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Dollar Rallies on Trump Rumor; EURUSD Slips, Gold Confirms Downtrend

Dollar Rallies on Trump Rumor; EURUSD Slips, Gold Confirms Downtrend

2018-07-24 09:00:00
Nick Cawley, Strategist
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USD and Gold Price, News and Technical Analysis

  • US dollar reclaims recent losses and looks to move higher.
  • Gold’s three-month downtrend continues to hold sway.

The DailyFX Q3 Forecasts have just been released and cover all the major asset classes including USD and Gold.

IG Client Sentiment Data:

EURUSD – Retail are 50.3% net-long – mixed trading bias.

Gold – Retail are 86.5% long but chages show mildly bullish contrarian bias.

US Dollar Boosted by Trump Rumor

The dollar firmed late-Monday after news that US President Trump had indicated that this Friday’s first look at US Q2 GDP would reveal a much stronger-than-expected print of 4.8%, sharply higher than marekt expectations of 4%-4.3%. Rumors are rumors and should be treated as such but the President has recent form on leaking economic news after he recently said that the US jobs market report would bring very good news, just hours before a much better-than-expected NFP release.

The dollar has rallied back against the euro in the last two days and is now pressing back below the 20-and 50-day moving average. The RSI is also pointing lower and the pair may begin to re-test support levels between 1.15880 and the recent double-lows at 1.15080. Below here 1.14480.

EURUSD Daily Price Chart (September 2017 – July 24, 2018)

Dollar Rallies on Trump Rumor; EURUSD Slips, Gold Confirms Downtrend

Gold Continues to Respect the Downtrend

The price of gold jumped Monday on the weaker dollar but sold off again in the afternoon, post-Trump rumor. The precious metal continues to held back by the downtrend that started off the April 11 high at $1,365/oz. On the downside, the $1,215/oz. is likely to tested again and if it fails to hold, $1,204/oz. comes into play ahead of $1,194/oz. On the upside, the downtrend cuts across at $1,236, the December 12 swing-low, and will provide stubborn resistance.

Gold Price Daily Chart (October 2017 – July 24, 2018)

Dollar Rallies on Trump Rumor; EURUSD Slips, Gold Confirms Downtrend

If you are new to foreign exchange, or if you would like to update your knowledge base, download our New to FX Guide and our Traits of Successful Traders to help you on your journey.

What’s your opinion on the US dollar and gold? Share your thoughts with us using the comments section at the end of the article or you can contact the author via email at Nicholas.cawley@ig.com or via Twitter @nickcawley1

--- Written by Nick Cawley, Analyst

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

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