Skip to content Skip to footer

Today’s Waves – 24th July

Gold approaching an all-time high 

Exactly a week ago, Gold was trading at $1,794, however after one of its biggest rallies in history,  the metal now trades above $1,900.

In breaking the $1,900 barrier, Gold reached its highest level since September 2011. On that occasion the price went to a now record high of $1,921, many now believe this could soon be broken.

Many also believe that the growing rate COVID-19 cases, as well as the political tensions between the U.S. and China have pushed investors into the safe haven asset.

DAX drops despite strong Eurozone data

As we near the end of the month, it appears that business activity in the Eurozone has rebounded strongly in the month of July.

PMI data which gauges if a sector is growing (above 50) or contracting (below 50) came in above 50 across various industries including manufacturing and services.

July Composite numbers hit a 54.8, indicating that economic activity within the EU has grown for the first time since February. 

Despite this seemingly good news the DAX still fell to its lowest level in 10 days on the back of geopolitical tensions with China.

EU joins UK and U.S. in hostilities with China

Today the EU announced that it will limit tech exports to Hong Kong which could be used by the Chinese government for “repression or mass surveillance” of its citizens.

Many believe this comes as a direct response to a new  law imposed by China on   Hong Kong, all 27 EU members agreed to further  sanctions,  and a review of visa agreements with China.

This is said to be one of the major causes for the DAX dropping to a 10 day low of 12,768 today.

Quote of the day: . “It’s not whether you’re right or wrong that’s important, it’s how much money you make when you’re right and how much you lose when you’re wrong.”

George Soros

Biggest Bull

XAUUSD: Never before has one market been the “bull of the day” for 5 consecutive days, however Gold has won the honour, the metal broke $1,900 for the first time in 9 years.

Source: Tradeview MT4

Biggest Bear

GDAXI (futures): The Dax continued to fall on Friday, as the EU agreed to hit China with trade sanctions. The 10 and 25 day moving averages also crossed downward, showing there could be more bears still to come next week.

Source: Tradeview MT4

Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 5th Floor Anderson Square, 64 Shedden Road, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.

Tradeview Asia Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.

Tradeview Financial Markets S.A.C Global

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.