News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Break of range support at 0.768 - 0.7640 has propelled $AUDUSD to its lowest levels since late 2020, with the RSI registering its first intraday oversold readings since October. Symmetrical Triangle measured move suggests price could be poised to challenge the 0.7500 mark https://t.co/xuuW7NFy48 https://t.co/KisfWhYKzM
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here: https://t.co/dWaWQ0MK1V https://t.co/OoHOJCWtdl
  • 🇮🇹 Business Confidence (JAN) Actual: 95.1 Expected: 95.6 Previous: 96.0 https://www.dailyfx.com/economic-calendar#2021-01-28
  • 🇮🇹 Consumer Confidence (JAN) Actual: 100.7 Expected: 100.5 Previous: 101.1 https://www.dailyfx.com/economic-calendar#2021-01-28
  • 🇮🇹 Business Confidence (JAN) Actual: 95.1 Expected: 95.6 Previous: 95.9 https://www.dailyfx.com/economic-calendar#2021-01-28
  • 🇮🇹 Consumer Confidence (JAN) Actual: 100.7 Expected: 100.5 Previous: 102.4 https://www.dailyfx.com/economic-calendar#2021-01-28
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/JPY are at opposite extremes with 70.28%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/4ucsrZ5zvl
  • Heads Up:🇮🇹 Business Confidence (JAN) due at 09:00 GMT (15min) Expected: 95.6 Previous: 95.9 https://www.dailyfx.com/economic-calendar#2021-01-28
  • Heads Up:🇮🇹 Consumer Confidence (JAN) due at 09:00 GMT (15min) Expected: 100.5 Previous: 102.4 https://www.dailyfx.com/economic-calendar#2021-01-28
  • 🇸🇪 Unemployment Rate (DEC) Actual: 8.2% Previous: 7.7% https://www.dailyfx.com/economic-calendar#2021-01-28
Gold Trades above 200 MVA ahead of ECB Meeting and Greek Election

Gold Trades above 200 MVA ahead of ECB Meeting and Greek Election

Kara Dailey,

Talking Points:

  • Gold Reached 4 month high on Friday after jumping 4.6% following SNB decision
  • After pulling back today, gold is expected to press forward ahead of Jan 22nd ECB meeting
  • Other sources of deviation this week: Greek Elections and Chinese GDP data

Gold was bid up to a four month high on Friday, as investors sought stability in a market rife with volatility. In the aftermath of the SNB announcement, the search for a safe haven asset looks to continue as market participants move to hedge against the potential downside risks associated with the upcoming ECB meeting, Greek elections, and the release of Chinese GDP data.

Gold jumped 4.6% following the Swiss National Bank’s decision to remove their well-established EUR/CHF floor, allowing the Franc to instead freely float against the Euro. Furthermore, in simultaneously deepening the negative deposit rate to -0.75%, the SNB has in essence discouraged investors from holding francs—a process that has perhaps diverted funds to gold.

However, after two strong buying days, gold has taken a rest today as several investors look to capitalize on gains made last week. Analysts nevertheless expect the metal to press forward as the week progresses ahead of the ECB meeting on January 22nd and the Greek elections on the 25th. On Thursday, in a bid to keep the euro weak, the ECB is expected to decide on whether or not to implement a EUR 500 billion QE program. Those investors risk adverse in nature may look to hedge against the uncertainty surrounding the decision by shifting resources into a more stable asset such as gold.

A further flight to quality may come to pass as a result of the political turmoil in Greece. If Sunday’s snap election results in an opposition victory, Greece may exit the Eurozone and repeal austerity measures that have progressively been put into effect over the previous four years. Such a result could cause a large euro deposit withdraw.

More immediately, as the world’s largest consumer of gold, the release of China’s GDP figures on Tuesday could create some variation in metals demand if actual numbers deviate substantially from expectations. The current consensus for the fourth quarter is 7.2%.

XAU/USD Daily Chart

dailyfx gold daily chart .

Chart Created using MarketScope2.0

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES