|Day's Range||1,249.00 - 1,254.50|
Investing.com - The machines are in control of the oil market, with real-life traders already in holiday mood, pushing prices toward the bears' long-desired technical target of under $48 a barrel.
Futures pointed to a higher opening for Canada's main stock index on Tuesday as gold prices rose, with the U.S. dollar falling on expectations that the U.S. Federal Reserve will slow its pace of raising ...
Based on the current price at 1.1398, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the Fibonacci level at 1.1395.
There is one problem that could arise for gold traders. It has to do with the post-meeting remarks from Fed Chair Jerome Powell. He is expected to tone down his assessment of the economy and inflation. However, by doing so, he runs the risk of coming across as too dovish.
The direction of the stock market and the U.S. Dollar could influence prices early Tuesday, but later in the session, the weekly report from the American Petroleum Institute should control the price action. In this report, traders will be watching the supply at Cushing, Oklahoma to see if it matches the Genscape estimate. Prices could rally if the actual comes in better than the predicted more than 1 million barrel increase.
As we can see from the economic calendar, there is no significant data today. That is why we recommend you to trade on the news and the market sentiment
Based on the early price action, the direction of the February Comex gold market the rest of the session is likely to be determined by trader reaction to the short-term Fibonacci level at $1248.90.
Gold is looking north ahead of the FOMC rate decision as Dollar is subdued in market ahead of Fed forward guidance.
Investing.com - Gold prices slipped on Tuesday in Asia as investors awaited the U.S. Federal Reserve’s latest monetary policy decision.
The gold prices pulled back slightly during the Monday’s session reaching down to test the 50 Day EMA but then turned around showing signs of strength. The $1225 level above is offering significant resistance but there might be some weakness as the Fed is likely to hike interest rates this week. The silver market was mostly stable in yesterday’s session, hovering just above the 50 Day EMA slope which is offering strong support to the market.
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Brexit progress has stalled and economic calendar is wearing down ahead of the Christmas holidays, leaving the Cable to spiral out.
Based on the early price action, the direction of the March E-mini Dow Jones Industrial Average on Tuesday is likely to be determined by trader reaction to yesterday’s low at 23476.
Oil futures decline Monday, with U.S. prices below $50 and marking their lowest settlement in more than a year. The market fails to stabilize after a weekly loss, pressured by data that reportedly reveal a jump in crude stocks at the U.S. trading hub.
The dollar eased as yields moved lower ahead of the Fed’s monetary policy decision which is scheduled for this Wednesday. The Euro gain traction despite weaker than expected EU CPI and last weeks soft EU PMI data. The Fed is widely expected to raise rates by 25-basis points, and investors are more interested in what Fed Chair Powell says about future hikes in 2019.
Gold futures climbed on Monday, buoyed by weakness in the dollar and losses in the stock market, to mark their highest settlement in just over a week. Prices for the metal got an added boost to intraday highs after Doubleline Capital Founder Jeff Gundlach, in an interview with CNBC, "predicted the U.S. dollar would struggle in the coming new year, and that U.S. equities will enter a bear market," said Jim Wyckoff, senior analyst at Kitco.com. February gold rose $10.40, or 0.8%, to settle at $1,251.80 an ounce, the highest finish since Dec. 7, according to FactSet data.
Stock markets continue to teeter overall, as they are pressing major support level. Currently, the S&P 500 finds itself hanging on by its fingernails to consolidation that we have been involved with for some time.
The US dollar rolled over a bit during the trading session on Monday, as we rolled over towards the 50 EMA on the daily chart. It looks as if we have conflicting pressure in this market, sending it in both directions.
Holding above 2590.50 will indicate that buyers are trying to defend the nearest main bottom at 2583.00. If this can generate enough upside momentum then look for a possible drive into the steep downtrending Gann angle at 2638.50.
Asian equities were broadly higher on Monday. European markets fell on Monday despite optimism in Asia. US index futures were indicated flat in the earliest hours of today’s pre-open session and then slowly fell as the opening bell approached.