Forex & Commodities Signals

USD: The FOMC's Brainard should give risk assets some breathing space

FX markets have stabilized overnight, assisted in part by comments from Lael Brainard of the Federal Open Market Committee, who reported that she has been paying close attention to recent moves in US Treasury yields. Since UST uncertainty is currently the biggest risk to risk assets and cyclical FX, these remarks should give higher beta FX some breathing space. In the United States, the priority is on February ISM Facilities. We expect a minor correction from the January reading, which should help risk assets stay stable.
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📕 Comment on Gold on 04/03/2021:

‼️ After Tuesday's gain, yesterday world gold price turned down from 1740 to 1701 ($ 39) closed the daily candle with a strong bearish candle at 1709 penetrating the support zone. 1716. With the price decreasing gradually with the lower bottom lower than the previous one, in my opinion the 1701 support price zone will no longer be reliable, there is a high possibility that Gold will continue falling at the next support level 1685- 1689.
- After creating a new bottom at 1701, the precious metal Gold is showing signs of recovery, but not so that we buy up with downside pressure from large time frames is still quite strong. So in my opinion today we will wait for this precious metal to recover to around 1722-1728 to establish a sell position. The target should hold back to 1701 and expect to reach the intraday support at 1689.

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USD: showing tenacity

Global yields have stabilized, paving the way for a large rebound in risk assets, with the S&P500 having its best day in nine months. In terms of foreign exchange, G10 commodity currencies led the way, but the dollar held its ground despite poor demand for low-yielding assets. The Swiss franc remained a big laggard, as markets may have used the opportunity to unwind CHF long positions that had been built up during the pandemic. If risk assets remain supported, the USD/CHF could break above 0.9200. Asian equities have indicated that risk appetite is waning, and stock index futures in Europe and America point to a poor start. Data-wise, it's been a reasonably quiet day after a solid ISM Manufacturing report appeared to back up inflation fears. For the time being, with low-yielders bearing the brunt of any equity rally, the US dollar can prove resilient if risk assets return to positive territory.
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Currency pair: XAUUSD
Indicator: Buy current price 1725
STOP LOSS: 1719
Take Profit: 17XX 17XX
Deal number: 1
Indicator date: March 2, 2021

Currency pair: XAUUSD
Indicator: Sell limit price 1715 and sell limit price 1720
STOP LOSS: 1730
Take Profit (1715 order) : 17XX 17Xx 17XX
Take Profit (1720 order) : 17XX 17XX 17XX
Deal number: 1
Indicator date: March 2, 2021

Currency pair: GBPUSD
Indicator: Sell current price 1.3884
STOP LOSS: 1.3944
Take Profit: 1.38XX 1.38XX 1.38XX
Deal number: 2
Indicator date: March 2, 2021

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📕 Comment on Gold on March 2, 2021:

‼️ ️ At the end of the session yesterday, the world gold price dropped sharply from 1760 to 1719 (41 $). Once again test the price range that last Friday fell to 1719. With the world gold price, although there was a quite strong decline day as yesterday morning's assessment, it has not yet continued to break the new price range. , still only stop at 1719. So in my opinion, it is likely that the world gold price in Asia session today will have a rebound from the current price range.
- As many previous analysis reports, I said that the world gold price in the coming time will continue to decrease, so we will only buy short-term to wait for the price reaction. follow.
- On H4 timeframe we can see the nearest resistance level where Gold can recover is around 1740. At this level in my opinion we should take profits safely. and wait for price response. If today the price stands above the threshold of 1740, it is possible that the precious metal gold will continue to recover to the region of $ 1755-1760 / oz.
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