Market Review 09 April 2020

by Constantinos Loizou

  • In today’s Economic Calendar we can expect to see some volatility in the EUR, USD and CAD
  • At 11:30 (GMT), the European Central Bank (ECB) will release their Monetary Policy Meeting Accounts
  • The above, encloses an overview of the financial market, the economic and monetary developments
  • At 12:30 (GMT), the Department of Labor of the USA will release their Initial Jobless Claims figures
  • That number shows the total of people who have submitted for the first time State unemployment insurance
  • That result is forecasted to increase to 5250K considering that last month was at 6648K
  • At 12:30 (GMT), the Statistics office of Canada will announce their Unemployment Rate figures
  • That result is forecasted to increase to 7.2% considering that last month was at 5.6%
  • At 19:00 (GMT), the Organization of the Petroleum Exporting Countries (OPEC) will have a meeting discussing the petroleum policies
  • With the result to the above meeting, this could create some volatility in Crude Oil

On the Charts


  • The Gold price is now at 1,649
  • The precious metal's price,  after the sharp downward movement from the middle of March, it has moved to the upside the last two weeks
  • Now it is above the previous support level (blue dash line), and the 76.4% Fibonacci Retracement level (From 1,703 to 1,450) at 1,645
  • Price is above the 50 days Moving Average (Orange)
  • RSI and MACD are above zero, showing some bullish momentum
  • If the price remains above the 1,645 price level, there is a possibility to see the price moving higher to 1,703. That price consists the top at the start of March
  • Otherwise, we may see the price moving lower to 1,569 – the previous support level