Bitcoin prices are trading mostly unchanged on Friday, continuing what’s been a quiet week for the best-known cryptocurrency.
The U.S. dollar strengthens across the board as investors remained optimistic on U.S.-China trade talks, putting the greenback on track to finish the week in the green for the first time since mid-December.
Bloomberg news is saying that Chinese officials made the offer during the mid-level trade talks earlier in the month. Furthermore, China offered to increase its annual import of U.S. goods by a combined value of over $1 trillion, the officials told Bloomberg, which was the first to report on the import boost offer.
The Gold markets pulled back a bit during the week, forming a somewhat negative looking candle stick in the face of the $1300 resistance barrier. I think at this point, if we can break above the $1300 level we will see quite bullish pressure.
The US dollar rallied a bit during the week, breaking above the top of the previous week which of course is a very bullish sign. However, I think there is plenty of resistance just above just waiting to get involved, showing signs of exhaustion will attract a lot of attention.
The British pound fell significantly to kick off the week but found enough support at the 1.27 level to turn around and bounce rather drastically. This is a very interesting turn of events, and I think we are in fact looking at a potential opportunity.
The British pound rallied significantly during the week after the vote on the Brexit, and hopes appearing that perhaps the Brexit will be delayed. This is short-term positive for the British pound, so obviously it carried over in this market as well.
The Euro pulled back a bit during the week, reaching towards the 1.1380 level. However, I do see a lot of support underneath and it’s possible that we will continue to see a lot of volatility. That being the case, it does look as if we are trying to form a bit of a rounded bottom.
The Australian dollar went back and forth during the week, testing the area just below the 0.7250 level. This is an area that of course is important as we have seen more than once, and with all of the headlines out there it’s not surprising that we continue to see a bit of hesitation.
Gold markets pulled back during the trading session on Friday, reaching down toward support. The support of course is something that I have been talking about, so therefore it makes sense that it was finally tested.
The British pound pulled back during the trading session on Friday bouncing down from the 200 day EMA on the chart. This is also the downtrend line of the descending triangle that we have been recently trading and, so it makes sense that we got a little bit of a pullback after this explosive move higher.
The British pound initially tried to rally again during the day on Friday, but then rolled over as we have gotten a bit ahead of ourselves. That being said, I think there is support underneath as well so the question is whether or not it is going to be and exhaustion play, or is it just simply pulling back to find more momentum underneath.
The Euro rallied slightly during the trading session on Friday as we continue to see a bit of interest near the 1.14 level. While we have pulled back recently, it does look likely that the market continues to try to find buyers.
The Australian dollar went sideways during the day on Friday, as we were very quiet yet again. The market is pressing significant resistance, and at this point I think we have some decisions to be made.
Gold prices tumbled on Friday as the dollar gained traction, following a stronger than expected US industrial production report. The better than expected number pushed the 10-year yield back to 2.79% up from 2.75%. Gold prices dropped and held mid-day near the 20-day moving average seen near 1,282. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal.
China has offered to ramp up its purchases of U.S. imports over six years to reach more than $1 trillion per year, Bloomberg News reported, citing officials familiar with the negotiations. The move would end the U.S. trade gap with China by 2024, the report said.
Consumer sentiment plunged in January to the lowest level since President Trump was elected, according to the University of Michigan index released Friday. The index fell to 90.7 in January from 98.3, with the expectations index dropping especially sharply. Economists polled by MarketWatch forecast a 97.5 reading. "The loss was due to a host of issues including the partial government shutdown, the impact of tariffs, instabilities in financial markets, the global slowdown, and the lack of clarity about monetary policies," said Richard Curtin, chief economist for the survey.
Investing.com – The dollar was set to snap a four-week losing streak against its rivals Friday, on the back of a decline in the Japanese yen. The gains come amid growing investor optimism over a U.S-China trade deal after Chinese officials reportedly offered to boost U.S. imports.
Investing.com - Palladium's rally has spawned calls for record highs above $1,500, but the auto-catalyst metal may run out of gas first and fall into a range for a while, just like gold.
London markets were up on Friday, after a potential tariff lift on Chinese exports is considered by the U.S.
Based on the current price at $1285.10 and the earlier price action, the direction of the February Comex gold futures contract on Friday, is likely to be determined by trader reaction to the 50% level at $1285.70 and the uptrending Gann angle at $1282.50.
USDCAD on consolidative action post early declines as both currencies lack momentum to sustain a positive rally.
Based on the early price action and the current price at 1.1408, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the main Fibonacci level at 1.1409.
Having reversed from 1.3325-15 resistance, the USDCAD is declining towards 1.3210 but the ten-week old ascending support-line, at 1.3185, could confine the pair’s downside then after. Should prices continue trading southwards past-1.3185, the 1.3125 and the 1.3080 may offer intermediate halts during the pair’s slip to 1.3055. If at all the pair manage to surpass the 1.3325 upside barrier, the 1.3380 & the 1.3420 can please buyers prior to challenging them with 1.3440-45 resistance-region. Given the pair’s ability to cross the 1.3445 mark, the 1.3500 & the 1. ...
Gold managed to retain foothold above $1280 handle but faced sharp losses as renewed risk appetite in the broad market on hopes of a positive outcome in Sino-U.S trade talks.