Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
25 Jul 2018

Gold climbs back above $1225 level amid weaker USD

   •  Renewed USD weakness helps regain some positive traction on Wednesday.
   •  Cautiousness ahead of Trump-Junker trade talks provides an additional boost.
   •  Fed rate hike prospects might continue to keep a lid on any meaningful up-move.

Gold edged higher through the early European session on Wednesday and is currently placed at the top end of its daily trading range, above $1225 level. 

After yesterday's good two-way moves, the precious metal regained some positive traction and could be headed back towards overnight swing high. Some renewed US Dollar weakness was seen as one of the key factors boosting demand for dollar-denominated commodities - like gold. 

This coupled with some nervousness ahead of a crucial trade-related meeting between the US President Donald Trump and European Commission President Jean-Claude Juncker extended some additional support to the precious metal's safe-haven appeal. 

Meanwhile, the ongoing slide in the US Treasury bond yields remained supportive of a mildly positive tone surrounding the non-yielding yellow metal, albeit Fed rate hike prospects might continue to keep a lid on any meaningful up-move.

Looking at the broader picture, the commodity has struggled to register any meaningful recovery from one-year lows set last Thursday and the recent price action clearly suggests increasing selling interest on every attempted up-move.

Hence, it would be prudent to wait for a strong follow-through buying interest before confirming that the commodity might have bottomed out and traders start positioning for any further up-move in the near-term.

Technical levels to watch

The $1230 area might continue to act as an immediate strong resistance, above which a fresh bout of short-covering could lift the metal further towards $1240-42 supply zone. On the flip side, the $1222-21 zone now seems to have emerged as an immediate support, which if broken might turn the commodity vulnerable to head back towards testing YTD lows, around the $1212-11 region.
 

Jul 25, 2018

EUR/USD Technical Analysis: further rangebound likely near term. Extra upside needs to regain 1.1853.

EUR/USD daily chart         Daily high: 1.1700 Daily low: 1.1665 Support Levels S1: 1.1655 S2: 1.1623 S3: 1.1592 Resistance Levels R1: 1
Read more Previous
Jul 25, 2018

Russia’s Novak: Russia boosts 2018 oil output estimate to 551m tons

Russia’s Energy Minister Alexander Novak is on the wires now, via Bloomberg, announcing the oil output estimates for 2018 and 2019. Key Points: Russ
Read more Next