Gold has been a shining star of wealth and security for mankind throughout time. From adornments to technology, its allure knows no bounds. However, this precious ‘yellow metal’ gains the most attention during times of economic uncertainty. Enter the realm of online gold trading, where fortunes are forged and trends are born. Find out what influences the gold price, simple gold trading strategies, and how to start trading gold online!
On Wednesday (June 21), spot gold was narrowly oscillating during the Asian session and is currently trading at $1,938.33 per ounce. Traders are avoiding big bets ahead of Federal Reserve Chairman Jerome Powell''s testimony to Congress.
On Tuesday, because of the "blowout" U.S. housing starts data, spot gold dived sharply before the U.S. market, and once fell below the $1930 mark to an intraday low of $1929.82, and then recovered some of the lost ground, finally closing down 0.72% at $1936.43 per ounce
The USDJPY currency pair has experienced a notable shift in market dynamics as the price line recently broke below a bullish channel that had been guiding its upward trajectory.
WCG Markets:2023-06-21
The Dow closed lower Friday, snapping a four- week win streak on mixed quarterly earnings ahead of results from big tech next week. The Dow Jones Industrial Average was 0.1%, or 22 points higher, the Nasdaq rose 0.1%, and the S&P 500 added 0.1%.
The yuan weakened against the dollar after China cut a key lending benchmark rate on Tuesday, though rates were not reduced by as much as expected and the market was still awaiting more details on plans to stimulate a stuttering economic recovery.
Smart-contract audit company CertiK has been awarded the sum of $500k by Sui Foundation for the discovery of a potential attack vector on the Sui network.
The introduction of ChatGPT into the market has triggered a worldwide race to dominate the AI market. Its exceptional technological prowess and the possibility of exceeding human capabilities have not gone unnoticed by industry giants. The resulting AI frenzy has seen participation from top corporations such as Google, Amazon, Meta, Microsoft, and Apple, all vying for the top spot in this burgeoning industry.
On Monday, global stocks dropped from 14-month peaks, as investors waited for testimony from U.S. Federal Reserve Chair Jerome Powell as markets stay dominated by bets on monetary policy.
Anticipations of a 25 basis points rate increase prevailed ahead of the latest ECB meeting. The market was predominantly concerned with the forward guidance and the prospective path of the rates. In brief, despite an uptick in inflation expectations and a reduction in GDP projections, the ECB aims to adhere to a supple and information-oriented methodology in its future endeavors.
Following the close of trading on Tuesday, the Australian stock market experienced an upturn, driven by notable gains in the Energy, A-REITs, and Financials sectors. The S&P/ASX 200 index closed at a new 1-month high, reflecting a 0.86% increase.
The ASX200 trades 68 points (0.90%) higher at 7363 at 4.00 pm. With US equity markets closed overnight for the Juneteenth holiday, the ASX200 has today taken its lead from action from Chinese authorities to stimulate its flagging economy. The rally has been broad-based, with all eleven sectors trading higher.
The ‘Buy the Rumor, Sell the News’ strategy is one of the most common fundamental analysis-based trading approaches. This forex trading strategy relies on what traders believe will happen in an upcoming forex event. It all begins with a trader buying a currency on the strength of a rumor. Following the occurrence of the anticipated event (e.g., the Federal Reserve meeting), as soon as the news is up, the trader sells their positions, often at a considerable profit.
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On Tuesday (June 20), spot gold weakened slightly during the Asian session, reaching a three day low of $1945.02 per ounce, approaching the 100 day moving average, currently trading around $1948.82 per ounce.
On Monday, spot gold fell sharply in the European session and once fell below the $1,950 mark to an intraday low of $1,947.86, eventually holding the $1,950 mark and closing down 0.38% at $1,950.47 per ounce; spot silver "faltered" near the $24 mark and eventually closed down 0.97% at $23.95 per ounce.
Delisted Products in June
WCG Markets:2023-06-20
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