appetite and US dollar dynamics as opposed to domestic themes. EUR/GBP is a li

Fed's Rosengren: Need to do more to support the economy

President-elect Joe Biden's proposed stimulus is big but appropriate, Boston Federal Reserve President Eric Rosengren said on Friday, as reported by Reuters. Additional takeaways "We need to do more to support the economy." "Expecting to have a tighter policy as we get closer to full employment." "W

Consumers pull back as Covid continues to surge

U.S. Review Consumers Pull Back as COVID Continues to Surge Retail sales fell 0.7% in December, the third straight monthly decline. Sales are still up 2.9% over the year, however. The CPI advanced 0.4% in December (1.4% over the year). Inflation remains tepid, with core prices up 0.1% in the month.

NZD/USD settles around 0.7150 after dropping to fresh multi-week lows

NZD/USD remains on track to close sharply lower on Friday. US Dollar Index rose to its highest level since late December. Market mood remains sour after mixed data releases from US. The NZD/USD pair came under strong bearish pressure during the American trading hours on Friday and touched its lowest

WTI drops briefly back below $52.00 amid risk off market conditions

WTI has been on the back foot on Friday dropping from the high $53.80s to around $52.00. Demand concerns amid further lockdown restrictions in Europe, coupled with other global risk-off factors have weighed. The front-month futures contract for the American benchmark for sweet light crude oil, West

USD/JPY: The Japanese yen is set to remain strong – Danske

Analysts from Danske Bank keep their expectations for further strength in the Japanese yen. They forecast USD/JPY at 103.00 in a month, 102.00 in three months and at 100.00 in twelve months. Key Quotes: “To take JPY towards 110, we would need a material change in US nominal rates and/or global commo

UK PM Johnson: Some early signs pressure might be slightly easing in London

British Prime Minister Boris Johnson said on Friday that there are some tentative early signs that the pressure with respect to coronavirus infections might be slightly easing in London, as reported by Reuters. With respects to ending the lockdown, "we've got to vaccinate most vulnerable groups, the

US: Manufacturing recovery moves along – Wells Fargo

No slowdown in the industrial sector is seen in Friday’s numbers according to analysts at Wells Fargo. They highlight manufacturing output rose 1.0% in December. Key Quotes: “Spending may be cooling as the latest wave of COVID coincided with fading fiscal support last year, but the industrial sector

Gold market update: Week 1 in focus [Video]

Andrew Maguire reveals the official intervention behind the first week’s action in the gold markets. Watch this week’s Live from the Vault for: 2021 gold and silver price expectations. Important Q1 and Q2 stairsteps for gold and silver. Concerns around supposed bearish COT report addressed. Strong p

EUR/USD could drop under 1.20 before rising back to 1.22 – Rabobank

While it may be too early to argue in favor of a sustained move lower in the EUR/USD pair, analysts at Rabobank retain their view that fundamentals in both the US and Europe have likely altered sufficiently to trigger a pullback to the 1.20 area. Key Quotes: “If the ECB continues to face more issues

Pull-up Update