{"id":16313,"date":"2020-06-22T07:17:57","date_gmt":"2020-06-22T05:17:57","guid":{"rendered":"https:\/\/bernstein-bank.com\/?p=16313\/"},"modified":"2020-06-22T07:17:57","modified_gmt":"2020-06-22T05:17:57","slug":"the-market-is-filled-with-optimism-does-gold-give-a-signal","status":"publish","type":"post","link":"https:\/\/bernstein-bank.com\/en\/the-market-is-filled-with-optimism-does-gold-give-a-signal\/","title":{"rendered":"The market is filled with optimism. Does gold give a signal?"},"content":{"rendered":"<table cellspacing=\"0\" cellpadding=\"4\">\n<tbody>\n<tr>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">Gold<\/span>\u00a0 \u00a01693,50<br \/>\n(<span style=\"color: #ff0000;\">-2,83%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">EURUSD<\/span>\u00a0 \u00a01,0799<br \/>\n(<span style=\"color: #ff0000;\"> -3,37%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">DJIA<\/span>\u00a0 24115<br \/>\n(<span style=\"color: #ff0000;\">-6,28%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">OIL.WTI<\/span>\u00a0 25,095<br \/>\n(<span style=\"color: #ff0000;\">-36,68%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">DAX<\/span>\u00a0 \u00a010609<br \/>\n(<span style=\"color: #ff0000;\">-13,11%<\/span>)<\/h4>\n<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"justify\">The trading week ended in a minor note. There&#8217;s absolutely not enough current news to move the price up. Macrostatistics shows that the recession caused by the coronavirus was stronger than the 2008-2009 recession.<\/p>\n<p style=\"text-align: center;\"><strong><br \/>\nS&amp;P500<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-16314 aligncenter\" src=\"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2020\/06\/SP500-1.png\" alt=\"S&amp;P500\" width=\"600\" height=\"260\" \/><\/p>\n<p align=\"justify\">While investors on the stock market are in a state of euphoria and believe that the situation in the economy is quickly normalizing given the huge financial assistance from central banks and the government. So far it is difficult to judge, as the current levels of the economy are levels of &#8220;great recession&#8221;. The S&amp;P500 closed lower by 0.56% at 3098, while the DAX rose by 0.4% to 12330.<\/p>\n<p style=\"text-align: center;\"><strong><br \/>\nEuro<br \/>\n<\/strong><\/p>\n<p>After the EU Council meeting, many comments on the current economic situation were received. So far it is clear that the council is not able to agree on a recovery fund, and negotiations are postponed until July. If you look at the chart of the pair, you can see that the price makes lower highs and lower lows. From this we can assume that a wedge is forming. Probably, the downward movement will continue. The pair EUR\/USD closed at 1.1176 on Friday. There is a strong level below 1.10 and it is likely to go there.<\/p>\n<p style=\"text-align: center;\"><strong><br \/>\nBRITISH POUND<br \/>\n<\/strong><\/p>\n<p align=\"justify\">The pound can&#8217;t get out of the downward trend in any way. Bad results of the negotiations on Brexit pushes the Bank of England away from possible introduction of negative interest rates. The risk of the GBP\/USD pair price leaving to the level of 1.21 is increasing. There are no prospects for buying yet.<\/p>\n<p style=\"text-align: center;\"><strong><br \/>\nGold<br \/>\n<\/strong><\/p>\n<p align=\"justify\">On Friday, gold rose by more than 1%. And that&#8217;s in just one day. This situation shows the power of bulls. Probably, in the near future there will be a breakthrough of the resistance level of $1750 per ounce and an attempt to get out of the sidewall. The current price of gold is $1742, which is very close.<\/p>\n<p style=\"text-align: center;\"><strong><br \/>\nWhat&#8217;s waiting for us today?<\/strong><\/p>\n<p align=\"justify\">03.30 National Bank of China base credit rate<br \/>\n14.00 Statement by Bundesbank Head Weidmann<br \/>\n16.00 U.S. secondary housing market sales in May<\/p>\n<hr \/>\n<p style=\"text-align: center;\" align=\"justify\">Important Notes on This Publication:<small> <\/small><\/p>\n<p align=\"justify\"><small>The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold\u00a0 \u00a01693,50 (-2,83%) EURUSD\u00a0 \u00a01,0799 ( -3,37%) DJIA\u00a0 24115 (-6,28%) OIL.WTI\u00a0 25,095 (-36,68%) DAX\u00a0 \u00a010609 (-13,11%) The trading week ended in a minor note. There&#8217;s absolutely not enough current news&#8230;<\/p>\n","protected":false},"author":37,"featured_media":13158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-16313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The market is filled with optimism. 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