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Old 10-04-2019, 11:14
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Default Re: Tifia Daily Market Analytics

XAU/USD: the demand for gold is growing again
10/04/2019
Current Dynamics

In less than an hour, the ECB’s rate decision will be published. It is widely expected that the main interest rates of the ECB will remain at the same level of 0% and -0.4%, and the management of the ECB will again speak out in favor of maintaining a soft monetary policy.
At 16:00 (GMT) the EU summit dedicated to Brexit will begin. EU leaders during the summit will discuss the possibility of extending the UK exit from the block. The EU leaders are likely to give Britain more time.
At 18:00 (GMT), the minutes from the March meeting of the Federal Open Market Committee of the Fed will be published (“FOMC Minutes”).
Many economists expect US interest rates to remain unchanged in 2019 and to be reduced in 2020. This is a negative factor for the dollar and a positive one for gold quotes. The harsh rhetoric of Fed officials about the prospects for monetary policy will push the dollar to further growth, and gold prices may weaken. However, a significant drop in gold prices in the current environment (slowing global economy and rising political and trade tensions in the world) is also not expected.
*)An advanced fundamental analysis is available on the Tifia Forex Broker website at tifia.com/analytics

XAU / USD trades in a narrow range on the eve of important events, near the mark of 1306.00 dollars per ounce, above the short-term support levels of 1299.00 (EMA50 on the daily chart), 1301.00 (EMA200 on the 4-hour chart) and above the key support levels of 1277.00 (Fibonacci level 61, 8% of the correction to the wave of decline since July 2016), 1274.00 (EMA200 on the daily chart). Long term uptrend persists.
In the case of a breakdown of support levels of 1301.00, 1299.00, XAU / USD will decline in the direction of key support levels of 1277.00, 1274.00.
The XAU / USD growth targets are resistance levels of 1312.00, 1323.00, 1345.00 (highs of February and 2019).
Support Levels: 1301.00, 1299.00, 1285.00, 1277.00, 1274.00, 1266.00, 1248.00
Resistance Levels: 1312.00, 1323.00, 1345.00, 1357.00, 1365.00, 1370.00

Trading recommendations

Sell Stop 1298.00. Stop Loss 1308.00. Take-Profit 1285.00, 1277.00, 1274.00, 1266.00, 1248.00, 1234.00, 1220.00, 1197.00, 1185.00, 1160.00
Buy Stop 1308.00. Stop Loss 1298.00. Take-Profit 1312.00, 1323.00, 1345.00, 1357.00, 1365.00, 1370.00



*) For up-to-date and detailed analytics and news on the forex market visit Tifia Forex Broker website tifia.com
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