Market Review 15 April 2020

by Constantinos Loizou

In the Economic Calendar of today we can expect some volatility in USD, CAD and Crude Oil

At 12:30 (GMT) the Census Bureau of USA will announce their Retail Sales for the last month

The result is forecasted to decrease to -8% considering that the last month was at -0.5%

At 14:00 (GMT) the Bank of Canada will announce their Interest Rate Decision

The result is forecasted to remain the same as the previous month at 0.25%

At 14:30 (GMT) the Energy Information Administration of USA will announce the weekly changes in the Stocks of Crude Oil

The result is forecasted to decrease to 11.6M considering the last week’s result that was at 15.177M


On the Charts


Gold price is now at $1,726

Yesterday climbed on its highest level since 2012, at $1,747

The precious metal, had broken above its previous resistance and March’s high, at $1,704 – blue dashed line

Price is above its 50 days Moving Average (orange)

MACD is above zero and RSI is ready to enter its 70 overbought area

Considering the above, we may see a small correction to the price of Gold, in order to retest the blue dashed line. If the price manages to remain above that level, we may see it moving higher to retest the 2012’s highs at $1,800, a level which also consists the 138.2% Fibonacci Extension level (From 1702 to 1456)

If the price breaks above $1,800 the next target could become the $1,860 – the 161.8% Fibonacci Extension Level (From 1702 to 1456)

Otherwise, if the price breaks below the blue dashed line, we may see a retest of $1,645