Stocks drifted lower in afternoon trade Monday during a partial U.S. holiday as investors mulled the trade deal with China and monitored the latest developments in the Brexit drama
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Investing.com - What’s bad for trade is good for gold. The yellow metal found favor again with haven investors on Monday, flirting with the key bullish level of $1,500 per ounce, on news of fresh troubles in U.S.-China trade negotiations.
Based on the early price action and the current price at 1.1023, the direction of the EUR/USD the rest of the session on Monday is likely to be determined by trader reaction to the Fibonacci level at 1.1022.
A “risk off” day on Monday should keep the pressure on the USD/JPY. This is already being fueled by a report from Bloomberg News that said China needed to have further discussions before it would sign off on the so-called “phase one” trade deal President Donald Trump announced on Friday.
Gold could continue to rally on Monday if today turns into a full-blown “risk-off” session with investors shedding risky assets and hedging their exposure in gold, Treasury bonds and Japanese Yen.
GBP/USD jumped higher last week on news that the UK is coming closer to reaching a Brexit deal. However, headlines over the weekend showed there is still quite a bit that needs to be accomplished to seal a deal, causing a bit of a pullback in the exchange rate.
Investing.com -- U.S. stock futures traded lower on Monday as reports suggested that it will be hard to nail down even the minimalist agreement on trade between the U.S. and China.
Based on the early price action and the current price at .6776, the direction of the AUD/USD the rest of the session on Monday is likely to be determined by trader reaction to the resistance cluster at .6783 to .6785.
Based on the early price action and the current price at 108.318, the direction of the USD/JPY on Monday is likely to be determined by trader reaction to the uptrending Gann angle at 108.235.
Based on the early price action and the current price at .6314, the direction of the NZD/USD the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at .6294.
Investing.com -- The dollar was slightly higher and the British pound stumbled at the start of the week, on lingering doubts about the outlook for the world economy as the market takes a closer look at the much-hyped breakthroughs on the U.S.-China trade dispute and on Brexit.
The Dollar found strong support early, as the markets considered the implications on existing tariffs on the economic outlook. Brexit chatter also weighed.
Investing.com - Gold prices inched up on Monday in Asia but were still below the $1,500 mark after the U.S. and China reached a “phase one” trade deal late last week, which saw the U.S. paused tariffs slated to hit imports of Chinese goods this week.
The announcement of the first phase of a substantial trade deal was obviously bullish for the Dollar/Yen, but since there was so much long speculation ahead of the announcement, most of the good news was probably priced into the Forex pair.
Even though the Aussie and Kiwi were boosted by the news, I don’t think it was particularly bullish because the older tariffs remain in place, and a decision had not been made over additional U.S. tariffs scheduled for December.
Gold is likely to remain under pressure as long as Treasury yields continue to rise. Furthermore, a weaker U.S. Dollar is not expected to influence gold prices too much until all of the long-hedge positions in the greenback have been liquidated.
It is a big week ahead, with corporate earnings, trade talks, Brexit and economic data in focus. There’s also the IFM meetings and the EU Summit.
Optimism that U.K. and European leaders can reach an agreed deal for Britain to leave the European Union pushed the British pound higher for a second day.
The Mexican peso, vulnerable to trade risks due to its reliance on U.S. economy, jumped 0.8%, while the Chilean and the Colombian pesos rallied 1%, getting an extra boost from a rally in metal and oil prices. U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He, ended a second day of talks in Washington on Friday and Bloomberg News reported the two sides had reached a partial agreement that would lay the groundwork for a broader deal. The surge in risk appetite and a rally in the pound on rising hopes of a Brexit deal pressured the dollar.
Based on the early price action, the direction of the AUD/USD the rest of the session on Friday is likely to be determined by trader reaction to the resistance cluster at .6809 to .6811.
Based on the early price action and the current price at .6342, the direction of the NZD/USD the rest of the session on Friday is likely to be determined by trader reaction to the downtrending Gann angle at .6346.
Gold markets fell during the week as the United States and China sat down to talk. This of course is very influential on the risk appetite of traders around the world, so paying attention to how that turns out it is going to tell you exactly how this market moves.
Gold markets initially tried to rally during the trading session on Friday, but then fell rather hard to test the major uptrend line. We are in a huge wedge, and if we were to break down below this trendline it’s likely that the market will probably go looking towards the $1450 level almost immediately. Below there, things get quite a bit more difficult.