expand/collapse risk warning

CFDs come with a high risk of losing money rapidly due to leverage. 71% of accounts lose money when trading CFDs with this provider. You should understand how CFDs work and consider if you can take the risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

71% of retail investor accounts lose money when trading CFDs with this provider.

Market Insights

Trading Insights: Gold climbs back above $2K

Daily insight

Gold climbs back above $2K Chart 1 Source: Tradingview May 08 2023 6:18 UTC

Market Talk

  • EUR/USD upside trend appears to remain intact; Euro strength prevailing after ECB hiked rates for the seventh consecutive time; EUR/USD 1.1130s in sight, downside risk spotted near the 1.0940s
  • Technical traders could view Crude oil prices as “oversold; Brent crude finds price support near the $71.30s; although the upside prospects have improved, downside risk remains with $62.40s as potential next key support to be tested
  • Gold price higher on strong demand from China; China’s export growth is forecasted to slow which could add downside pressure for the Chinese Yuan, hence the increased gold demand from China

Source: TradingView / World Gold Council May 8 2023 7:15 UTC Source: TradingView / World Gold Council May 8 2023 7:15 UTC

China exports data due tomorrow at 03:00 AM UTC

Forecast to fall; previous 14.8%, forecast 8%

Source: Trading View May 8 2023 6:39 UTC Source: Trading View May 8 2023 6:39 UTC


Today’s economic calendar

Source: TradingView / J. Knobel  May 08  2023 5:52  UTC Source: TradingView / J. Knobel May 08 2023 5:52 UTC

Today’s trading bullets

EUR/USD technical signals indicate uptrend remains

Chart 1 EURUSD

  • EUR/USD (daily chart) current price 1.10432 and is above its 9 and 18 day moving averages (bullish), MACD is above equilibrium (bullish), relative strength above 50 (bullish), downside risk spotted near the key support and uptrend intersect (see chart 1) at 1.0940. Long positions could be technically supported for 1.1095, 1.1130, and 1.1225 extensions. Downside risk below 1.0940.

Capitalise on volatility in Forex markets

Take a position on moving Forex prices. Never miss an opportunity.

Sign up

Not investment advice. Past performance does not guarantee or predict future performance.