Daily Forex Market Preview, 16/04/2018
The U.S. dollar was seen trading mixed on Friday with lack of any clear fundamentals moving the markets. The overall theme as well as the risk appetite was somewhat mixed.
On the economic front, the Eurozone trade balance data released last week showed a moderate increase to 21 billion euro, up from 20.2 billion euro from the previous month. Germany’s final inflation data showed that consumer prices increased at a pace of 0.4% on the month.
Looking ahead, the economic data is relatively quiet with only the retail sales data from the U.S. expected today. Core retail sales is expected to rise 0.2% on the month while headline retail sales are forecast to rise 0.4%, offsetting the 0.1% decline from the previous month.
The news about the U.S. coalition forces strike over Syria is expected to create a standoff between the United States and Russia. This could potentially keep investors on the edge on escalating tensions between the two countries.
XAUUSD 16-04-2018 Intra-day analysis
XAUUSD (1347.48): Gold prices managed to rebound from 1336 level after the precious metal gave up the gains initially from 1357 level. The sideways range could be maintained within these levels in the near term with the likelihood that gold prices could once again test the support at 1336 level to establish firm support. In the near term, we expect gold prices to move sideways with a breakout from the established support and resistance level likely to provide the next leg in the direction of the trend.