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Trading Gold (XAUUSD) past $1900. Trading NZD Short.

   

Welcome to this week’s Market Blast Fundamentals.

I’m Brad Alexander and on behalf of Valutrades today we will take a look at Gold (XAUUSD), GBPNZD, NZDCAD, USDCAD, and EURUSD.

 

We are still seeing USD weakness against currencies like EUR, GBP, CHF and CAD.

Even though the US economy is recovering, and the COVID Vaccine program is going well, there appears to be a labour shortage which isn’t helping.Screenshot 2021-05-24 at 10.45.46

Also, the US Infrastructure plan appears to be stalled in bipartisan discussions, which may force Joe Biden and the Democrats to go it alone in Congress, which will let him spend as much as he wants, which should weaken the USD even further.

Also, this week we have speeches from 5 US Federal Reserve regional presidents which will give investors an idea which way the USD and stock markets might go.

We also have lots of economic data from the US this week so watch for volatility.Screenshot 2021-05-24 at 10.46.04

Also, we see that we have an Interest Rate decision from the Reserve Bank of New Zealand so watch for volatility and opportunities on pairs like GBPNZD and NZDCAD if we see temporary price action movement against the trend to allow us to enter the market in the direction of the trend.Screenshot 2021-05-24 at 10.46.26

The USD weakness that we mentioned earlier is boosting the price of Gold, along with Central Bank purchasing, geopolitical events in Israel and Belarus, and volatility in the bond markets.

We won’t be surprised if price action passes the $1900 level this week.

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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