Technical Analyst, Saxo Bank
Gold spot XAUUSD touched key support at 1,80 yesterday and formed a Bullish Engulfing candle. A Bullish Engulfing candle is when the price opened lower than previous day’s close and closed higher than previous day’s open.
A Bullish engulfing candle shows that Buyers taking control from Sellers and an indication of a bottom and reversal i.e. XAUUSD is set for a rebound. A rebound that could take Gold to around 1,780 and the falling trend line.
For XAUUSD to continue the down trend a close below 1,680 is needed.
Silver spot XAGUSD is finding support at 0.618 retracement and the key support at around 18.35. See weekly chart.
On daily chart three times have XAGUSD tested the support level and could be ready for a correction. If XAGUSD breaks above 18.45 it could bounce to the 0.382 retracement at 21.22. If XAGUSD takes out the support at 18.35 with a daily close XAGUSD
The Gold/Silver XAUXAG ratio is still in an uptrend weekly chart the price is hugging the upper trend line in a rising channel. (weekly chart)
A correction should be seen but XAUXAG must break below 89.55 for that scenario to unfold. XAUXAG is trading in a rising channel (or is it a wide rising wedge – not yet confirmed) and could test the lower rising trendline. That will be tested if XAUXAG breaks below 89.55.
If XAUXAG breaks below the trendline minor support at the 0.618 retracement at 86.90 but XAUXAG could drop to 85.00 or even to 82.25.
If instead XAUXAG moves higher above 92.20 we could see a new higher above 93.67.
A new fragmented world order can render some of today's infrastructure obselete, but it also calls for massive new investments across the globe, which requires a new set of strategic and tactical investment strategies.
Steen Jakobsen,
Chief Investment Officer
As globalisation turns to fragmentation, China seems set on playing a role in the global economy, while simultaneously working towards proofing its own economic situation from external shocks and crises.
Redmond Wong,
Market Strategist
The recent bank runs and ensuing challenges are reminicent of something we've seen before. Will it end like the S&L crises of 1986 and 1995?
Chris Dembik,
Head of Macroeconomic Research
Equity markets need to recalibrate to another - fragmented - global world. What's your view on equities in this market - are they going up or down?
Peter Garnry,
Head of Equity Strategy
With every development comes new opportunites, some of which could be in India. Have you considered the country as a part of your diversification strategy?
Charu Chanana,
Market Strategist
A collar is an option strategy that allows some protection while maintaining some upside potential. What investment would you like to use a collar strategy for?
Hans Oudshoorn,
Trainer Academy
There are arguments to be made for many commodities to have upside. Which are you paying the most attention to this quarter?
Ole S. Hansen,
Head of Commodity Strategy
In a very challenging macro environment, which currencies do you think will come out on top?
John J. Hardy,
Head of FX Strategy