Spreads
Spreads
Spreads
Spreads
Spreads
Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.
EUR/USD Holds Steady Below 1.0600 as Geopolitical Concerns Weigh on Euro
In the American session, the EUR/USD pair saw a modest rise but remained below Friday’s close, with the US Dollar’s weakness falling short of pushing it above 1.0600. Notably, the Euro underperformed compared to other G10 currencies due to new geopolitical concerns. The Euro faced additional pressure as the 10-year German bond yield dropped significantly. German Industrial Production data for August disappointed, and the Eurozone Sentix Investor Confidence also declined in October. Tuesday sees no major economic reports in either the Eurozone or the US, with attention turning towards the US Consumer Price Index later in the week.
Based on technical analysis, the EUR/USD went up on Monday and managed to move above the middle band of the Bollinger Bands. Right now, the EUR/USD is trading below the upper band, which suggests a chance for another upward to push the upper band of the Bollinger Bands. The Relative Strength Index (RSI) is at 58, indicating that the EUR/USD is currently in a neutral stance with a try to have a bullish bias.
Resistance: 1.0616, 1.0674
Support: 1.0530, 1.0460
XAU/USD Surges as Middle East Tensions Spark Safe-Haven Demand Amidst US Market Closure Gold prices opened the week with a significant gap higher, reaching $1,855.28 during Asian trading hours, driven by escalating tensions in the Middle East, with Israeli Prime Minister Benjamin Netanyahu declaring the country at war following a major attack by the Palestinian Hamas group. This unexpected situation led to increased risk aversion and a surge in demand for safe-haven assets, with Gold benefiting the most. While the US Dollar initially strengthened, it receded after London’s close, and the reaction of American markets to the weekend news remains uncertain as they are closed for Columbus Day. The week ahead will bring important US economic data, including the release of the FOMC meeting Minutes and the September Consumer Price Index, which is expected to offer key insights into inflation trends.
Based on technical analysis, XAU/USD moves high on Monday. It creates a push for the upper band of the Bollinger Bands. Currently, the price of gold is trying to push the upper band even higher. The Relative Strength Index (RSI) currently stands at 71, signaling a bullish bias for the XAU/USD pair.
Resistance: $1,874, $1,887
Support: $1,845, $1,829
Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.
