Besides the retracement zone at 1.1029 to 1.0994, the EUR/USD also hit a cluster of Gann angles at 1.1024, 1.1029 and 1.1036. Based on the late session price action, the direction of the Forex pair on Monday is likely to be determined by trader reaction to Friday’s close at 1.1020.
Gold markets fell during the trading session on Monday, reaching down towards the $1450 level. This is an area that I suggested could be the next level support, so it’ll be interesting to see how this plays out from here. We are about to see some type of decision.
The US dollar has pulled back a bit during the trading session on Monday, reaching down towards the 200 day EMA, and the ¥109 level. Ultimately, this is a market that is trying to build up enough momentum to finally break out.
The British pound has rallied again during the trading session on Monday, as Nigel Farage has suggested that a hung parliament was possible. This has traders getting excited about the possibility of the Brexit deal Dragon on forever, perhaps keep in the UK in the EU longer. At this point though, I think that is probably a nonstarter, as the noise continues.
The British pound has gone back and forth over the last couple of weeks, as we have been forming a bit of a consolidating channel, which looks more and more like it’s going to break to the upside.
The Euro rallied a bit during the trading session on Monday, bouncing from the 1.10 level. At this point, the market is still very negative, and perhaps this bounce is a bit needed but ultimately, we are going to continue the longer-term downtrend.
The Australian dollar has been very quiet during the trading session on Monday, as they continue to see reasons to go back and forth as it is “Ground Zero” for the US/China trade situation when it comes to Forex trading.
The British pound is showing some strength on Monday, which has pushed GBP/USD higher while sending EUR/GBP lower. The Canadian dollar is almost unchanged.
Investing.com – Gold is edging further away from the $1,500 mark, raising questions about the near-term bull case for the yellow metal, which is now at three-month lows.
The U.K. economy grew more slowly than expected in the third quarter of the year, and at its slowest pace since early 2010, data from the Office for National Statistics showed on Monday. Gross domestic product was up 0.3% from July to September compared with the second quarter, and up 0.9% compared with the same quarter of 2018, the ONS said. Opposition parties will insist that Brexit has taken its toll on the U.K. economy, which is still facing significant uncertainties in spite of a deal Prime Minister Boris Johnson struck with the EU.
The British pound shot higher on Monday, after Brexit Party leader Nigel Farage said his party won’t contest seats captured by the ruling Conservative Party in the last election.
Gold seems to be ripe for a short-covering rally after last week’s steep loss. Today’s news events may be just enough to chase a few of the weaker short sellers out of the market.
We could see a friendly tone throughout the session. Because of the U.S. bank holiday, there is nothing to stop a short-covering rally. The selling pressure could resume on Tuesday when U.S. traders return and the Treasury market reopens.
Investing.com -- Gold prices fell to a fresh three-month low on Monday, failing to get meaningful support from a general risk-off move in other markets on a day when hopes of a trade truce between the U.S. and China faded.
Tariffs and Brexit are being blamed for sluggish growth, but these policies could well set the global economy on a new, more productive path.
COT on commodities in week to November 5 showed how trade hopes and weather developments drove position changes from oil and natural gas to gold and coffee
Investing.com - The U.S. dollar was lower on Monday as investors remained cautious after U.S. President Donald Trump denied he would roll back tariffs on Chinese goods.
We could see an exaggerated move to the downside on Monday due to the absence of the major U.S. players. The daily chart indicates there is room to the downside with 108.690 a potential downside target.
GBP/USD bounced higher on the back of a weaker dollar to start the new week and did not have much of a reaction to weaker than expected UK GDP figures.
The US dollar is paring some of its recent gains to start the week as equity markets in Asia and Europe are coming off their recent highs.
Investing.com – Wall Street fell on Monday as violent clashes in Hong Kong and trade comments from U.S. President Donald Trump caused investors to dial down last week's optimism.
A new report out from the Copley Fund Research, finds more than 80% of global investment funds are now over-weight in European equities, with the exception of the U.K. Complete Intelligence Founder and CEO Tony Nash joins Yahoo Finance’s Akiko Fujita to discuss The Ticker.