Morning Insights 23rd March

Simon Alagbe

Analyst


Instrument: GOLD

Technical Analysis

Bullish Preference: Buy position is envisaged if price trades above 1741.78 with take profit at 1744.09

Bearish Preference: Sell position is envisaged if price trades below 1733.26 with take profit at 1731.19

Fundamentals :

Fed Chair Powell Testifies (USD) 3 pm

Comment: Gold was down on Tuesday morning in Asia as the dollar strengthened, and fresh COVID-19 restrictive measures were introduced across Europe. U.S. Federal Reserve Chairman Jerome Powell said that the U.S. economy had progressed “more quickly than expected and looks to be strengthening” but added that it still far from full recovery.





Instrument: GBPUSD

Technical Analysis

Bullish Preference: Buy position is envisaged if price trades above 1.38471 with take profit at 1.38688

Bearish Preference: Sell position is envisaged if price trades below 1.38219 with take profit at 1.38030

Fundamentals :

MPC Member Haldane Speaks (GBP) 9:40 am

BOE Gov Bailey Speaks (GBP) 12:50 pm

Fed Chair Powell Testifies (USD) 3:00 pm

Comment: The dollar strengthened in early European trading Tuesday, with focus turning towards testimony from Fed chief Jerome Powell and Treasury Secretary Janet Yellen and what this may mean for bond yields. The dollar has appreciated some 2% this month, boosted in part by rises in U.S. Treasury yields, something that Fed officials have signalled that they are prepared to live with.

Use your preferred trading platform

Register Now


Payment Options

What Clients Say?