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Gold markets trying to rally a bit during the trading session on Tuesday but failed to gain any real traction as we continue to see a lot of back and forth reading. There’s lot of risk out there right now, so that doesn’t gold but at the same time the Federal Reserve is on the sidelines so there’s no impetus for gold move in that scenario.
The US dollar looks as if it is trying to build a bit of a base against the Japanese yen, using the ¥108.50 level as support. Ultimately, the market looks as if it is going to move right along with risk sentiment, which of course is all over the place.
The British pound rallied a bit during the trading session again on Tuesday, as we continue to see traders get on the right side of the potential election results in the United Kingdom.
The British pound rallied a bit during the trading session on Tuesday, testing the ¥143 level, and breaking through it. It’s very likely that we will continue to see this market try to break out to the upside and get a head start on the election results.
The Euro has rallied a bit during the trading session on Tuesday, reaching towards the 1.11 level. That’s an area that is more thought of as a “fair value” area than anything else right now.
The Australian dollar has initially tried to rally during the trading session on Tuesday but rolled over to break through the 50 day EMA before bouncing again. In other words, we continue to chop around as per usual.
Investing.com - Stocks overall pulled back modestly Tuesday, despite nibbling at energy, health care and tech stocks, as investors await trade news and a decision from the Federal Reserve.
Investing.com – Palladium edged closer to shattering gold’s all-time record high on Tuesday, moving higher than $1,900 an ounce.
Time is playing against the U.S. and China as the deadline approaches on December 15, after which the U.S. will have to introduce new tariffs against Chinese goods.
The British pound climbed further on Tuesday, with the currency extending gains on the expectation the Conservatives will win a majority in Parliament during the general election on Thursday.
Traders reassured by the prospect of a Conservative Party majority coming out of Thursday’s U.K. election might worry about the renewed Brexit uncertainty it would entail.
Invesing.com – The U.S. dollar edged lower on Tuesday, as uncertainty over whether the U.S. would delay planned tariffs on imporrts from China continued to weigh on sentiment.
Based on the early price action and the current price at 1.1076, the direction of the EUR/USD the rest of the session on Tuesday is likely to be determined by trader reaction to the short-term 50% level at 1.1079.
Are the tariffs on or off? That is the question. Without an official announcement, investors may still feel the need to move money into the safe-haven Treasurys and Japanese Yen. Additionally, traders are selling U.S. Dollars due to the uncertainty and moving money into gold.
Market participants find themselves amid relatively calm waters, as investors count down the days to President Trump’s December 15 tariff deadline.
The ZEW indicator of economic sentiment in Germany turned positive in December, rising to the highest level in 21 months. The ZEW registered a reading of 10.7 points, up from -2.1 in November. "This hope results from a higher than expected German foreign trade surplus in October, alongside relatively robust economic growth in the EU in the third quarter and a stable German labor market. The rather unfavorable figures for industrial production and incoming orders for October, however, show that the economy is still quite fragile," said ZEW President Professor Achim Wambach in a statement.
U.K. GDP was flat in the three months ending October, the Office for National Statistics said Tuesday. There were increases across the services sector, offset by falls in manufacturing with factories continuing the weak performance seen since April, the statistics agency said. The ONS also reported a 1.3% drop in industrial production in the 12 months ending October, and a 2.1% drop in construction output in the 12 months ending October. The British pound was at $1.3152 vs. $1.3143 on Monday.
A. Technical analysis update for the SPDR Gold Shares ETF (GLD).B. Long-term bullish continuation anticipated once the current correction is completed.C. Looks like a deeper retracement may come in the near-term, before the resumption of the rally.
The pound is calm on Tuesday. This lack of movement could change in a hurry, as the U.K. releases GDP and Manufacturing Production at 9:30 GMT.
If the downside momentum continues then look for the selling to possibly extend into the 50% level at .6800, followed closely by the uptrending Gann angle at .6794.
Investing.com -- Gold prices rose again on Tuesday as fears spread that the U.S. and China won’t sign an interim trade deal before the next round of U.S. import tariffs kicks in on Sunday.