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GOLD (XAUUSD) Weekly

News and Data:

  • February 17: USD Bank Holiday
  • February 19: USD Building Permits 1.55M vs 1.45M expected
  • February 19: USD Corn PPI m/m 0.5% vs 0.1% expected
  • February 19: USD PPI m/m 0.5% vs 0.1% expected
  • February 20: USD FOMC Meeting Minutes
  • February 20: USD Philly Fed Manufacturing Index 36.7 vs 10.1 expected
  • February 20: USD Crude Oil Inventory 0.4M vs 3.3M
  • February 21: USD Flash Manufacturing PMI 50.8 vs 51.5 expected

Market Update:

Investors continue to buy the safe-haven asset, yellow metal, amid the Coronavirus outbreak and economic slowdown fears although the price of gold was at the highest on Monday since early 2013. After bouncing off $1,700 mark from the retracement of the rally, gold prices are struggling to hold support at $1,650 an ounce following Monday’s massive rally to a fresh seven-year high. Despite Tuesday’s selling pressure, gold prices will continue to move higher through the second quarter

It is seen that there are buyers waiting to buy on dips as gold is the safe haven that people are keeping when dealing with the coronavirus and everything else that’s going on around the news right now. Apparently, it has continued to work for the time beings as if the market is simply buying first and asking questions later. With that being said, the gold market is very obviously bullish. To the downside, it is anticipated that the $1600 level could be the support for the longer-term trading.

Investors will now wait for today’s CB Consumer Confidence number release. But the question is “Will the coming series of economic news data be more important than the mentioned virus fears in the coming days and weeks?”

Technical Analysis:

Gold has started to gain good momentum. After breaking above the strong resistance at $1,611 on the 20th February 2020, price has so far peaked at a high of $1,689. Whether this high will cause further problems for price is anyone’s guess but as price has started to pull back, a break and close above this high will confirm a continuation to the upside.
If the current pullback drops any further, then the next obvious level that price my move towards is $1,611 which is the resistance turned support from the 8th January 2020 high. It’s the opportunity to buy dips for big reward as gold uptrend momentum is still very strong.

 

B.I.C Markets No Comments

GOLD (XAUUSD) Weekly

News and Data:

 

  • February 13: USD CPI m/m 0.1% vs 0.2% expected
  • February 13: USD Core CPI m/m 0.2% vs 0.2% expected
  • February 14: USD Core Retail Sales m/m 0.3% vs 0.03% expected
  • February 14: USD Retail Sales m/m 0.3% vs 0.3 expected
  • February 14: USD Prelim UoM Consumer Sentiment 100.9 vs 99.5 expected
  • February 17: USD Bank Holiday
  • February 19: USD Building Permits 1.55M vs 1.45M expected
  • February 19: USD Corn PPI m/m 0.5% vs 0.1% expected
  • February 19: USD PPI m/m 0.5% vs 0.1% expected
  • February 20: USD FOMC Meeting Minutes
  • February 20: USD Philly Fed Manufacturing Index

 

Market Update:

Gold price has climbed to its highest level since 2013 at $1,611.07 as continued worries over the COVID-19 epidemic in China put pressure in the world financial market. As the official new from the Center for Disease Control (CDC) on the number of people infected with coronavirus has grown without any sign of slowing down. There are over 64,000 confirmed cases of the virus in China, 588 international cases and 1,383 fatalities. The COVID-19 better known as the coronavirus is now more deadly than the 2003 outbreak of SARS when there were 8,098 reported infections and 774 fatalities worldwide. The price of yellow metal refused to bow before a stronger U.S. dollar, a rampant stock market and news of COVID-19 spreading worldwide Gold are continuing to rally.

 

Technical Analysis:

Despite the negative trade negotiations and rise on the Stock market, gold is kept resistant level $1612 and currently rising due to the weakness on the Bond market and fears of Coronavirus. At the moment gold is on the first Resistance, but all charts are firmly overbought. Gold is surely bullish on the long-term, but the prices above $1650 are overpriced as fair gold value lies at around $1,570. Gold is expected to test $1570 within 3 sessions. What will cause this fall on Gold is a combination of trade optimism (Stocks rise, Investors taking Profits on $1600 levels on their Buy positions) but mostly overbought levels.

 

 

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GOLD (XAUUSD) Weekly

GOLD (XAUUSD) Weekly Forecast (12/02/2020 – 18/02/2020)

News and Data:

– February 05: USD ADP Non-Farm Employment Change 291K vs 157K expected
– February 05: USD ISM Non-Manufacturing PMI 55.5 vs 55.1 expected
– February 05: USD Crude Oil Inventories 3.4M vs 2.9M expected
– February 07: Average Hourly Earnings m/m 0.2% vs 0.3% expected
– February 07: USD Non-Farm Employment Change 225K vs 163K expected
– February 07: USD Unemployment Rate 3.6% vs 3.5% expected

Market Update:

The dollar has rallied for the 6th consecutive trading session, as gold prices moved higher on Monday. The world economy still affected With the Coronavirus spreading, investors are eyeing to dollar-denominated assets. US yields moved lower as riskier assets continued to gain traction. Gold prices generally come under pressure when the dollar rises, but the safe-haven status of gold has kept the metal afloat.

There were pretty much mixed feelings, and the markets were going sideways. The market was advancing following Friday’s Nonfarm Payrolls release, but then it has quickly reversed lower. However, we didn’t see that much of changes. And later in the day stocks were declining ahead of weekend’s pause and some China virus uncertainty:

With news updates from the World Health Organization (WHO) warning the spread of Coronavirus among people who had not been to China could be “the spark that becomes a bigger fire” and investor are closely monitoring the situation closely as reporting are still incoming out from the World Health Organization (WHO). However, gold is trading lower early Tuesday after yesterday rally drove the market to its highest level in a week. The precious metal is trading weaker despite doubts about how quickly China’s factories could get back to work given that the Coronavirus continues to spread and deaths mount.

It appears positive for gold prices on the news; however, gains will be limited as long as the U.S. Dollar remains firm, Treasury yields steady and demand for risk strong. In addition, traders are anticipating a hawkish tone from Federal Reserve Chairman Jerome Powell on Tuesday and Wednesday, since he’s not likely to find any reason to alter the central bank’s current “wait and see” policy.

 

Technical Analysis:

Gold has made an important bullish step towards reversal as it recovered on the Hourly 4 chart. That makes Hourly 4 chart practically neutral but on the positive side supported above 1,550.70, which has held on multiple occasions. Hourly 4 is still neutral as said, but channel up has expanded giving me positive signs that gold should test 1,583.80 within 2 sessions. However, on the medium term, 1,562.70 dip is possible, but it is nothing more than small consolidation and yet again bullish outlook will prevail.

 

 

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BIC Markets wins Best ECN/STP Broker for 2019

BIC Markets, Cambodia’s leading derivative brokerage and financial services trading company has been awarded the title of ‘Best ECN/STP Broker’ for 2019.  The globally recognized award confirms BIC Markets as the provider of choice in this competitive marketplace.

In accepting the award, Mrs. Bun Sovatdy, commented: “Forex trading in Cambodia is growing fast.  It is a dynamic and liquid marketplace which offers excellent investment opportunities.  We are extremely pleased that we have won the Best ECN/STP Broker award.  Throughout 2019 we made significant investments in technology and launched MetaTrader 5, the first multi-asset trading platform in the region.  This will bring substantial benefits to traders in Cambodia and across ASEAN.  We continue to invest in our products, platforms and service to provide our clients with high quality trading.”

 

About Forex Awards

Forex awards is an evaluation and rating site tracing its history from 2010. Since then we keep on doing our continuous day-by-day work to find, test, evaluate, and bring to the limelight all the forex and binary options companies that deserve clients’ attention and praise. Our ultimate goal is to make the world of online currency and binary trading more transparent, fair and rewarding.