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Gold (XAUUSD) at Key Level. USD Continuing Weaker. Davos WEF this Week.

   

Hey Valutraders! Did you see this key level on Gold?

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I’m Brad Alexander and in this week’s Market Blast Fundamentals let’s take a look at USDJPY, the S&P 500 (US500), USDCHF, and Gold (XAUUSD).


Last week we talked about Gold breaking resistance and going higher.Screenshot 2023-01-16 at 17.09.27

Well, it did and we are now at the next key level, in the low $1900s, mostly thanks to the weakness of the USD.

Of course, even though we are getting positive signs, analysts are still expecting a recession this year so a Gold hedge has been attractive since November of last year.Screenshot 2023-01-16 at 17.09.37

The USD is tied for the weakest currency with the CHF, which is interesting considering that the CHF is normally a safe haven and we can see consolidation on this pair.

Keep in mind that the US markets are closed today so don’t expect much movement on the USD or US Indices.Screenshot 2023-01-16 at 17.09.45

Let’s see as we are now seeing bull markets on the S&P500 and the Dow Jones Industrial Average.

This tells us that many investors are ignoring recession talks and have bought the dip.Screenshot 2023-01-16 at 17.09.55

The JPY is finally showing serious strength as the BoJ governor Kuroda approaches retirement and optimism about the Japanese economy.Screenshot 2023-01-16 at 17.10.02

USDJPY is approaching this key level of support below 127.

But, watch out for his Interest Rate decision and speech on Wednesday.Screenshot 2023-01-16 at 17.10.10

Inflation is still a big global concern so we will be watching the Canadian and UK Consumer Price Index and the US Producer Price Index this week as well.

And, after 3 years off, due to COVID, we have a proper live World Economic Forum in Davos, Switzerland, so expect news and volatility.

Thanks for watching and don’t forget to subscribe to Valutrades Signals and the link will be in this video’s description below.
 
Also, 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 next time.

CFDs and FX are leveraged products and your capital may be at risk.16 January 2023 Fundamentals EN TN

 

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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