|Day's Range||0.0000 - 0.0000|
It comes amid a conspicuous shift in public sentiment that was plain to see on Friday, when vast numbers of students were joined by adults in dozens of countries worldwide in a global climate strike. The protesters make a serious point: despite more than 30 years of international efforts to stem the greenhouse gases driving global warming, emissions have accelerated. Signs of a political response have begun to emerge in the form of climate emergency declarations and targets to cut the net emission of greenhouse gases to zero.
Holding above the downtrending Gann angle at $1518.20 will indicate that buyers are coming in ahead of the close. This could trigger a late session rally into a 50% level at $1528.50, followed by a Fibonacci level at $1537.40 and a downtrending Gann angle at $1542.20.
Gold markets initially fell during the week but have found a bit of support at the crucial $1500 level yet again. At this point, the question is are we going to roll over, or are we entering consolidation?
Crude oil markets continue to grind sideways as the markets have yet to fill the gap from the Monday panic. With that being the case, the market is very likely to continue going lower given enough time, but obviously there some fighting to do.
The gold market continues to grind sideways in general, as we have found quite a bit of support just below. Ultimately, this is a market that continues to find buyers on these dips, as we continue to see Gold levitate. That of course is a very positive sign.
The Euro broke down a bit during the week, to reach towards the 1.10 EUR level, an area that would make quite a bit of psychological importance to traders around the world. However, the overall downtrend should continue, although it is very choppy.
The Australian dollar initially tried to rally during the week, but then broke down significantly as we continue to see a lot of concerns when it comes to the US/China trade situation and of course global growth in general which Australia is highly sensitive to.
The US dollar drifted a little bit lower during the trading session against the Japanese yen on Friday, as the market looks a bit exhausted at this point. Beyond that though, a parabolic market does need to pull back.
The British pound initially tried to rally during the trading session on Friday but gave back quite a bit of the gains and now seems to be ready to show signs of exhaustion and perhaps finally roll over for a longer-term move.
The British pound initially tried to rally but fell against the Japanese yen. The ¥135 level has caused a significant amount of resistance, and with the technical confluence in this area, it’s likely that the market will run into a significant amount of trouble.
The Euro initially tried to rally during the Friday session but continues to see plenty of selling pressure above, and it looks as if the EUR/USD pair is trying to break down rather significantly. Longer-term, this is a market that should continue to favor the downside in general.
The Australian dollar initially tried to rally during the trading session on Friday, but then struggled above the 0.68 level. By doing so, the market turned right back around to form a very bearish looking candle stick.
During September, the British pound is struggling to get out of the pit where it fell on the fear of no-deal Brexit. This decline sent GBPUSD in August and early September to levels that had not been consistently achieved since 1985. However, it also probably attracted the interest of speculators who consider the current historically low levels as an excellent opportunity to buy over-sold British currency.
Investing.com -- Gold prices rose on Friday as investors drew in their horns at the end of a week that has ultimately done little to give the market any real sense of direction.
EUR/USD made another attempt at a critical resistance area in early trading on Friday but sellers jumped in to hold the pair within a range.
Another flat day for US equities as the S&P; 500 Index closed little changed, as investors searched but failed to find a decent incentive to buy suggesting investors remain mildly disappointed by the latest round of central bank policy.
The main trend is down according to the daily swing chart. A trade through .6269 will signal a resumption of the downtrend. The main trend will change to up on a move through .6445.
Investing.com - Gold prices rose on Friday in Asia, recovering from losses suffered in the previous session following the conclusion of the U.S. Federal Reserve’s latest policy meeting.
If recent reports are to be believed, China’s central bank is on the brink of launching a digital version of the yuan. According to a Forbes article late last month, the digital edition of the national currency could go live as soon as Nov. 11, coinciding with Singles’ Day, a popular Chinese shopping holiday. “Digital currency” is a broad term, referring to anything from a US dollar on PayPal to a unit of bitcoin.
The S&P; 500 initially pulled back during the trading session on Thursday but found enough support underneath to rally yet again. This is a market that is probably banking on the Federal Reserve saving it.