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Forex Today: Gold eyeing $1,800, dollar mixed, as coronavirus, Hong Kong peg move markets

Markets are looking for a new direction after stocks retreated and the dollar gained some ground on Tuesday. Concerns about coronavirus cases in the US and geopolitical tensions are in play.

Gold remains close to $1,800 after hitting $1,797 on Tuesday, the highest since 2012. Exchange-Traded Funds backed by the precious metal report their seventh consecutive month of positive inflows, adding $40 billion in June or104 tons of gold.

UK Chancellor of the Exchequer Rishi Sunak will unveil a stimulus plan later in the day, and some suspect it will fall short of facing the magnitude of the crisis. GBP/USD stood out on Tuesday by recovering its previous losses.

Brexit: UK PM Boris Johnson has told German Chancellor Angela Merkel that Britain is ready to end the transition period without a deal. Both sides remain at odds over trade, regulation, and also fisheries. The call between the leaders came as top negotiations met for dinner in London and reportedly had fish as the main dish.

AUD/USD remains pressured around 0.6950 as Melbourne is in lockdown and daily COVID-19 cases top 100, including in the capital Canberra. Australia has warned its citizens that they may face “arbitrary detention” if they go to China. Strained Sino-Australian relations are also weighing on the Aussie.

USD/JPY is stable around 107.50 as coronavirus cases remain stubbornly high in Tokyo. However, most patients are young and hospitals are coping.

WTI Crude Oil is hugging the $40 level ahead of crude oil inventory figures due out later on Wednesday. USD/CAD has stabilized around 1.36.

https://www.fxstreet.com/news/forex-today-gold-eyeing-1-800-dollar-mixed-as-coronavirus-hong-kong-peg-move-markets-202007080537

According to Trading Central (3rd party RIA) the AUDUSD is long positions above 0.6780 with targets at 0.7040 & 0.7180 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10810093

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 0.7180
1€ 2,903.60€ 1,451.80€ 2,127.84
5€ 14,518.00€ 7,259.00€ 10,639.20
10€ 29,036.00€ 14,518.00€ 21,278.40
25€ 72,590.01€ 36,295.01€ 53,196.00
50€ 145,180.02€ 72,590.01€ 106,392.00



WTI Price Analysis: Fades upside momentum beyond $40.00

WTI takes rounds to $40.50/40 as the Tokyo session opens for Wednesday. The energy benchmark repeated failures to cross $41.00 so far during the current week. In its latest attempt on Tuesday, the quote reversed from $40.99.

Considering the commodity’s inability to stay strong beyond $40.00, coupled with the bearish MACD signals, the sellers are likely to wait for an entry. As a result, a three-week-old support line, at $39.70, becomes the key to watch.

https://www.fxstreet.com/news/wti-price-analysis-fades-upside-momentum-beyond-4000-202007080005

According to Trading Central (3rd party RIA) the WTI is long positions above 34.00 with targets at 43.30 & 48.50 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10814589

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 43.80
0.5€ 1,796.01€ 898.00€ 1,241.69
1€ 3,592.02€ 1,796.01€ 2,483.37
5€ 17,960.09€ 8,980.04€ 12,416.85
10€ 35,920.18€ 17,960.09€ 24,833.70
20€ 71,840.35€ 35,920.18€ 49,667.41

European Equities: DAX Set to Open in the Red, with No Stats to Provide Direction

It was a bearish day for the European majors on Tuesday. The DAX30 fell by 0.92%, with the CAC40 and EuroStoxx600 seeing losses of 0.74% and 0.61% respectively.

Following the bullish sentiment on Monday, some caution hit the markets as summer economic forecasts rolled out.

On Tuesday, the European Commission projected an 8.7% contraction for 2020 followed by 6.1% growth in 2021. For the markets, the 1 percentage point downward revision will have been of concern when considering both fiscal and monetary policy support.

A continued rise in new coronavirus cases will also not have helped the majors on the day.

https://www.fxempire.com/forecasts/article/european-equities-dax-set-to-open-in-the-red-with-no-stats-to-provide-direction-659803

According to Trading Central (3rd party RIA) the DAX is short positions below 12670.00 with targets at 12525.00 & 12440.00 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10814190

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 12440
0.5€ 31,250.00€ 15,625.00€ 3,000.00
1€ 62,500.00€ 31,250.00€ 6,000.00
5€ 312,500.00€ 156,250.00€ 30,000.00
10€ 625,000.00€ 312,500.00€ 60,000.00
20€ 1,250,000.00€ 625,000.00€ 120,000.00