Gold reaches the top of both major and minor trend lines.
Gold prices climbed higher on Friday after the Disappointment of US Retail Sales and Consumer sentiments published.
Chinese Buyers concentrated on more imports as the Chinese Government increases Imported quotas for Gold last month. As of now, 38.8 Tons imported by Chinese Buyers.
As Per World’s largest SPDR Gold trust Fund’s report, 1.1 million net inflow increases with the Previous 2.9 million increase.
Due to the Virus resurgence in Asia and Inflation, fears precious metals like gold, silver prices are rising.
And US Dollar and 10 Year Treasury yield prices decline down on Friday.
AUDUSD is moving in an uptrend range.
Asian countries like Singapore and Taiwan facing tough Covid-19 spread and lockdown restrictions orders more inside regions.
Investors nerving about tensions and flowing their money to the core part of the US Dollar. Core- Perimeter model of economy progressing now.
A covid-19 phase once Over then Money reverts to Riskier assets like Singapore Dollar and Taiwan.
And US Dollar demands higher against Asian Countries than European countries.
EU and UK are well performance than Asian Countries; Vaccinations are fast progress and people never attacked with second time after Dosage.
This was a Prime fact of Powerful doses versus inactive doses differences.
US Dollar demand increased by Covid-19 second phase fears jitters in Asian Countries.
China tariff exemptions:
Chinese Finance Ministry announced US imported products like Rare Earth Ore, Gold Ore and Silver Ore given for tariff exemptions until Dec 25.
But imports like Mixed Aromatics, light cycle oil and Bitumen Blend will go for Consumption tax from June 12.
Due to this, some products added tariffs, and more products leave tariffs by China is Good news for the US-China Trade war ending too closer.
AUDUSD is surprised to move higher on Friday after news flashed.
EURUSD forming an Ascending Triangle after bouncing back from the retest zone.
In Eurozone shows better Domestic data and lockdown easing measures a better outlook.
German Bonds were increased to higher versus US 10-year treasury yields turned lower on Friday.
And Consumer prices rose to a Monthly report of 0.4% and 1.1% in April 2020.
Eurozone now picked up with manufacturing and employment area as soon as easing lockdown in all areas of Europe.
And Europe stands next to the UK on vaccination progress, and still, 40% of the Populations get vaccinated by the First dose.
GBPUSD is moving up after retesting the support zone.
UK Government administered 56 million Covid-19 Vaccines till Today as Report said.
Pubs and Restaurant reopened, and Foreign Travel also allowed.
70% of the adult population gets 1st dose, and 38% of the population gets the second dose completed.
The reopening of the UK economy ensures services sectors encourage and may expect better numbers in next month in services sectors.
This vaccine also controls the Indian type of Covid-19 Variant as results tested.
As a result of these scenarios, the UK Economy is kicked for races to economic recovery from the Crisis level before Europe.
UK Pound outlook was Buy on Dips as the Economy started to the recovery phase.
USDCAD testing the 2017 support level again on this week.
Canadian Dollar moved in the ranging market from 90.500-89.500 as Oil prices in the ranging market progress.
And also, Israel and Palestine war fears make Oil prices unstable and anytime correction is possible in the Oil market. Second wave jitters all over Asia fears Oil market consumption begs for lower.
EU, UK and US are Oil Supporters to buy as Economy towards Uptrend from Crisis level.
USDCAD strong support -1.20500-1.19100 if breaks below monthly support zone, then we see Freefall to 1.18-1.15.
CADJPY shows a stronger Uptrend after Broke higher high of 89.300.
And Canadian Dollar most gains from the tapering of the bank of Canada in asset purchases.
USDJPY is moving in Ascending Triangle, wait for a breakout from this triangle pattern.
Japanese Yen suffered more losses as Japan nation full with Covid-19 setup, and many regions faced tight lockdowns until June 1st week.
Vaccination ordered more, and as of now, vaccination was completed to 5% of the Population.
And Still, more Vaccination is needed for the people to get back from crisis soon.
USDJPY declines to 0.20% after Disappointment numbers with US Retail sales data and Consumer confidence.
But the Investors fear Covid-19 and Inflation jittery mode demand for Japanese Yen and US Dollar creating more.
AUDNZD is moving between the channel ranges in the daily timeframe
Australian Dollar started this week with Higher momentum as China domestic data like Fixed assets investment, house prices index, industrial production, retail sales and Unemployment reports waiting on the table.
And China is the largest trading partner of Australia and Coal; Iron ore remains the dominant exports from Australia and supports revenue most to Australian GDP.
Government Bond yields moved lower as Tapering is slowing, and the rate of interest is not hiked until 2024.
But Australian Dollar will be stronger in the upcoming weeks as US Domestic data showing weaker numbers each week.
GBPNZD retest the old resistance and bounces back today after the market open.
New Zealand Dollar remains higher as US Dollar faces declines after missed expectations numbers released on Domestic data.
And China is largely dependent on New Zealand Exports products like Diary, Iron ore and other commodities.
So the relationship between New Zealand and China was smoother, and the Free trade deal for 4 years agreement was Done.
And also New Zealand Government eases more lockdowns and opens for Free businesses dealing and employment purpose.
Speed wakes up of the Economy shows RBNZ is the first central bank in the world to hikes rates by the end of 2024.
CHFJPY broken the strong resistance after 4 years and then starts to fly up.
Swiss Franc remains higher as SNB currently increases intervention in Forex markets.
And in Eurozone easing lockdown measures step by step manner as COvid-19 Vaccination performed well.
And this week, Eurozone Flash PMI data scheduled and Tapering PEPP’s may possible by the end of 2021.
EURCHF is now ready to fly up for 0.20-0.25% this week as Channel bottom for Buying scenario.
Swiss Franc is long-term Bullish view in Japanese Yen pair, CHFJPY, as Prices were Broke out 5-year resistance point.