• Trade Now

UFXBank Forex Outlook: Gold Nearing $1350

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

USD Dollar (USD) – The Dollar was down against most major currencies in Forex trading after worse than expected U.S. data on ADP nonfarm payrolls, which came out at -39K vs. 23K forecast. This, in addition to commodities advancing sharply after positive Crude Oil Inventories data, supported a weaker Dollar during the US session. The NASDAQ weakened by 0.80% and the Dow Jones advanced by 0.21%. Crude oil rose by 0.5%, closing at $82.58 a barrel, and Gold (XAU) continued to rise, reaching a new record (above $1349 ) during the session. In the end, Gold strengthened by 0.65%, closing at $1347.90 an ounce. Today, Unemployment Claims are expected to increase from 453K to 455K.

EURO (EUR) – The Euro touched an eight month high versus the Dollar on speculation that the Federal Reserve will join the Bank of Japan in increasing purchases of government debt to sustain an economic recovery. Also, the ADP data from the US, which came out negative, supported a stronger euro. The momentum of the EUR/USD is still strongly bullish for the euro, and as long as it’s above 1.3600 levels, a long position is preferred. The next resistance line on the daily chart is 1.4000 and the RSI and the 10 moving average indicators support an uptrend as well. Overall, EUR/USD traded with a low of 1.3798 and with a high of 1.3948. Today, the interest rate decision is expecting to remain at 1.00%, German Industrial Production is expected to rise from 0.1% to 0.4%, and there is an ECB Press Conference.

EUR/USD – Last: 1.3918







British Pound (GBP) – The Pound weakened versus the Dollar and the Euro as speculation waits for the MPC’s decision deciding whether to resume asset purchases, or to keep its bond buying program at 200 billion pounds, as it has been the past 11 months. The main resistance of the GBP/USD on the daily chart is still 1.6000. The momentum is bullish and as long as the price is above 1.5750, the main support on the one hour chart is 1.5700. Overall, GBP/USD traded with a low of 1.5832 and with a high of 1.5940. Today, the interest rate decision is expected to remain at 0.50%, Manufacturing Production is expected to weaken from 0.3% to 0.1%.

GBP/USD - Last: 1.5868







Japanese Yen (JPY) –The Yen strengthened to a 15 year high against the Dollar after a private report showed U.S. companies unexpectedly cut jobs last month, fueling speculation that the Federal Reserve will buy U.S. assets to spur a slowing economy.  The USD/JPY has been trading in a negative trend for the last three weeks and therefore, the momentum is bearish for the Dollar. The main support on the daily chart is 82.60. Overall, USD/JPY traded with a low of 82.70 and with a high of 83.24. No major economic data is expected today.

USD/JPY-Last: 82.90







Canadian dollar (CAD) – The Canadian Dollar touched a five month high versus the Dollar among speculation that central banks of other nations will continue to ease monetary policy, as the Bank of Canada remains on hold. The momentum of the USD/CAD is still strongly negative for the US Dollar and as long as the USD/CAD is below 1.0400 levels, a short position is preferred. The next support on the daily chart is located at 1.0000. Overall, USD/CAD traded with a low of 1.0062 and with a high of 1.0167. Today, Building Permits are expected at -1.9% vs. -3.3% prior.

USD/CAD - Last: 1.0105










Add comment

back to top

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.