Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
16 Jan 2018

Gold edges lower toward $1330 as DXY advances to mid-90s

  • DXY stages a technical recovery following the 4-day drop.
  • Positive market sentiment weighs demand for safe-havens.

After advancing to a fresh four-month high at $1344 on Monday, the XAU/USD pair reversed course on Tuesday and erased yesterday's gains. As of writing, the pair was trading at $1332, losing $7, or 0.55%.

Following four straight negative daily closings, the US Dollar Index gained traction on Tuesday with trading volume returning to normal levels after the long weekend in the United States. At the moment, the DXY is up 0.45% on the day at 90.53. However, today's recovery seems to be a technical correction with a lack of fundamental catalysts supporting that move. In fact, today's data from the U.S. showed that the Empire State Manufacturing Index eased to 17.7 in January and fell short of the market expectation of 18.

Meanwhile, the solid performance of global equity indexes doesn't allow the traditional safe-haven gold to show any resilience against the buck. The Nikkei 225 closed the day 1% higher while German DAX was up 0.9% as of writing. In case Wall Street starts the day on a positive note, we could see the bearish pressure building up in the next hours.

Technical outlook

The pair could face the first technical support at $1322 (Jan. 12 low) ahead of $1308 (Jan. 10 low) and $1300 (psychological level). On the upside, resistances align at $1344/45 (Sep. 5 high/Jan. 15 high), $1350 (Sep. 7 high) and $1358 (Sep. 8 high). 

Jan 16, 2018

USD/JPY clings to modest recovery gains, around 110.70-75 region

   •  US data does little to provide any fresh impetus.    •  Risk-on mood supportive of the up-move. The USD/JPY pair held on to its modest recover
Read more Previous
Jan 16, 2018

USD/CAD drops to fresh session lows, inching back closer to 1.24 handle

   •  Fails to gain traction despite goodish USD rebound.    •  Subdued oil prices offset by weaker US bond yields.    •  Wednesday’s BOC announceme
Read more Next