Gold (XAUUSD) breaking Resistance? USD Continuing Weaker.  Davos Summary.

This week’s webinar: https://www.valutrades.com/cointegration-correlation-currency-pair-trading-strategy

Hey Valutraders! Did you see gold trying to break resistance?

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I’m Brad Alexander and in this week’s Market Blast Fundamentals let’s take a look at USDJPY, USDCAD, and Gold (XAUUSD).

Yes.  The key level of resistance on Gold might be susceptible to price action as price reached $1937 late last week.

We are still seeing USD weakness overall with consolidation on USDCAD and a bit of strength against the JPY.

Last week we highlighted the Davos World Economic Forum where a wide variety of topics came up…mostly about climate change.

We, of course, were looking for the global consensus on Inflation and Recession.

The good news is…the attitude of the delegates, global leaders and captains of industry and finance, was that things may not be as bad as we thought.

USD weakness is part of the equation as a strong USD is generally bad for trade and debt.

CAD is showing the same weakness as USD with USDCAD at a key level of support.

But watch out this week for a Bank of Canada Interest Rate decision and we will look for opportunities in tomorrow’s video.

Christine Lagarde says that the ECB wants to get inflation under control and investors can listen to her three times this week.

Also, we have a variety of economic announcements from the US this week.

And, don’t forget to register for this week’s webinar on Trading Currency Pairs.

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

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