Based on last week’s close at $1223.00, the direction of the December Comex Gold market next this week is likely to be determined by trader reaction to the first intermediate 50% level at $1222.70.
Based on last week’s close at .7332, the direction of the AUD/USD this week is likely to be determined by trader reaction to the Fibonacci level at .7307. The main trend is up according to the weekly swing chart. The trend turned up last week on a move through .7314. The next main top target is .7484. The trend will change to down on a trade through .7020.
Investing.com - Theresa May could be fighting for her political survival, but the Brexit crisis she's in has thrown gold bulls a lifeline.
Bitcoin prices are trading marginally higher on Friday, but set to book its second consecutive losing week after the recent rout.
It’s hard to imagine a more chaotic run-up to Britain’s exit from the European Union. Here’s why investors can’t ignore it.
The U.S. dollar sells off versus its major rivals on Friday, after Federal Reserve Vice Chairman Richard Clarida offers some dovish comments. The ailing buck gives more room to rebound to the British pound, which recovers from its worst one-day performance in more than two years on Thursday.
In could be a tense weekend for currency traders and others keeping a close eye on the political turmoil surrounding the British government’s efforts to negotiate its exit from the European Union.
Gold prices surged higher on Friday as the dollar eased against most major currencies. Friday softer than expected industrial production, appears to be the catalyst that drove yields lower. Gold prices surged higher on Friday rising up to resistance near the 20-day moving average at 1,222.
Investing.com - Gold prices surged on Friday as American officials dashed hopes for an imminent solution to trade tensions between China and the U.S. and the dollar suffered from dovish comments from the Federal Reserve and a bearish call from Morgan Stanley (NYSE:MS).
The Gold markets bounced from the trendline during the week, and the structurally important $1200 level. This could mean something big, however there are a lot of questions to be answered.
The US dollar fell significantly against the Japanese yen during the week, as we continue to struggle with the ¥114.50 level above. That’s an area that shows resistance all the way to the 115 young level, so it makes sense that we would struggle to break above there.
The British pound continue to go back and forth during the trading sessions that made up the previous week, as we have so much in the way of confusion out there. As long as the Brexit is still a question, this will continue to be the way forward.
The British pound initially tried to rally during the week but found enough resistance at the previous downtrend line to roll over again. It looks as if we are starting to trace out a descending channel, which of course is negative.
The Euro fell initially during the week, reaching down well below the 1.13 level, but by the time we got to the Friday session, the market had turned around completely to form a hammer. What does this tell us? It’s hard to tell but I think consolidation is key.
The Australian dollar pulled back a bit during the week, breaking down towards the 0.7150 level. We bounced from there to break above the 0.73 level during Friday trading, but there is a lot of bearish pressure just above.
Gold markets rallied again during the trading session on Friday, breaking above the 50 day EMA. Ultimately, I think that the market probably goes looking towards the $1250 level. At this point, it’s likely that we are paying attention to the uptrend line.
The US dollar fell during the trading session on Friday against the Japanese yen, breaking the back of a hammer from the Thursday session, which of course is a negative sign. However, there is plenty of support underneath.
The British pound has bounced a bit during the trading session on Friday, as the 1.27 level has offered a significant amount of support more than once. That is an area where we will see a major fight, but if we were to break down below there, we could go much lower.
The British pound bounced a bit from the ¥145 level during the trading session on Friday as perhaps a bit of short covering was going on. Quite frankly, this is a small reprieve and what has been extraordinarily volatile market.
The Euro struggled a bit during the trading session on Friday to keep the gains that we had initially enjoyed. Ultimately, the market looks likely to continue to favor the US dollar in general, because quite frankly the Federal Reserve is likely to raise interest rates.
The Australian dollar has initially fallen during the trading session on Friday but turned around to show a bit of resiliency. However, the trade war continues to weigh upon the Australian dollar in general, and I don’t think that’s going to change anytime soon.
The dollar fell on Friday after Richard Clarida, vice chairman of the Federal Reserve, said that interest rates were near neutral, but indicated that a December rate hike is still possible. Clarida told CNBC on Friday that the Fed hasn’t raised rates too far or fast but that it’s too early to know if they should increase rates too far to hold back growth. The 2.5% to 3.5% range is considered a neutral level that doesn’t stimulate or hinder the economy, he said.
The currency trader made more than $1 billion short-selling the British pound and Mexican peso in the 1990s. During the 2008 financial crisis he loaded up on shares of Bear Stearns Cos. Over the decades, he’s amassed a $5.8 billion fortune, which includes one of the world’s largest private art collections and soccer team Tottenham Hotspur, according to the Bloomberg Billionaires Index. Koons, 63, held the title since 2013, when his orange balloon dog sold for $58.4 million.
European markets struggle Friday, finishing in the red and with chunky weekly losses, as concerns about the U.K.’s Brexit deal again hit top banks, and chip makers are dented after Nvidia Corp. warn on weaker sales ahead.
London’s main stock index logs another losing session Friday, driven by banks and drug companies, and continued political turmoil over Brexit plans. .