The first days showed that the indices are still not ready to rise every day to a new maximum. Another important thing is that there are only two months left until the presidential election in the USA. There is a very difficult power struggle between the two most powerful parties ahead of us.
The year 2020 is still exciting with its events. There is turbulence between India and China. Turkey is clinging to Greece. Together with yachts, warships are sailing in the resorts.
In the USA, there is a conflict between law enforcement agencies and citizens. New footage of the use of violence appears almost daily. Many people tend to think that these are well-thought-out provocations by the Democrats, who are doing everything they can to win these elections.
What is this all about? In the very near future, we must make very careful decisions on the markets, given the tense situation. Analyse your assets and try to protect them in case of serious shocks. In case of an aggravation, financial markets can fall very deeply.
If you look at the daily chart of the EUR/USD pair, you can see that since the beginning of August the price has been moving more and more sideways. It is likely that such fluctuations will continue. Therefore, in the current situation we should apply a trading strategy within the channel 1.20 – 1.17.
Platinum has recently been attracting more and more investors. Because of COVID-19, the price of platinum has fallen by more than 25%, making many nervous. After lows, the platinum price has already risen by 12.5% in the last two months. The metal now needs to overcome a strong resistance level of $960 and then the $1040 level.
Platinum is mainly used in catalytic converters for diesel cars, and once the coronavirus vaccine is developed, demand for cars will inevitably increase. The second price driver will be the reduction in production of this metal by almost 3% due to problems in South African mining companies.
What awaits us today?
03.30 Retail sales volume in Australia for August
10.30 UK Construction Business Index for August
16.30 Change in non-agricultural employment in the USA for August
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