Gold Records New All-Time High $23 Above Previous One

Updated:

Gold (XAU/USD) continued on a strong bullish trend through the early European session and was last spotted trading close to its new all-time high.

Growing worries over the deteriorating US-China relations drove investors to seek refuge in traditional safe-haven assets. This, consequently, caused gold to maintain its bullish momentum through Monday, making it the seventh consecutive bullish session.

Also, increasing concerns over the halt of any recovery in the US economy coupled with intense selling around the US dollar bolstered the dollar-denominated commodity even further.

Meanwhile, it appears as though the possibility of the US Fed adding additional stimulus to bolster the economy is already getting priced-in across markets. This could be observed in the prevailing decline in the US Treasury bond yields, which supported the non-yielding precious metal even further.

Moving on, market participants will be looking at the US economic docket—which features the US Durable Goods Order data release—for subsequent trading opportunities later today.

XAUUSD – Hourly Chart

Gold (XAU) Value Forecast — July 27

XAU/USD Major Bias: Bullish

Supply Levels: $1,944, $1,950, and $1,960

Demand Levels: $1,930, $1,915, and $1,900

Gold has gotten a taste of intense bullishness and appears to not be relinquishing it anytime soon. The yellow metal picked up additional momentum over the weekend following several favorable fundamental factors. Also, the strong “follow-through” buying pressure can be attributed to the defeat of the previous all-time high level ($1,921) set in September 2011, where buyers seized the opportunity and took the commodity even higher.

We have, once again, wandered into overbought conditions, and buyers will be cautious at this level considering the growing risk-on mood.

That said, we will be waiting for a slight pullback in the near-term where gold would most likely pick up more dip-buyers before expecting further climbs.

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This Week: Focus Shifts to Growth Figures, US, and China, Coronavirus

Updated:

Florida has surpassed New York in confirmed coronavirus cases, according to weekend news. The country reported 67,000 new infections on Saturday and the death toll topped 149K. Meanwhile, in Europe, the second wave hits Spain and Germany.

Preliminary estimates of business activity for July were mostly bullish outside the US, with Australia, the UK, and Europe returning to gains. The numbers, however, lagged behind support for stocks, which closed in the red globally.

The common currency rose amid hopes related to the EU recovery fund last week. The pound, on the other hand, has moved modestly forward amid the perennial Brexit unrest. It seems unlikely that the EU and the UK will strike a trade deal before the end of the year, according to the EU’s chief negotiator Michel Barnier.

The Japanese yen and Swiss franc strengthened sharply against the US dollar. On the other hand, commodity currencies were trapped between the weakness of the dollar and poor performance in stocks.

Gold skyrocketed to $ 1,900 per troy ounce, the highest level since September 2011. The bright metal is trading about $ 20 below its all-time high.
China-US Trade Tensions
Tensions between China and the United States have yet to affect trade relations between the two economies. Panic selling could take over the financial world if the war of words turns into the trade.

Tensions between the US and China and coronavirus events in the world’s largest economy were the main reason for the dollar’s weakness.

The EU and the US are to publish their preliminary Q2 GDP estimates. Growth in the eyes of the storm in the context of a pandemic. The depth and duration of the economic downturn are still unclear.

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Strong PMI Supports European Currencies As Risk Aversion Sets in Motion

Updated:

The yen and Swiss franc are trading at their strongest to date as equity markets weaken on escalating tensions between the US and China.

Although negative sentiment in Europe was partially offset by much stronger than expected PMIs in the Eurozone and the UK.

There are signs of V recovery, although the development will largely depend on the second wave of coronavirus infections. Both the euro and sterling are stable today. On the other hand, the Australian dollar outperforms other commodity currencies as the worst productive.

Eurozone PMI Rises to 54.8, a 25-Month High, Indications of Initial V Recovery
The Eurozone Manufacturing PMI rose to 51.1 in July from 47.4, a 19-month high. PMI Services rose to 55.1 from 48.3, a 25-month high.

The Composite PMI rose to 54.8 from 48.5, a 25-month high.

Chris Williamson, Chief Business Economist at IHS Markit, said: “Companies across the eurozone reported an encouraging start to the third quarter, with production growing at its fastest pace for just over two years in July as locks continued to abate and the economy resumed.

However, while the research output indicates an initial V-shaped recovery, other indicators such as backlog and employment warn of negative risks to the outlook. The concern is that recovery may stall after this initial recovery.

Manufacturing PMI in Germany rose to 50.0 in July from 45.2, better than expected at 48.3. The service business activity index rose to 56.7 from 47.3, hitting a 30-month high. The Composite PMI rose to 55.5 from 47.0, a 23-month high. This is also the first expansionist reading since February.

Manufacturing PMI in France rose to 52.0 in June, down from 52.3, failing expectations of 53.2. The services PMI rose to 57.8 from 50.7, well beyond expectations of 52.3. This is also the highest level in 30 months. The Composite PMI rose to 57.6 from 51.7, also hitting a 30-month high.

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Analysts Remain Concerned Over Nasdaq 100’s “Bubble Effects”

Updated:

Barely three days after the Nasdaq 100 (NDX) biggest surge since April, most of those gains have been erased and warnings that tech stocks are in a bubble are getting louder.

Wall Street veteran, Ned Davis, lent a voice to the increasing worries over the bubble, citing the rate at which the index was advancing and the soaring share volume as evidence. Meanwhile, the NDX dropped by 2.8% on Thursday, erasing all its gains for the week.

In other news, Tesla (NASDAQ: TSLA) Inc., reported better-than-expected earnings for the fourth consecutive quarter, snapping a hurdle that could cause the electric carmaker to be included in the S&P 500 Index.

Also, Twitter (TWTR) Inc. rose by 6% after a goodish yearly growth of daily users report, despite recent sinking ad sales.

However, of major concern to bulls was the drop in Microsoft (NASDAQ: MSFT) Corp., which dropped by 1.6% as its flagship cloud computing business Azure reported quarterly sales growth below 50% for the first time.

The largest internet and software companies—gathered under the Fang umbrella—has now dropped for several sessions in a row, recording a 4.6% loss since March.

NDX – Hourly Chart

Nasdaq 100 (NDX) Value Forecast — July 24

NDX Major Bias: Bullish

Supply Levels: 10776.3, 10919.4, and 11071.5

Demand Levels: 10372.0, 10063.3, and 9757.1

Although the NDX has been on a bearish streak for some days now, it appears to have found strong support at the 10372.0 level. The NDX is expected to move back into the range of our ascending channel, with the 10776.3 being the immediate target. This bullish move seems even more likely considering that we are now treading in oversold conditions.

On the flip side, a sustained move below the immediate support could open the NDX up to see the 10000.0 level once again.

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Gold Continues on Its Bullish Spree, Snaps $1,880 Resistance

Updated:

Gold (XAU/USD) climbed higher for the fifth consecutive trading session and snapped fresh multi-year highs, around the $1,880-82 region in the early European session.

This surge was precipitated by a modest dip to the $1,863 level, where it was met with heavy dip-buying coupled with a combination of other favorable factors. Majorly, the growing worries over the deteriorating US-China relations diminished investors’ risk appetite, which contributed to the safe-haven appeal for gold.

The United States unexpectedly ordered China to shut down its consulate in Houston by Friday over allegations of spying. China responded immediately and vowed to retaliate in strong countermeasures, stimulating worries over a further escalation of diplomatic tensions between the world powers.

Meanwhile, the recent uptick can also be linked to the fresh supply of the US dollar. Also, the second wave of Coronavirus infections in the US has ‘thrown a wet blanket’ over any optimism for a sharp recovery in the economy, which diminished the demand for the greenback even further.

Additionally, the political stalemate between the Democrats and the Republicans over the next round of the US fiscal stimulus further undermined the USD and bolstered the dollar-denominated commodity.

Nonetheless, the recent optimism over a potential vaccine for the highly contagious virus has kept some hope in the markets and has bolstered risk appetite in the equities market. This, consequently, could keep a lid on further gains for gold in the near-term, considering we are still in overbought territory.

XAUUSD – Hourly Chart

Gold (XAU) Value Forecast — July 23

XAU/USD Major Bias: Bullish

Supply Levels: $1,888, $1,900, and $1,917

Demand Levels: $1,870, $1,864, and $1,860

Gold has refused to show any sign of a slowdown in its bullishness. Despite being well into overbought conditions, the yellow metal continues to conquer even more resistance levels. At press time, gold is contending with the $1,882 resistance and once again, a retrace is likely to occur to ease the overbought conditions.

Given the recent (technical) performance, gold is unlikely to become bearish anytime soon.

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Why You Should Invest in Online Casino Stocks This Year

Updated:

Diversifying your investment portfolio gives you the free reign to put your money wherever you please. You have the option to invest in properties, bonds, and mutual funds to grow your money. Many are also looking into gold investments and direct investments to startups. Yet, there is one area that is also gaining the interest of investors and that is online casino stocks. While it may seem like an obscure investment option, but the gaming industry is ripe with opportunities when it comes to generating revenue.

As an investor, whether you’re a beginner or a seasoned one, it’s normal to be reluctant to venture into a field that you’re unfamiliar with. But whatever your level here is why should consider investing in online gaming stocks.

Online casino boom
The online gaming industry is currently experiencing exponential growth, with GlobeNewswire reporting how it’s expected to grow by 9.98% in Compound Annual Growth Rate by the end of 2025. It’s undoubtedly an incredibly lucrative sector, despite the threat of government intervention and tightening regulations. It is these numbers that are leading investors to become hyperaware of the industry’s strong prospects.

Rapid innovation will increase stock value
The gaming market can be intimidating because of how rapid the changes are, but it is these constant innovations that make it a viable investment vehicle. Online gaming has superseded traditional gaming, especially with VR technology becoming prevalent, and cashless payments close to being the norm.
Another way many gaming companies have grown in recent years has been through expanding their market reach. Gaming giant Micro Gaming is at the forefront of this drive, and one way they are growing is through creating dedicated online slot games around famous titles. Foxy Games reports that Tomb Raider was the first video game-based slot that was released by Micro Gaming, with sequels following. By targeting two huge gaming markets under one title this shows that online casino companies, like Micro Gaming, understand how to build a bigger audience base. With gaming really concentrating on finding new audiences it is no wonder that the industry is expected to grow by 9.98% in the next 5 years, which will have a direct correlation on the value of their stocks.

Expansion is leading to revenue growth
The online casino industry is flourishing and another reason for this is how it has incorporated sportsbooks under its wing. For instance, popular businesses like Ladbrokes has a casino platform where players can watch sports, use the sportsbook, and play online games all under one brand. For those looking to invest in international companies, Caesars Entertainment Corp have recently taken advantage of the US casino industry now being allowed to incorporate sportsbooks into their operations due to a relaxing of regulations. Additionally, UK online gaming companies have also started to establish partnerships with sports organisations like football teams to boost publicity for better business, particularly through sponsorships. This market growth shows how revenues are projected to skyrocket, making investing in online casino stocks a viable short-term (especially now) and long-term investment.

For more investment options check out our post on gold investing.

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Greenback’s Plunge Persists on Tensions Between the US and China, Coronavirus

Updated:

The dollar continued to lose ground against most of its major rivals, but the JPY hit new multi-month lows across the board. The US dollar pulled away from stocks, Asian and European indices declined, and US indices mixed during the day. The decline appears to be a continuation of Tuesday’s unidirectional movement.

Market sentiment was poor amid escalating tensions between the US and China. The US State Department ordered Beijing to close its consulate in Houston within 72 hours while China is considering closing the US consulate in Wuhan. There was no news related to the trade agreement between the two countries, but this tense situation is bad news for future world trade.

The U.S. Senate is struggling to negotiate the next coronavirus relief package, which could potentially mean another $1 trillion.
Coronavirus Resurgence
Coronavirus: The pandemic continues to affect the global economy, with an estimated 240,000 cases reported in the past 24 hours, and more than 60,000 in the US. President Trump expressed concern about the outlook for a pandemic, saying the situation would get worse before will get better. The country will pay nearly $2 billion to receive hundreds of millions of doses of the Pfizer/BioNTech coronavirus vaccine that Americans will receive for free.

Gold rose to a multi-year high of $1,870 per troy ounce and will continue to rise. Crude oil prices are trading consistently at their recent highs, with WTI at around $42.00 a barrel.

Stocks are sinking in Asia and Europe. American indices struggled to post gains, with Wall Street mingling.

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Gold Reaches 9-Year High in One Fell Swoop

Updated:

Gold (XAU/USD) appears to have entered a consolidation phase around the $1,850 region after yesterday’s unprecedented bullish performance.

The yellow metal effectively capitalized on its recent bullish momentum and continued on its gaining spree for the fourth consecutive trading session. The strong move to its 9-year high point was supported by worries that the second wave of the virus infections in the US could stall the economic recovery.

This comes at a time when the US economy has entered a stalemate over the next round of economic stimulus, which has forced the US dollar bulls into a defensive position and has further boosted the appeal for the dollar-denominated commodity. The Democrats and Republicans have been tussling for a while now over a $3 trillion relief bill.

Regardless, hopes for a more fiscal stimulus continued to underpin demand for the non-yielding commodity.

Meanwhile, the recent risk-on mood in the equities market following the latest optimism over a potential Covid-19 vaccine, caused gold bulls to take a pause amid fresh overbought conditions in the near-term.

XAUUSD – Hourly Chart

Gold (XAU) Value Forecast — July 22

XAU/USD Major Bias: Bullish

Supply Levels: $1,855, $1,863, and $1,880

Demand Levels: $1,840, $1,827, and $1,818

Gold has outperformed our projections in yesterday’s session as it effortlessly snapped several resistance levels to record a 9-year high of $1,865. This surge was largely due to several fundamental factors as pointed out above.

Meanwhile, we are now in an ‘open playground’ and further upside appears more attainable at this point. The path upwards is currently the ‘path of least resistance, ’ which means we are likely to print fresh multi-year highs in the near-term.

However, gold is now fully in overbought territory and a modest dip from this level is imminent. The yellow metal is likely going to be met with strong dip-buying at $1,840 (if it gets to that level), which could send it higher in the near-term.

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Canada Retail Sales Recovery in May/June, a Ray of Hope

Updated:

Retail sales in Canada jumped sharply in May, and Statistics Canada preliminary data points to another strong month in June

Retail sales rose sharply 18.7% in May as more brick-and-mortar stores opened as cases of the virus declined across Canada and consumer confidence rose from April lows. Statistics Canada noted that 23% of retailers remained closed in May, up from one-third in April. The rebound was widespread in almost all subcategories, although it was driven by car and parts sales.

Early industry reports showed car sales continued into June. Sales of food and drinks (from stores) were down from April but remained 11.6% higher than a year ago as the pandemic kept visitors at home.

Increased demand for online shopping pushed e-commerce sales to more than 8% of total retail sales, up from 3% a year earlier. Total e-commerce sales in May remained flat, up 112.7% year-on-year, and this excludes sales made by foreign retailers.

The rebound was not large enough to bring activity back to pre-COVID levels. Excluding price impact, sales declined by almost a third in March and April and were still 18% below their February level in May. But Statistics Canada also released a preliminary estimate that (nominal) sales rose another 24.5% in June.

Ray of Hope for Canada’s Economy
With household spending accounting for more than half of the Canadian economy, it is great to see a sharp rebound in retail sales. The data continues to show that Canada avoided the worst-case scenario in the first half of 2020 and has tracked some of the most positive outlooks with swift and aggressive government aid.

“Government restrictions will be in place for a long period in one form or another, which means that the economy cannot fully recover. If government revenue support starts to decline, the pace of recovery could slow as the true impact of higher unemployment begins to be felt. ”

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Gold Snaps Multi-Session Resistance as Risk-Off Investors’ Sentiment Intensifies

Updated:

Gold (XAU/USD) has capitalized on its recent bounce and has now recorded new multi-year highs around the $1,827 resistance in the early European session on Tuesday.

The safe-haven appeal for the yellow metal was greatly supported by the European Union leaders’ agreement to an impressive €750 billion stimulus package coupled with the prospects for additional stimulus in the US.

This rally occurred when buyers were coming on board to take gold higher after it climbed above the $1,814-15 resistance level, which prompted a follow-through bull trend (technically) in the early trading hours on Tuesday.

Meanwhile, the fresh optimism over a potential Covid-19 vaccine kept the financial markets in a risk-on mood. This sentiment tends to undermine the safe-haven appeal of gold and compels to traders to take some profits off the table.

Nonetheless, any pullback from this level will be considered a dip-buying opportunity considering that several strong support levels are in place.

XAUUSD – Hourly Chart

Gold (XAU) Value Forecast — July 21

XAU/USD Major Bias: Bullish

Supply Levels: $1,827, $1,830, and $1,840

Demand Levels: $1,818, $1,815, and $1,810

As we projected yesterday, gold has snapped the strong and protracted $1,815-18 resistance region, after it found fresh buyers above the $1,815 level. At press time, gold is flirting with the $1,827 resistance. It would be interesting to see how price reacts to this level.

Meanwhile, we are currently treading into overbought territory above the 4.00 line on our hourly MACD indicator. Reaching this level could precipitate a modest decline, which will inadvertently open gold up to more dip-buyers.

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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