Yahoo Finance's Jared Blikre joins Seana Smith from the floor of the New York Stock Exchange to discuss a Goldman Sachs analyst note, which notes negative seasonality for equities in midterm election years heading into the election.
Gold market participants sold during the Friday session, reaching down towards the $1335 level. I think that there is plenty of support below though, so it’s only a matter of time before we turn around and rally again. I believe that the $1350 level above is of course massive resistance.
The US dollar initially pulled back against the Japanese yen on Friday but found enough support near the 107.50 level to turn around and rally significantly. I think that the 108 level above is major, so paying attention to this market is crucial now.
The US dollar has initially pulled back during the trading session on Friday, reaching down towards the 1.2625 level, but finding enough bullish pressure turn around and go much higher, reaching towards the vital 1.2750 level.
The New Zealand dollar fell rather hard during the trading session on Friday, reaching down towards the 0.72 level, an area that is important on the longer-term charts. It’s interesting to see how this level has reacted, and as I record this we have seen a small bounce. However, if we break down below this level, that’s a very negative sign.
The British pound continued to fall on Friday, reaching down towards the 1.40 level for support against the US dollar. This is partly due to Mark Carney suggesting that the Bank of England was a bit more dovish than people thought, and of course raising interest rates in the United States.
The British pound fell during the Friday session, reaching down towards the 151 handle, which looks to be offering a bit of support. I think that the market is going to make a significant decision rather soon, and a couple of levels could be important places to watch.
The EUR/USD pair has fallen rather significantly during the trading session on Friday as the United States interest rates continue to rise. I believe that breaking below the 1.23 level is a significant turn of events, and that we should continue to see downward pressures in the short term. However, I see a significant amount of support underneath.
The EUR/GBP pair has been very choppy during the trading session on Friday as we are a bit confused. It’s not a huge surprise, as the market has seen a lot of headline risk coming out of both the European Union and the United Kingdom. However, this past week we have seen headline risk coming in a new form, the idea of the Bank of England being a bit more dovish than anticipated.
The Australian dollar has fallen over the course of the week but is near a major support area that could come into play. We are closing out the week at the bottom of the range, so that of course is a negative sign, and sets up a very important week ahead.
Investing.com – Gold prices remained on course to snap a two-week winning streak as safe-haven demand faded amid easing geopolitical concerns, while continued dollar strength added to downside momentum.
The U.S. dollar heads higher against most rival currencies on Friday, helped by U.S. Treasury yields that rose as commodity prices push up inflation expectations.