The market started the week on the back foot but found support around the $1193 area as buyers stepped in and ended Friday's session up 1.15%, or $13.53, to settle at $1207.71 an ounce.
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Get the Forex forecast for the week of April 13, 2015 here.
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Get the Forex forecast for some of the major currency pairs for the week of April 12, 2015 here.
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The EUR/USD pair fell hard on Thursday, slicing through the 1.07 level.
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Gold prices fell $7.97 an ounce yesterday, down for the fourth straight session to $1194.62, as expectations the Federal Reserve would begin to increase interest rates in June continued to weigh on the market.
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Gold declined for a third session in a row on Wednesday as the dollar gained some strength across the board after the minutes from the Federal Open Market Committee’s March 17-18 meeting suggested the U.S. central bank may not begin increasing interest rates by the middle of the year.
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Get the USD/JPY Forex signal for April 9, 2015 here.
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Get the USD/CAD Forex signal for April 9, 2015 here.
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Get the EUR/USD Forex signal for April 9, 2015 here.
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Get the AUD/USD Forex signal for April, 9 2015 here.
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The EUR/USD pair initially rallied during the session on Wednesday, but struggled at the 1.09 handle. With this, we ended up falling and forming a shooting star like candle, slamming into the 1.08 level, and even below there.
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The USD/JPY pair fell during the course of the session on Wednesday, testing the 119.50 level. This is an area that offered enough support to turn things back around and form a nice-looking hammer.
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The USD/CAD pair initially broke down during the course of the session on Wednesday, dipping below the 1.24 handle. However, the buyers came back in and push the value the US dollar much higher.
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The AUD/CHF pair tried to rally during the session on Wednesday, but failed to hang onto the gains by the end of the day.
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According to the analyses of the EUR/USD and GBP/USD, trader profited using a binary options platform. See how here for April 8, 2015.
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