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USD/JPY: the epidemiological situation in Japan is rapidly deteriorating 28 July 2022, 11:47

  USD/JPY: the epidemiological situation in Japan is rapidly deteriorating 28 July 2022, 11:47 Scenario Timeframe Weekly Reco...

May 24, 2019

XAU/USD: general analysis 24 May 2019, 09:38

 


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 1287.45
Take Profit 1295.00
Stop Loss 1281.87
Key Levels 1276.50, 1281.87, 1287.37, 1295.00
Current trend
Gold continues to increase slightly against USD. The nearest resistance level is at 1287.37, support is at 1281.00.
According to experts, the growth of the precious metal is caused by the exacerbation of the trade conflict between the United States and China, as the instrument is used as a shelter asset. It is possible that other technology companies, such as Hikvision, will fall under the new sanctions, and the American market will be completely closed for them. In addition, White House spokesman Stephen Mnuchin said that Chinese imports will be subject to an additional tax of $300 billion but this will happen no earlier than a month later when research on the possible consequences for American consumers will be conducted. It also became known about a transfer of warships to the strait between Taiwan and China. The reaction of the PRC is still unknown. On Wednesday, the US Fed’s Meeting Minutes were published, which reflected that interest rates changes are not expected. However, the Committee will focus on economic indicators, and in case of an increase in inflationary pressure, monetary policy may be tightened.
Today, US Durable Goods Orders data will be released.
Support and resistance
Stochastic is at the level of 70 and does not give signals to open positions.
Resistance levels: 1287.37, 1295.00.
Support levels: 1281.87, 1276.50.

Trading tips
Long positions can be opened after the breakout of the level of 1287.37 with the target at 1295.00 and stop loss 1281.87.

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