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Trading Gold Short Continues. EUR Weakness Opportunities.

   

Welcome to this week’s Market Blast Fundamentals.

I’m Brad Alexander and on behalf of Valutrades today we will take a look at WTI, US Oil, Brent Crude, UK Oil, EURUSD, EURCAD, Gold, XAUUSD.

 

We’ve been short on Gold for a few weeks now and we’ve spotted both fundamental and technical opportunities.Screenshot 2021-03-08 at 10.48.45

This morning, Gold opened higher with a gap to the upside, due to attacks on oil facilities in Saudi Arabia and we see this as an opportunity to sell again and let the market “fill the gap”.Screenshot 2021-03-08 at 10.49.05

Euro weakness continues against currencies like the USD, GBP and CAD.

One of the biggest fundamental problems with the EUR is the poor COVID vaccine distribution which will impede economic recovery compared to other economic regions.

If we look at EURUSD on the daily chart, for example, we see that we may have a long way to fall if other major economies do better than Europe.

Last week’s US Non-Farm Payroll report was better than expected and USD strength has driven EURUSD lower.

Also, this week we have a lot of economic news which will affect the EUR like Employment Change and GDP tomorrow, and an Interest Rate decision and press conference Thursday.

The Bank of Canada will also be announcing an Interest Rate decision Wednesday with Employment Change Friday.

The Canadian Dollar is stronger against all other currencies based on the increasing price of crude.Screenshot 2021-03-08 at 10.49.20

As we mentioned earlier, yesterday’s drone strike in Saudi Arabia had WTI and Brent Crude opening with a gap so let’s see if the market can fill this gap as well.

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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