EURUSD trend analysis Monday, June 28
The short-term trend of the euro against the US dollar(EURUSD) is neutral. According to sellers, a break of $ 1,1846 could push the downtrend starting from $ 1,265 to the support of $ 1,1703. In the eyes of buyers, if the EURUSD pair crosses above the four-hour moving average of 55 days at $ 1.1967, the short-term market trend will rise to the resistance of $ 1.2265.
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EURUSD trend analysis Friday, June 25
EURUSD analysis Wednesday, April 7
Permanent residence in El Salvador for crypto entrepreneurs
As we reported a few days ago, the President of El Salvador, Najib Abu Quilla, announced during the Miami Conference that the country intends to accept bitcoin as a currency in the country. Now the 39-year-old has added to the appeal of his proposal on Sunday with his new remarks on Twitter. Abu Kileh announced in his latest tweet that:
"The government immediately grants permanent residency to crypto entrepreneurs."
Today, his proposal was approved by 62 official members of parliament against 19 votes against. Explaining the bill, Bokle added that the country is also proposing a new law to parliament that would allow anyone with a 3-bitcoin investment in the El Salvadorian economy to obtain permanent residency.
It is interesting to know that the official currency of El Salvador is the US dollar. About a quarter of El Salvadorians live in the United States, and last year sent more than $ 6 billion in remittances, despite the Corona epidemic.
Abu Kileh acknowledged that the move was aimed at creating jobs and providing employment opportunities for thousands of people who now operate outside the country's legal economy. He noted that 70 percent of the population now does not have a bank account and operates in an informal economy.
Evaluation of Kitco site about gold market Sunday, April 18
According to the weekly assessment of the Kitco News site, with the penetration of the global ounce gold price above the key resistance of $ 1765, all market professionals expect a further increase in the global ounce gold price.
This week, 13 Wall Street activists took part in the weekly evaluation of the Kitco site. All 13 predict that the global gold ounce trend will be bullish next week. Meanwhile, 1,103 Main Street investors took part in an online poll. 65% are in favor of an uptrend, 18% are in favor of a downtrend and 17% are in favor of a trendless or neutral market.
"The XAUUSD bullish jump from $ 1680 has eased the minds of gold buyers and gold will soon reach higher levels." The activist said he would buy gold after rising on Thursday. According to him, the loss limit of the purchase transaction should be in the range of $ 1755. According to Hansen, the main factor driving up the price of an ounce of global gold was the decline in Treasury yields and the weakening of the US dollar.
This professional activist also wants to enter into a buy deal after the recent price peak in the market. However, he believes that the loss limit of the purchase transaction should be determined with great care and with the increase in the price of gold, the loss limit should also be increased.
According to this professional activist, the price of an ounce of world gold can rise to the peak of $ 1822. "After the break of this price peak, Pulbeck will probably be $ 1765. "However, the ounce of global gold is behaving in such a way that it seems to want to reach higher prices."
This professional activist focuses on the $ 1,785 resistance. According to him, if inflationary pressures intensify, the price of an ounce of global gold could reach above $ 1,800.
According to Adam Button, the price of an ounce of world gold could rise to $ 1,840.
Weekly gold valuation on the Kitco site Wednesday, March 31
The gold market continues to defend support at $ 1,700, but has not yet seen a strong uptrend. According to Kitco News' weekly assessment, the uptrend is almost the same, especially since the price of an ounce of global gold could not cross the key resistance of $ 1750. However, among professional activists, there have been slightly more supporters of the downtrend. However, many analysts believe that a drop in the price of an ounce of global gold could provide a good opportunity for long-term buying.
This week, 16 Wall Street activists took part in the weekly evaluation of the Kitco site. 44% predict that the global gold ounce trend will be upward. Another 50 percent expect a downtrend. Another 6% predict that the market trend will be neutral. Meanwhile, 807 Main Street investors took part in an online poll. 47% are in favor of an uptrend, 32% are in favor of a downtrend and 22% are in favor of a neutral trend. Although small investors are a little optimistic about the future of the market, it should be noted that the turnout in last week's poll has reached its lowest level since early May 2020.
The price of an ounce of global gold fluctuates between $ 1,700 and $ 1,750. For many traders, the ounce of global gold futures depends on the trend of the dollar and the yield on US Treasury bonds. US Treasury yields are near a one-year high.
The views of market professionals
Lukman Otunuga Senior Market Analyst at FXTM
"Rapid vaccination in the United States has boosted optimism about rapid economic growth in the United States and boosted demand for the US dollar. If the US dollar continues to rise, the price of an ounce of global gold will fall. Currently the technical situation of the market is in favor of the sellers. Closing the market below $ 1730 will push the price of an ounce of global gold to $ 1700.
Adam Button Leads Forexlive.com Strategy Team
Adam Button has also focused on US dollar fluctuations. "I do not think now is the right time to buy gold. There are positive signs of a growing US dollar. "The strengthening of the US dollar could be to the detriment of gold."
Jim Wyckoff, Senior Technical Analyst at Kitco
Jim Vaikov is the only market analyst who expects a trend-free or neutral market. However, in his view, the market is a bit downward.
Charlie Nedoss Senior Market Strategy at LaSalle Futures Group
The activist believes that as long as the price of gold is above the moving average of 20, he is optimistic about the future of the gold market. The average is around $ 1725. "If the world ounce price of gold can keep the 20-day moving average, we can expect the price of gold to rise above $ 1,750." According to Nodos, the yield on Treasury bonds and the US dollar may have peaked in the medium term. This means that in the medium term, both bond yields and the value of the US dollar will fall and the conditions for the growth of an ounce of global gold will be smoothed out.
Daniel Pavilonis Senior Market Strategy at RJO Futures
This professional activist is optimistic about the medium-term trend of ounces of global gold. According to this professional activist, pessimism about the future of the market has increased and this may be a good opportunity to start buying gold.
Return of gold ounces from key support
On November 30, 2020, the global ounce of gold, after hitting $ 1764, started moving up to the price of $ 1959.36. Gold traders entered the market around this rate, which resulted in the beginning of a new downtrend. Recently, gold ounce price movements have been restricted between the two downtrend lines. In today's trading, the market is again supported by the price of $ 1708.64 and the price of gold has risen. If the market continues to return positively from $ 1708.6 and the ounce of gold breaks the downtrend line, one can expect the market to move to the rate of $ 1742.21, the moving average of 50 and the resistance of $ 1767.
But if the ounce of gold definitively breaks the 1708.64-1700 range, it could start a new downtrend to support at $ 1675 and then $ 1650.
Technical analysis of the global gold ounce Tuesday, March 2
The price of an ounce of global gold on Tuesday continued its downward trend for the fourth consecutive day after the increase in demand and the growth of the US dollar index.
The price of gold is currently affected by the trend of the dollar index and the rate of return of treasury bonds in the absence of important economic news.
Due to the four-hour time frame, the price of gold is breaking the downside channel. If a four-hour candle closes below the support level of the trend line at $ 1,712, we can expect the price to fall to the bottom of 2020, ie $ 1,671.
If this support level is not broken, the price will rise to the level of the moving average indicator 21 in the four-hour time frame, ie $ 1,755.
Bitcoin dominance reached its lowest level in three months!
Bitcoin dominance, or the ratio of bitcoin market volume to other digital currencies, is approaching the psychological support floor recorded in mid-October 2020. Bitcoin dominance fell 11 percent in January. Here are some possible reasons for this decline.
Bitcoin dominance targets 60%!
Bitcoin bitcoin reached 60% yesterday. Bitcoin dominance registered on February 7 (February 19), the lowest bitcoin dominance since October 20, 2020 (October 29). Since then, the price of bitcoin has tripled.
At the time of writing, the bitcoin dominance is around 60%. According to TradingView, it is currently in the 61.95% range. But that's about 60.1 percent on Coingecko and about 61.93 percent on Binance's CoinMarketCap.
Thus, Bitcoin Dominance has lost all its gains since the December rally. On January 3, Bitcoin Dominance hit a 15-month high of 73%. Also, this increase in dominance could be related to the Ripple price drop, in which the share of this cryptocurrency in the digital currency market was greatly reduced.
Just one week after the US Securities and Exchange Commission complained about Ripple, Bitcoin's dominance grew by 7%. Some analysts at the time predicted that money would flow from the Ripple market to Bitcoin.
Binance Quinn, Cardano and Atrium, the three flagships of the Alt Quinn season!
On the other hand, the decline in bitcoin dominance led to the Altcoin season. This price rally can be seen in two parts: the top 10 altcoins on the market and DeFi tokens.
For example, the market's second-largest cryptocurrency, Atrium, has grown 116 percent since December, and two days ago, set a new historical price cap of $ 1,750 at most reputable exchanges.
Bainance Coin (BNB), which is the exclusive token of Bainance Exchange, was able to set new price records. In just seven days, the price of this cryptocurrency grew by 58%. At the time of writing, the price of this currency code is above $ 70.
Cardano (ADA), also known as a competitor to Atrium, has also managed to record a tremendous price rally, growing by 25% in the last 24 hours alone.
EURUSD Tuesday, January 26
The short-term trend of the euro against the US dollar is neutral. From the buyers' point of view, if the EURUSD pair crosses the above resistance level of $ 1.2222, it can continue the upward return from $ 1.2052 and be prepared to hit the price level of $ 1.2348 again. However, from the sellers' point of view, the definitive failure of the support of $ 1,2052 could indicate the entry of the currency pair into the correction phase starting from the rate of $ 1,2348. In this case, the short-term trend of EURUSD will fall to $ 1.1887 at the correction of 61.8% Fibonacci.
