• Trade Now

UFXBank Forex Outlook: Gold Hits Record High

Written by UFXBank Research Team
Rate this item
(0 votes)

USD Dollar (USD) – The Dollar was mixed against most other major currencies in Forex trading as stocks and commodities gained.  Industry data showed that U.S. builder confidence, in the market for newly built homes, remained at an 18-month low and boosted investor appetite for higher yielding currencies. The NASDAQ and Dow Jones rallied by 1.74% and 1.37%, respectively. Crude oil strengthened by 1.6%, closing at $74.80 a barrel. Gold (XAU) rose to a new record, strengthening by $3.30 per ounce, to close at $1280.80 an ounce. Today, the interest rate decision is expected to remain at 0.25%. Building Permits are expected to remain at 0.56M, FOMC Statement.

EURO (EUR) – The Euro closed almost unchanged versus the dollar after a quiet day of economic news in the US and European countries, which didn’t cause any movement on this symbol. The momentum of the EUR/USD is still bullish for the euro, as long it’s above 1.3000 levels, a long position is preferred. The RSI indicator is above 50, which supports an uptrend as well, and if the pair goes below the 1.3000, level it could decline to 1.2900. Overall, EUR/USD traded with a low of 1.3029 and with a high of 1.3121. No economic data is expected today.

EUR/USD – Last: 1.3094








British Pound (GBP) – The Pound fell against the Euro and the Dollar on signs that the U.K.’s housing market has weakened. This threatens to undermine the country’s recovery from its deepest recession on record. The main support of the GBP/USD on the daily chart is 1.5500, and if the pair goes below this rate, it will probably continue to decline. Overall, GBP/USD traded with a low of 1.5536 and with a high of 1.5686. No major economic data is expected today.

GBP/USD - Last: 1.5584








Japanese Yen (JPY) –The Yen traded in a very narrow range versus the Dollar, after the no serious news was released that could influence this pair. The USD/JPY has been fluctuating over the past few days. The resistance on the daily chart is 86.00, and only if the pair crosses the resistance line, will the trend continue with its bullish momentum. Overall, USD/JPY traded with a low of 85.51 and with a high of 85.80. No economic data is expected today.

USD/JPY-Last: 85.59






Canadian Dollar (CAD) – The Canadian Dollar gained versus the US Dollar for the first time in three days, as stocks and gold climbed, and investors sought higher-yielding assets. The momentum of the USD/CAD is still negative for the US Dollar, and as long as the USD/CAD is below the 1.0400 level, a short position is preferred. The next resistance on the one hour chart is located at 1.0350. Overall, USD/CAD traded with a low of 1.0261 and with a high of 1.0345. Today, Core CPI is expected to become +0.1% vs. -0.1% prior.

USD/CAD - Last: 1.0290








Add comment

Currency converter


Which is the Best Forex Broker you have traded with?

Interview with Matthew Sheppard

Senior Forex Advisor at XForex

1. What is your name and position?

Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

2. What is your experience and professional background?

In the last 6 years I had filled several positions in financial institutions such as a stock broker, a foreign exchange desk manager, a financial consultant and in my recent role I serve as a senior Forex advisor for XForex which is an online forex company.

3. What type of clients you deal with?

We deal with clients on all levels from the beginning stages to the more advanced trading levels.

4. Does most of your business activity come from the online or offline world?

Because of our high presence on the web, most of our business comes from the online world.

5. Why should a trader pick XForex from all forex brokers?

Aside from all the benefits that XForex offer like commission-free trading, 24/7 online support, high leverage (200:1), XForex offers educational and learning trading experience that you won’t find anywhere else..

Our team of experts and financial trainers provide personal assistance and guide clients to financial success. We provide daily analysis and market reviews to our clients giving them a better understanding of the market and helping them trade profitably.

6. From your experience, what advice would you give a person who wants to enter the forex world?

My advice to the beginning trader entering the Forex world is as follows:
  • Learn the market and understand what you’re getting into.
  • Research and find the broker that suits your needs and wants. Look for a good offering but more importantly customer service, don’t go for the low rates offer without being certain they have a good customer service department. From my extensive experience in the Forex world your key to success will be your client-broker relationship. I can honestly say that at XForex they put an emphasis on servicing clients, which is so important.
  • Invest smartly and calculate your risks.
  • Always know when to get out of a trade.

Broker of the Month

5_small_logoUFXBank provide up-to-date charts and news feeds, coupled with an easily navigated trading platform. UFXBank traders can access the biggest market in the world 24 hours a day with ease.

By keeping their platform, site and deposit process simple, safe and secure, UFXBank have become the web’s premier online forex trader.