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XAUUSD - Consolidates above Key $1300 Level on Global Concerns

 

 
In the last couple of weeks gold has been able to stop the strong falls and rally back above the key $1300 level where it is currently receiving some support from. Only a few weeks ago gold was cruising along pushing to new nine month highs on the back of solid support from the key $1300 level, before crashing lower pushing through any support at the $1300 level and moving to its lowest levels in six weeks. The $1300 level offered some resistance however it was fleeting as gold moved back above. 
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Market Recap: 4 - 8 March

 

 
On Tuesday last week we covered gold which spent the remainder of the week consolidating and stopping the rot that saw it fall so sharply in the couple of weeks prior. Only a few weeks ago gold was cruising along pushing to new nine month highs above $1345, on the back of solid support from the key $1300 level. Then gold crashed lower pushing through any possible support at the $1300 level and moving to its lowest levels in six weeks, which will be significant as this level is now offering some resistance in its attempt to rally higher.
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XAUUSD - Falls Sharply to Six Week Low as Trade Talks Enter Final Stages

 

 
What a difference a week can make. Only a couple of weeks ago gold was cruising along pushing to new nine month highs on the back of solid support from the key $1300 level. In the last week gold has crashed lower pushing through any possible support at the $1300 level and moving to its lowest levels in six weeks, which will be significant as this level may now offer some resistance should it attempt to rally higher. 
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Market Wrap – February 2019

Several significant issues have continued into the New Year including Brexit which is quickly approaching the key date in March, as well as the lingering trade talks between the United States and China which are having a flow on effect into many markets around the world.  To add to the concerns, the International Monetary Fund (IMF) has recently warned governments to prepare for a possible economic storm as growth undershoots expectations.

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Market Recap: 18 - 22 February

 

 
On Tuesday last week we covered the USDCAD which continued throughout the week to drift lower and move back down below the key 1.32 level. In the last few weeks the USDCAD has traded within a narrow range being ably supported by the current key level of 1.32, so the break lower at the end of last week may be significant. Despite an excursion below this level a few weeks ago for a week, the USDCAD has spent the best part of the last six weeks doing not much else than trading above 1.32.
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XAUUSD - Moves to Nine Month High Around $1330 on Global Growth Concerns

 

 
In the last few weeks, gold has enjoyed solid support from the key level of $1300, allowing it to push higher to a nine month in the last few days. A couple of weeks ago gold enjoyed a solid push higher, breaking through resistance at $1300 and establishing a new trading range above this level. The significance of $1300 is for several weeks, gold met stiff resistance at this level, after enjoying a healthy surge higher throughout December. The $1300 level is likely to continue to play a role should gold decline a little and look to ease lower.
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Market Recap: 4 - 8 February

 

 
On Tuesday last week we covered the AUDUSD which continued throughout the week to move strongly lower after running into resistance at the 0.73 level. Leading up the 0.73 level, the AUDUSD rallied well to move past the key 0.7150 level and reach a two month high around 0.73 before it was sold off.
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XAUUSD - Looking for Support at $1300 as Global Growth on Radar

 

 
In the last week or so, gold has eased lower from a nine month high back towards the key level of $1300, where it will be expecting to receive support from. Only last week gold enjoyed a solid push higher, breaking through resistance at $1300 and reaching the high. The significance of $1300 is for several weeks, gold met stiff resistance at this level, after enjoying a healthy surge higher throughout December. The $1300 level is now likely to offer support should gold decline a little and look to ease lower. 
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Market Recap: 28 January - 1 February

 

 
On Tuesday last week we covered the EURUSD which continued throughout the week to struggle with resistance from the current key level of 1.15. For the last couple of months now the EURUSD has been content to trade within a narrow range enjoying support from 1.13 and meeting resistance at the 1.15 level. It is interesting to note that its recent excursion a few weeks above 1.15 didn’t last long as it was quickly sold down at those three month highs.
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XAUUSD - Moves to Eight Month High Above $1300 on Likely Fed Pause

 

 
In the last few days gold has enjoyed a solid push higher, breaking through resistance at $1300 and reaching an eight month high just above this key level. For several weeks, gold met stiff resistance at the current key level of $1300, after enjoying a healthy surge higher throughout December. The $1300 level is now likely to offer support should gold decline a little and look to ease lower. The move higher in December saw gold move to a then six month high just shy of $1300 after enjoying some solid support from the key $1240 level and the $1200 level before that.
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