Investing.com - Prices of the safe-haven gold prices inched down on Tuesday in Asia as China and the U.S. made some progress on their trade negotiations.
Britain’s divorce from the EU was once again in disarray after the House of Commons speaker John Bercow refused to allow politicians to vote on Brexit on Monday.
Gold markets did very little during the trading session on Monday, as the market continues to drift just below the 50 day EMA. By doing so, it looks as if the markets will continue to be very lackluster.
British pound fell initially during the open on Monday but has found buyers on this dip to turn around and show signs of life. Ultimately, the British pound is overbought though so it’s difficult to buy at these elevated levels.
The British pound continues to grind a little bit higher against the Japanese Jen, in more of a “risk on” situation coming out of the weekend. Ultimately, the market is well above the 200-day EMA so the technical analysis certainly would suggest that we should go higher.
The Euro did very little during the day on Monday, as we continue to grind back and forth. The market is currently a bit overstretched, so I would not be surprised at all to see a bit of a pullback coming.
The Australian dollar has rallied quite nicely over the last couple of days but is starting to run into resistance near the 0.69 level as it has previously. By doing so, the very likely that the market could struggle from this point.
U.K. stocks moved modestly higher on Monday, while the pound pulls back as Prime Minister Boris Johnson fights to get his Brexit deal passed ahead of an Oct. 31 deadline.
European stocks traded modestly higher on Monday, with banks in the lead as investors braced for another week of Brexit headlines, while SAP AG gained on results.
U.K. House of Commons Speaker John Bercow said Monday afternoon that Prime Minister Boris Johnson cannot hold a new Brexit vote, saying it "would be repetitive and disorderly," according to media reports. A Parliamentary vote on the deal failed to get off the ground on Saturday, which forced the Prime Minister to send a letter to the EU asking for a three-month Brexit delay. Johnson, who is opposed to any delay, was going to attempt to win parliamentary approval for his plan on Monday as the Oct. 31 Brexit deadline draws nearer. The government will now be left to get the legislation required for Britain's departure from the European Union through parliament. The pound eased off slightly after that news, while the FTSE 100 was unchanged.
Based on the early price action and the current price at $1494.00, the direction of the market the rest of the session on Friday is likely to be determined by trader reaction to the uptrending Gann angle at $1493.00.
The British Pound slowed down its growth early in the fourth October week. It would seem that everything was fine: the British Prime Minister Boris Johnson and the European Union’s representatives agreed on the deal that might allow the country to leave the alliance in time and without additional troubles for the economy.
Based on the early price action and the current price at 1.1159, the direction of the EUR/USD the rest of the session on Monday is likely to be determined by trader reaction to the uptrending Gann angle at the same price. Additionally, a close under 1.1170 will form a closing price reversal top.
Based on the early price action, we’re likely to see more of the same sideways price action we’ve seen over the past week. Strong yields and rising demand for risk is likely to weigh on prices, but a weaker dollar could be supportive for dollar-denominated gold.
Investing.com -- Gold prices traded sideways again on Monday, dipping fractionally below $1,500 an ounce but not meaningfully lower, as a definitive resolution of the Brexit stayed stubbornly out of reach of U.K. politicians.
Investing.com - Sterling was under pressure on Monday after Speaker of the House of Commons John Bercow said there would be no vote on the latest Brexit deal as Prime Minister Boris Johnson had hoped.
Sterling is rallying in the early day as investors see the odds of a no-deal Brexit lessening and are optimistic a deal will be ratified soon.
Investing.com – Wall Street opened higher on Monday, as upbeat rhetoric around trade continued to support sentiment in the absence of much hard news.
EUR/USD pushed higher in early trading, in an attempt to post a fifth consecutive day of gains. The next area of upside interest falls near 1.12.
The concurrent rallies in the AUD/USD and NZD/USD do not signify a major shift in investor sentiment. What they probably represent is position-adjustments to the drop in the chances of an RBA rate cut in November, and the jump to 93.5% in the probability of a Fed rate cut at the end of October.
Another round of global monetary easing has just begun! More than 30 central banks around the world have cut interest rates this year so far. The Fed and the ECB are certainly among them. Should gold investors look forward to these policies playing out? Let’s find out how gold tends to behave during such an extraordinary period!
The USD/JPY is currently being supported by higher Treasury yields and increased demand for risky assets because investors aren’t too concerned about the Brexit outcome. If the tone over Brexit remains positive then look for the Forex pair to extend its gains.
Investing.com - U.S. futures pointed to a slightly higher opening bell on Monday, as chatter continued over the U.S. and China making a temporary trade deal.