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Business / Finance

Weekly Analytics Fundamental analysis of the Forex market Gold is experiencing difficulties

FreshForex news RSS 09.09.2019 at 07:48

News Forex from FreshForex

The forecast for the week 2-6 September:

XAUUSD:

the First week of September gold has finished in the “red zone” in the new five-day week, I expect a continuation of the downtrend. Gold in August, was in high demand against the backdrop of escalating trade war, the United States and China. Investors perceive the “yellow metal” as a defensive asset in the sales periods in the stock markets, gold is in high demand. Now we have a completely different situation. Washington and Beijing have declared a truce in the trade war and in early October to hold talks. Moreover, China Central Bank lowers reserve requirements for commercial banks, which in turn will cause an upward trend on Asian stock markets. Against this background, investors will increase sales of the precious metal and the price will go below the psychological level of 1500.

Trade recommendation: Sell take profit 1512/1521 and 1494.

XAGUSD:

Silver failed to hold above a two-year high – investors fix profit on long positions, which caused a technical correction. In the first half of the week I look forward to the continuation of technical correction and reduction of quotations in the area of 17.85. Thursday 12 September, the ECB will hold a regular meeting on monetary policy, where it may announce lower interest rates on deposits. This factor will lead to decrease in quotations of EURUSD, which in turn will negatively affect the value of silver.

Trade recommendation: Sell 18.28/18.64 17.92 and take profit.

#WTI:

opening Buy position for two reasons. First, the number of drilling platforms in the United States decreased to 738 units, which is the minimum in December 2017. This factor indicates the decrease in the extraction of hydrocarbons. According to the latest report of the U.S. Department of energy's oil production fell to 100 thousand barrels. The decrease in the production of traditionally promotes the growth of oil prices. Secondly, the oil reserves in the United States is declining, which will positively affect oil prices. For the last three months the oil reserves in the us stores fell by 59 million barrels.

Trade recommendation: Buy 56.10/55.33 and take profit 57.55.