Daily Alert – Friday 31st July 2020: GOLD and EUR continue up, USD continues down

Mark NugentDaily Alert, July 2020

Daily Alert – Friday 31st July 2020: GOLD and EUR continue up, USD continues down

It’s been a quiet week for equities. The S&P500 and Nasdaq are up on the week after Q2 results from Alphabet (Google), Amazon, Apple and Facebook all beat EPS and revenue. In Europe, Japan and Australia equity indices did not fare so well, falling on the week.

GOLD had another good week, up over twice the daily ATR. All of the gain came in the first half of the week.

The USD continued down as the EUR continued up. The usual opposite movement between the JPY and the commodity currencies broke down. The JPY is down as are the AUD, NZD and CAD.

Covid-19 worries continue as the death rate in the US climbs. Vaccine news is encouraging but there are many clinical hurdles to overcome.

I placed no trades this week. I was discouraged by the volatility on GOLD, especially on Tuesday, and also the feeling that the bulk of the move may have happened on the Monday, as it turned out. EURUSD was my other focus but again the bulk of the move happened on Monday. I didn’t want to trade for the sake of it and July profit is around 21% so I was happy just to watch.

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