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Gold Falling. GBP Weaker on COVID Lockdowns.

   

Welcome to this week’s Market Blast Fundamentals where we will look at EURJPY, EURGBP, GBPUSD, WTI (US Oil), Gold (XAUUSD), and EURUSD.

 

With US Bond yields higher, the USD has been getting stronger against all major counterparts.Screenshot 2021-01-11 at 10.49.59

If we shift to the Daily charts we can see how significant this market correction is and we will look at this from the technical side tomorrow.

This higher USD is also keeping the price of Gold lower as it is now ranging between $1850 and $1820.Screenshot 2021-01-11 at 10.50.30

Having said that, if we look at Gold paired against other currencies we actually see a very similar story with pairs such as XAUEUR and XAUAUD where price is at levels from November of last year.

Again, if US Bond yields continue to rise we may see gold falling further unless we have some major bad geo-political news.

We are seeing Pound Sterling weaker against all other currencies as COVID lockdowns are hitting the United Kingdom very badly.

Also, watch for Economic News from London this Friday with Manufacturing Production and GDP figures.Screenshot 2021-01-11 at 10.50.49

Watch out today and Wednesday for speeches by Christine Lagarde from the European Central Bank as we see the Euro weaker this morning against the USD, CHF and JPY.

Thanks for watching and don’t forget to subscribe to our YouTube Channel and register on the Valutrades website to get notifications on new content as it happens.

That’s all for now.  Happy trading with Valutrades and we will see you tomorrow.

CFDs and FX are leveraged products and your capital may be at risk.

Disclaimer:

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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