GOLD XUAUSD analysis is from February 3 to February 7, 2020

Current gold is still in the uptrend. Although, in a previous analysis, I said that the gold in the W frame showed signs of divergence, showing that the sellers were no longer interested in pushing prices higher and the weekly candles were also the trees that should have signs. reversal signals such as Hammer.

However, because the progression of the coronary pneumonia epidemic has been extremely abnormal, even though there were too many different events last week, such as Britain officially leaving the European Union or the US Senate impeaching President Trump. not enough to crush information related to coronary pneumonia. And because it was an epidemic “declared a global emergency” by the WHO itself, metal products such as gold or silver rose unexpectedly, despite divergence or weekly candle closing, the Hammer candlestick signaling the trend. A reversal may occur.

Therefore, in the past week, gold has risen sharply, and if the Corona epidemic becomes more and more complex, then with the bewildering psychology, fear of the epidemic hurting other economic sectors, will causing many people to seek refuge in assets such as gold, silver and bonds. Leading to gold will continue to increase in the near future.

Thus, after “benefiting” from the chaotic conflict between Iran and the United States, followed by the Corona virus that caused gold last week to close the week candle at 1586.2. At the same time, the next challenge level of 1600 of gold is coming very close, even gold can reach 1700.

This is entirely possible when the psychology of a world full of instability is rising as it is now. Especially happening with China, one of the most populous countries in the world, will cause the economic situation to encounter unnecessary injuries whether it wants to or not.

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This is also what analysts are concerned about a “black swan” takes place in the near future. If history is replicated in exactly the same scenario as it was in late 2002, when the Sars pandemic or the Mers pandemic in 2012, then hiding into metal products like gold would be easy. understand and made gold soar last week.

However, the second day of gold is very unusual, when gold has dropped nearly 150 pips from 1589.9 to the present time of 1575. The reason this happened, in part, was thanks to the effort. China has pumped 900 billion yuan ($ 129 billion) to ensure market liquidity as well as support for companies affected by the virus pandemic. In addition, China also urged brokers to limit short selling at the present time and evaluate the market more objectively.

Currently, although the price of gold has dropped sharply close to the support level of 1570, it is still creating higher peaks and higher lows. So the uptrend is still the mainstream.

Thus, in order for gold to change the trend, it must first create lower peaks and lower lows, as here is gold breaking through the parallel price channel, falling below the level of 1567.

However, the epidemic and many political events taking place this week may cause gold (temporarily) to move around the parallel upper price channel, before there is a specific signal. But, it is also because Corona's movements will strongly affect many geopolitical events, leading to the extraordinary fluctuation of gold, so when trading, you need to have a full profit-taking hole. Avoid flying accounts, guys. Good luck!

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Analysis of EURUSD February 3 to February 7, 2020

Brexit event has ended, British shield officially “everyone's way” with the EU caused the EURUSD on Friday increased sharply and tested the resistance of 1.109.

This is one of the very important Key Levels, and the test in this area will probably make many people believe that EUR can recover. However, if you look at the D1 frame, as you can see EURUSD is forming a 2-peak pattern. And the increase to the zone of 1.109 is not only for resistance testing but also for re-testing Neckline neckline.

Therefore, on Monday, EURUSD Monday continued to decline. Currently EURUSD is testing support at 1.106. This is a stiff resistance that has been established since December, so if they are broken, support will turn into resistance and EURUSD will continue to fall further.

However, with the complicated developments from the disease and the removal of the UK itself will also cause significant losses and unpredictable fluctuations for EURUSD during this time.

Therefore, a lot of people think that EURUSD will fall to the 1.08 area once again, if EURUSD breaks the support zone of 1,106 and is followed by the hard resistance area of ​​1,099. Therefore, you should pay attention to the barriers in this area to plan appropriate transactions.

And as mentioned before, because EURUSD has formed a 2-peak pattern, even last Friday has PullBack up the neckline neckline. Therefore, you can consider to place Sell orders, the stop loss will be above 1.110.

GBPUSD analysis February 3 to February 7, 2020

Because the UK-EU divorce on January 31st has made not only EURUSD but also GBPUSD is the next currency to be greatly affected.

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Similar to EURUSD, last Friday GBPUSD surged sharply, but it was also “clever” to retest the resistance area of ​​1.32.

And the story of this divorce has finally come to an end, so “everyone comes home” therefore, after testing the resistance of 1.32 but failed, today GBPUSD had a momentum today. decline.

However, you can see in the picture above that GBPUSD can actually form a downward momentum if it breaks the trendline that is supporting the bottom for GBPUSD. In addition, a zone of 1,299 is an extremely strong support zone that lasted from October until November of 2019. Therefore, in order for GBPUSD to actually establish the aforementioned decline, GBPUSD is required to break the trendline as well as break the above 1,299 support area.

Therefore, to be sure for short selling or selling, you should patiently observe, or wait for GBPUSD to break through 1,299 and then enter the order as well.


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Author: Tin Nguyen

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