How To Make Money Today: Daily Market Analysis and Forex Trading Signals 31 March 2022
To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis. Make more money today with our market analysis. You must know how to trade first, and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…
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DXY:
On the H1 timeframe, prices are approaching a pivot. We see the potential for a bounce from our 1st support at 97.713 in line with 161.8% Fibonacci Projection% towards our 1st resistance at 98.026 which is an area of Fibonacci confluences. RSI are at levels where bounces previously occurred, further supporting our bullish bias.
Areas of consideration:
- H4 time frame, 1st resistance at 98.026
- H4 time frame, 1st support at 97.713
Gold Price Prediction: XAU/USD will witness a slight drop at $1,925 amid a stable DXY, and the yield curve will be scrutinized.
- In late New York, gold is on the rise, and the DXY is under pressure.
- The Ukraine conflict is worsening, with little sign of a cease-fire in the near future.
- Bulls in the XAU/USD currency pair are eyeing the month-end close for signs of a continuation next month.
Update: Gold (XAU/USD) is experiencing a modest pullback after a spectacular turnaround below $1,900.00, as investors were drawn to the value play. The heightened selling of safe-haven assets came as a result of the Russia-Ukraine peace negotiations on Tuesday. The gold price, on the other hand, has regained a considerable percentage of its losses and is now hanging around $1,930.00. The gold market’s receptive purchasing is based on dwindling hope about the discussions between Moscow and Kyiv.
Meanwhile, the US dollar index (DXY) has fallen below 98.00, owing to disappointing annualized Gross Domestic Product (GDP) (Q4) and Automatic Data Processing (ADP) Employment Change figures. The DXY is trading flat at 97.80 as the US Nonfarm Payrolls (NFP) report is coming later this week, which will lead the Federal Reserve’s (Fed) probable monetary policy action in May. Investors are also paying attention to 10-year and two-year US Treasury yields on concerns of a yield inversion, since the Fed is expected to raise interest rates quickly this year.
End of Update
The gold price is 0.72 percent higher on the day at $1,933.54, with XAU/USD trading between a low of $1,916.01 and a high of $1,938.62 so far. Gold prices have risen, aided by a weaker US dollar and fresh worries about a truce between Russia and Ukraine.
Despite renewed optimism for peace talks between Ukraine and Russia, the US dollar (DXY) plummeted 0.6 percent to a near two-week low. As skeptics remained in the room, gold prices plummeted as high as 1.8 percent after Russia vowed to reduce military operations near Kyiv and in northern Ukraine in peace negotiations on Tuesday. However, the precious metal recovered most of its losses to close only 0.2 percent down for the day.
Ukraine crisis intensifies
Concerns were heightened when, despite the fact that the Kremlin accepted Kyiv’s formal requests for an end to the crisis in Ukraine, it indicated there was still no evidence of a settlement. Ramzan Kadyrov, the strong leader of Russia’s Chechnya territory, said on Wednesday that Moscow will make no compromises in its conflict in Ukraine and that Kremlin negotiator Vladimir Medinsky was mistaken in suggesting otherwise. According to Aljazeera, Poland’s Deputy Prime Minister also crossed the lines, saying that Russia is planning a military invasion in Ukraine and that “all indicators are that we are facing a protracted battle.”
Russian soldiers pounded the outskirts of Kyiv on Wednesday, and the US administration had cautioned on Tuesday that it was skeptical of Russia’s pledge to halt its military attack on Ukraine, finishing the day on a cautious note after hours of peace negotiations between the two sides looked to make progress.
Traders, on the other hand, will be watching intently to see whether progress can be made after yesterday’s meetings. After all, Mykhailo Podolyak, the Ukrainian presidential adviser, said that the talks were “successful enough for a prospective meeting between Putin and Zelensky.” “We have paperwork prepared currently that enable the presidents to meet on a bilateral basis,” Podolyak remarked.
The US 2-year/10-year Treasury yield curve, which momentarily inverted on Tuesday, has also been closely watched by markets. The bond markets’ reaction to the Federal Reserve’s tightening has resulted in an inverted of the curve, signaling to markets that a recession is on the way.
“With haven flows continuing strong, the possibility of purchasers being forced to unload in a vacuum alongside possible CTA liquidations has lessened for the time being, with significant negative CTA triggers resting around $1870/oz,” TD Securities analysts observed.
“However, gold dealers will have to deal with macro outflows linked with a hawkish Fed, as rates markets prepare for the Fed to surprise markets with a hawkish surprise,” the analysts noted. “However, although geopolitical concerns and yield curve recession signs have reignited investor interest in gold, downside risks persist despite a hawkish Fed and as negotiations continue to strive toward a ceasefire,” says the report.
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