Dua tahun ini, kita menyaksikan pergerakan harga minyak terbesar dalam tempoh 14 tahun, yang membingungkan pasaran, pelabur dan pedagang akibat ketegangan geopolitik dan peralihan ke tenaga bersih.
Gold keeps rallying amid weak dollar
2020-10-05 • Dikemaskini
The yellow metal is boosted by the poor performance of the USD. What is the forecast?
Fundamentals
On Friday, US President Donald Trump announced that he had been positively tested on Covid-19. As a result, the market sentiment deteriorated immediately. Then, the downbeat NFP came out, driving safe-haven currencies to the upside, especially the Japanese yen and the US dollar.
However, today investors have been encouraged by optimistic comments on Trump’s recovery, their confidence strengthened. Consequently, the greenback waned and gold rose. Indeed, the main driver of XAU/USD is the dollar, which is quite volatile amid upcoming presidential elections, which are scheduled for November 3. Besides, continuing fiscal stimulus talks weigh on the market sentiment. Republicans argue for $1.5 trillion, while Democrats insist on $2.2 trillion.
“There is need for new stimulus measures to rally (gold) prices. Without this mojo, there are signs of fatigue creeping into precious metals,” according to Phillip Futures.
Technical tips
Gold has approached a key resistance of $ 1910. This level was acting as strong support since August, but now it plays a role of resistance. If it manages to break it, the doors towards the upper trendline at $1 920 will be open. The way above $1 920 will confirm further bullish momentum and drive the yellow metal upwards to a high of early August at $1 940. On the flip side, if it falls below the key psychological mark of $1 900, the way to September’s dips of $1 850 will be clear.
Serupa
Selepas beberapa bulan menerima tekanan dari Rumah Putih, Arab Saudi mengalah dan bersetuju untuk meningkatkan pengeluaran bersama dengan ahli-ahli OPEC+ yang lain.
Brexit selesai. Apa yang akan terjadi pada ekonomi UK dan pound? Ketahui di dalam artikel kami.
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