The three major U.S. indexes bounced back from low. Dow Jones surged over 550 points, or 2.13% while NASDAQ closed high at the end of the trade. On the contrary, S&P 500 Banking Index went down due to the plummet of both Wells Fargo and Citi Bank. Wells Fargo has issued dividend cut followed by announcing a quarterly loss since the financial crisis in 2008. Moreover, JP Morgan, Citi Bank and Wells Fargo clearly stated that as coronavirus (COVID-19) continues to spread within the U.S., investors’ standpoint became pessimistic towards the economic recovery.
In addition, the U.S. published yesterday (14th), the latest Economic Calendar Q1 CPI annual rate (June), that took the market by surprise. Accordingly, gold price went down with correction under a bearish trend. Moreover, accompanied with a strong rally of the US dollar, the gold price once again challenged at high between 1810.0~1815.0 USD/Ounces at the resistance zone. The trendline maintained on the upper part of the Bollinger middle band. Although it did not break through the upper volatility zone while the band was facing upwards. A slight downward movement could be expected followed by a rise again. Therefore, investors could observe the trend to be upward in the long-term.
The price of gold (15th of July) lies around 1808.1 early today. Under 1-hour of technical analysis, the trend slumped with correction as predicted yesterday (14th), following a bounce back from low. Currently, the trendline lies between the middle and upper Bollinger Band with the band facing up, so there is a chance to rise again after a small pull-back.
Currently, the short-swing upper resistance level lies between 1817.0~1819.0. The current support level lies between 1800.0~1802.0. Investors who wish to go long could consider buying carefully between 1804.5~1806.5 in the short-term and set stop loss below 1802.0.
The price of EUR/USD (15thof July) lies around 1.13457 early today. Under 1-hour of technical analysis, the trend went down as predicted yesterday (14th). Afterward, it kept going up by breaking through the volatility zone at high while the trendline continues to rise at the moment, there might be a chance to pull-back with correction.
Currently, the short-swing upper resistance level lies between 1.14300~1.14400. The current support level lies between 1.13700~1.13800. Investors who wish to sell short could consider selling carefully between 1.14150~1.14200 in the short-term and set stop loss above 1.14300.
The price of GBP/USD (15thof July) lies around 1.25533 today. Under 1-hour of technical analysis, the trend continues to go down with correction as predicted yesterday (14th), then followed by a rebound from low. The trendline currently lies between the middle and upper Bollinger Band, with the band facing up, there might be a chance to continue rising.
Currently, the short-swing upper resistance level lies between 1.26200~1.26300. The current support level lies between 1.25100~1.25200. Investors who wish to go long could consider buying carefully between 1.25750~1.25850 in the short-term and set stop loss below 1.25650.
The price of AUD/USD (15th of July) lies around 0.69760 early this morning. Under 1-hour of technical trending analysis, the trend broke out the resistance level on the large volatility zone. However, the trendline is currently making small pull-back from high, so there might be a chance that it continues dropping with correction.
Currently, the short-swing upper resistance level lies between 0.70200~0.70300. The current support level lies between 0.69900~0.70000.
Investors who wish to sell short could consider selling carefully between 0.70000~0.70050 in the short-term and set stop loss above 0.70120.
The price of USO/USD (15th of July) lies around 40.44 early this morning. Under 1-hour of technical analysis, the trend skyrocketed after a pull-back correction. The trendline continues to rise with the bottom section leveled up so there might be a chance to continue rising after pull-back with correction.
Currently, the short-swing upper resistance level lies between 40.80~40.90. The current support level lies between 39.80~39.90. Investors who wish to go long could consider buying carefully between 40.20~40.30 in the short-term and set stop loss below 40.10.
All investments entail risks and may result in both profits and losses. In particular, trading leveraged derivative products such as Foreign Exchange (Forex) and Contracts for Difference (CFDs) carries a high level of risk to your capital. All these derivative products, many of which are leveraged, may not be appropriate for all investors. The effect of leverage is that both gains and losses are magnified. The prices of leveraged derivative products may change to your disadvantage very quickly, it is possible for you to lose more than your invested capital and you may be required to make further payments. It is important that you understand that with investments, your capital is at risk. Past performance is not a guide to future performance. It is your responsibility to ensure that you make an informed decision about whether or not to invest with us. Before deciding to invest in any financial product, you should carefully consider your investment objectives, trading knowledge and experience and affordability. You should seek independent professional financial advice if you do not understand the risks involved. You should only trade in Forex and CFDs if you have sufficient knowledge and experience of the risks involved in trading such products and if you are dealing with money that you can afford to lose. GC assumes no liability for any loss sustained from trading in accordance with a recommendation. This website, including the information and materials contained in it, are not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in the United States or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation.
GC Markets is a Trading Name of Gemini Capital LLC. Gemini Capital LLC (“GC”) is a company duly incorporated in Saint Vincent & The Grenadines and registered by the Financial Services Authority (‘FSA’) under Number 228 LLC 2019. GC is also registered as a Money Services Business (“MSB”) with the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”) under Number M20513484 and registered with National Futures Association (“NFA”) of United States of America under Number 0533039. Our registered address is located at Hinds Building, Kingstown, Saint Vincent and the Grenadines.