TradeAnalysiz

Monday, 18 January 2021

GOLD Recovering From the Lows: Eyes $1865 Level

Gold prices rose today, Monday, after hitting the lowest level in a month and a half earlier in the session, supported by the chances of approving a huge American package for relief from the repercussions of the Corona virus.

The spot price of gold rose 0.5 percent to $ 1837.78, after falling earlier to $ 1803, its lowest level since the second of December.

GOLD Technical Analysis

Gold has recovered from the low $1803 earlier today and closed at $1837.78 . The weekly chart shows that the 50-weekly EMA offers great support for each dip. ( now at $1791).

On the daily chart, the precious metal respected both the uptrend line and the 200-day EMA which is quite positive. $1865 will be the first hurdle for GOLD, then the psychological level at $1900.

On the flip side, if we lose the trend line, a fall to the strong support structure is possible.

Trade Wise and Good Luck,

Saturday, 16 January 2021

Xiaomi Denies its Association With the Chinese Military Sector

By Deya Hroob

Xiaomi, one of the largest smartphone manufacturers in China, responded to the Pentagon adding it to its list of companies linked to the military sector in China. In a statement today, Friday, the Chinese company Xiaomi denied its association with the military industry in China, and said that it would take steps to protect its interests and the interests of its shareholders, in response to the US sanctions.

The company confirmed that it carries out activities in accordance with the law and rules in force, and that it respects the laws in places where its activities are carried out, stressing that its services and products are used in the civil and commercial fields.

Xiaomi indicated that it is not owned, controlled or affiliated with the Chinese military industry, nor is it a Chinese military company that is subject to the US National Security Act.

The Pentagon press service reported yesterday that the US Department of Defense has expanded the list of Chinese companies operating in the United States and associated, in Washington’s terms, with the Chinese military industry, as nine other entities have been added to the list, including Xiaomi.

Xiaomi was founded in April 2010, and is currently one of the four largest smartphone manufacturers in the world, and in 2018 the company implemented an initial public offering of its shares on the Hong Kong Stock Exchange.

During the past year, the company's share rose by 180%, and at the end of December of last year, the company's market value exceeded the level of $ 100 billion, for the first time.

Sunday, 3 January 2021

Gold Closed a Choppy Year with Strong Gains

By Deya Hroob

Gold stabilized with the continued losses of the dollar, heading to achieve the best annual performance in a decade, affected by economic uncertainty and the distribution of countries around the world huge incentives to reduce the impact of Corona on their economies.

The precious metal has gained 25% since the beginning of 2020, as central banks and governments around the world have adopted economic stimulus measures, paving the way for higher inflation and a decline in the value of currencies

And gold, which is considered a hedge against inflation this year, benefited from unprecedented stimulus measures and lower interest rates to cushion the impact of the blow to economies from the pandemic.

GOLD Technical Analysis

Daily Chart :

Gold is trading inside a descending channel. It's now on the resistance line of the channel. A break above the channel and the $1900 resistance could start a new uptrend that could reach $1960 then to the psychological resistance level at $2000

However, if the price turns down from the current levels or the resistance line of the channel the first support will be 50-day EMA, then the bears will try to drag the precious metal to the 200-day EMA support ( now at $1812)

4H Chart :

GOLD has been facing resistance near the $1900 level for the past few days. It's also trading in a rising wedge.

If the bulls can push and sustain the price above the resistance structure, GOLD may go the upper line of the rising wedge. If price breaks up the rising wedge, $1960 will be the next resistance.

On the contrary, if price fails to break this stiff resistance , GOLD may drop to $1870 , then 1812 is expected.

Monday, 28 December 2020

Latest Exchanges to Suspend XRP Trading and Deposits

By Deya Hroob

Bitrue exchange will no longer offer XRP purchases using credit cards for users in the United States but they don't have plans to halt XRP trading for other users.

Due to recent events, we are no longer able to offer $XRP purchases using credit cards for users in the United States. @SimplexCC

Other services are not affected. pic.twitter.com/dxisA43D6g
— Bitrue (@BitrueOfficial) December 24, 2020

It's known that more than 10% of XRP trade volume comes from Bitrue due to the cooperation between Bitrue and Ripple. Therefore, Bitrue added XRP as a base pair in July 2018 and has maintained a close relationship with Ripple and the XRP community.

The well-known exchange platform eToro announced that they will continue to monitor the situation closely between the Ripple firm and the SEC following the news that the U.S. Securities and Exchange Commission would be pursuing legal action against Ripple.

" We will continue to monitor the situation closely and will update you as soon as we know of any changes in our offering or any major developments." Said eToro

Crypto exchange OKCoin also announced it would delist XRP

" We have been closely monitoring the news surrounding the December 22nd SEC lawsuit against Ripple, the company behind XRP, and two of its key executives. As the lawsuit proceedings take place, we have determined it is the best course of action to suspend XRP trading and deposits on OKCoin " said OKCoin blog

On January 4th 2021 at 7:00 PM PST, we will suspend $XRP trading and deposits.

Read more: https://t.co/kwKN97xZJO
— OKCoin (@OKCoin) December 28, 2020

However, OKCoin Twitter account stated that users can still withdraw $XRP after Jan 4. Or choose to keep it on OKCoin

Suspension only applies to $XRP trading and deposits. All other exchange functions will operate normally.

Bitstamp Exchange is also planning to suspend XRP trading, but only for users based in the U.S.

Since the news XRP price has declined more than 35%. At the time of writing XRP is trading at 0.28

Tuesday, 22 December 2020

Gold is Dropping in a Profit-taking Wave

By Deya Hroob

Gold prices fell today, as the strength of the dollar outweighs on the support resulting from the US Congress's approval of a long-awaited aid package of nearly $ 900 billion linked to the Corona virus.

Gold fell by 0.3 percent to $ 1860.69 at the time of writing.

The market witnessed some profit-taking deals after the United States approved a stimulus package and the rise of the dollar.

Gold has risen 23 percent this year, mainly driven by a series of stimulus measures due to the pandemic, raising fears of inflation. The precious metal is often used as a hedge against inflation.

Technically :

On the daily chart, the price failed to break out the downtrend line on many occasions, which pulled the price down to 1860 support. If the bulls succeed to break this level a move to 1950 is likely.

However, if the price again turns down from the resistance zone a fall to 1840 level is possible and below it 200-day EMA will be the next support.

On one hour chart, I used a Volume Profile Indicator to find a possible resistance level. As you can see from the chart $1880 is now acting as resistance level. This price level comes with the highest traded volume within this period of time.

Trade Wise and Good Luck,