The three major U.S. indexes went up last Friday (10th) especially NASDAQ Index that closed to its historic high. However, investors flooded into the bond market last week. This resulted in a decline of 10-year US Treasury yield to the lowest point in the last 2 and a half years. The main reason derived from the impact of an increasing number of new coronavirus (COVID-19) cases. The Public Health Service of Florida stated that the number of infected cases exceeded over 15-thousand which broke a new record. Thereby, investors questions about the global economic recovery in the coming half years, increasing the attractiveness of the demand of treasury bonds.

In addition, the gold price on last Friday (10th) fell into the high volatility zone. The price followed a pull-back correction to 1795.0~1800.0 zone. For the past 5-weeks, the gold price continued to increase, making all-time highs with a bullish trend. Meanwhile, due to the impact of the pandemic and the recent depreciation of the US dollar, the economic recovery remains uncertain. The price might keep surging in the future and more. The economic stimulus plan, which was imposed by the global governments and central banks, may trigger potential inflation. This could be one of the factors that could contribute to the rising of the gold price in the future.

Technical Analysis (XAUUSD)

The price of gold (13th of July) lies around 1799.3 today. Under 1-hour of technical analysis, the trend goes down again with correction after a rebound in the resistance level as predicted last Friday (10th). The K-line lies between the middle and lower Bollinger Band. The band faces down looking bearish, so there might be a chance to continue dropping.

Currently, the short-swing upper resistance level lies between 1813.0~1815.0. The initial support level lies between 1787.0~1789.0. Investors who wish to short position could consider selling carefully between 1803.0~1805.0 in the short-term and set stop loss above 1807.5.

Technical Analysis (EURUSD):

The price of EUR/USD (13thof July) lies around 1.13030 today. Under 1-hour of technical analysis, the trend continues to go down with correction as predicted yesterday (10th), afterwards it rebounded from deep. The K-line currently lies between the middle and upper Bollinger Band, with the and facing upwards looking bullish, so there might be a chance to continue rising.

Currently, the short-swing upper resistance level lies between 1.13500~1.13600. The initial support level lies between 1.12900~1.13000. Investors who wish to long position could consider buying carefully between 1.13150~1.13200 in the short-term and set stop loss below 1.13050.

Technical Analysis (GBPUSD):

The price of GBP/USD (13thof July) lies around 1.26226 today. Under 1-hour of technical analysis, the trend went down after a pull-back correction as predicted last Friday (10th), then followed by a huge rebound from deep. The K-line currently stands between the middle and upper Bollinger Band, with the band facing upwards looking bullish. Therefore, there might be a chance to continue rising.

Currently, the short-swing upper resistance level lies between 1.26800~1.26900. The initial support level lies between 1.26000~1.26100. Investors who wish to long position could consider buying carefully between 1.26390~1.26490 in the short-term and set stop loss below 1.26200.

Technical Analysis (AUDUSD):

The price of AUD/USD (13th of July) lies around 0.69512 early this morning. Under 1-hour of technical trending analysis, the trend failed to challenge at high then was pulled-back with correction. The K-line rebounded to the middle and upper Bollinger Band from deep, with the band facing upwards looking bullish, there might be a chance to rise along with the bounce.

Currently, the short-swing upper resistance level lies between 0.69850~0.69900. The initial support level lies between 0.69150~0.69200.

Investors who wish to long position could consider buying carefully between 0.69550~0.69600 in the short-term and set stop loss below 0.69490.

Technical Analysis (USOUSD):

The price of USO/USD (13th of July) lies around 40.19 early this morning. Under 1-hour of technical analysis, the trend appears to bounce back sharply after sinking to the bottom. The K-line is currently fluctuating at high zone then pulled-back slightly, with a chance to continue dropping with correction.

Currently, the short-swing upper resistance level lies between 40.50~40.60. The initial support level lies between 39.30~39.40. Investors who wish to short position could consider selling carefully between 40.10~40.18 in the short-term and set stop loss above 40.34.

Technical Analysis (Nas100):

The NASDAQ Index (13thof July) lies around 10861.0 early this morning. Under 1-hour of technical trending analysis, the trend broke through the upper resistance level again in the high volatility zone as predicted on last Friday (10th). This surge makes the K-line to bump on the high point. Therefore, there might be a chance to pull-back with correction from high.

Currently, the short-swing upper resistance level lies between 10970.0~10980.0. The initial support level lies between 10770.0~10780.0. Investors who wish to short position could consider selling carefully between 10930.0~10950.0 in the short-term and set stop loss above10970.0.

Economic Calendar (13th of July)

(Source: uk.investing.com: https://uk.investing.com/economic-calendar/)


TimeDataImportance
1.20:00Canada Economic Confidence Index (latest update: until 10th of July)★★

(Importance: maximum five stars ★★★★★)