|Day's Range||14.70 - 14.79|
The gold market was stable during the Tuesday’s session ahead of the Fed’s statement on interest rate hike later today. If the Fed moves forward with a hike, then this market will turn slightly negative in the short term reaching down to the $1200 level, which is massively supportive. A break above $1260 level will help the market to reach towards the $1400 level in the long term. …Read MoreSilver
Silver markets did very little during trading on Monday to kick off the week, as we continue to hover above the 50 day EMA. Markets have been choppy as of late, and most certainly range bound. With an important Federal Reserve meeting on Wednesday, that would be more than likely the next catalyst for movement.
Natural gas prices tumbled again on Friday, breaking through support levels and poised to test trend line support. Warmer than normal weather is forecast to cover most of the United States for the next 2-weeks which weighed on natural gas prices. Natural gas prices tumble breaking through support near 3.99 which is now seen as short-term resistance.
The British pound broke down during the week, slicing through the 1.27 level as there was a “no confidence vote” for Teresa May. She did survive it, so that was a brief reprieve for the British pound, but as you can see the trajectory continues lower.
The British pound continues to grind lower during the week against the Japanese yen, even after having a massive bounce from a reaction to Teresa May surviving a no-confidence vote. That being the case, we got a bit of positivity and the British pound, but we have since seen the thing turn around again.
The Euro fell during the week, reaching towards the bottom of the consolidation that we are currently in. However, what you don’t see on this chart, and you do see on the daily chart, is that we broke down below the bottom of a symmetrical triangle. That of course is a negative sign.
Gold markets pulled back a bit during the trading session on Friday, reaching down towards the 50 day EMA, an area that of course attract a lot of attention from a technical analysis point of view.
The British pound fell hard during the trading session on Friday, as we continue to see a bearish pressure. As it looks like the European Union is unwilling to budge on the Brexit negotiation idea, the British pound has been hammered.
Gold prices moved lower on Friday as the dollar gained traction against the Euro. Stronger than expected US retail sales combined with a weaker than expected flash PMI reading in the EU lead to the headwinds experienced by gold.Technical Analysis
Based on the early price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the Fibonacci level at 1.1315. With the Fed raising rates next week and the economy showing signs of weakening in China and the Euro Zone, it’s going to take a lot to turn the EUR/USD around so our bias is likely to be toward the downside today.
The Australian dollar rallied a bit during the trading session on Thursday but continues to find resistance at the same place time and time again. Because of this, I think it’s only a matter of time before the sellers come back in and push the Aussie lower in my estimation.
Based on the earlier price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the 50% level at 1.1345.
The Euro rallied a bit during the trading session on Wednesday, reaching towards the 1.1350 level. This is a market that looks like it’s trying to form a bit of a symmetrical triangle, so that is worth paying attention to.
About 2,000 years ago, in a Roman shrine not far from what is now Oxfordshire, England, an 18-inch copper-alloy and lead statuette of the Roman goddess of wisdom surveyed the scene with silver eyes. The shrine no longer exists—the figure of Minerva, on the other hand, spent hundreds of years buried in a nearby field.…
The gold prices initially rallied during yesterday’s session but turned around to show signs of exhaustion, breaking down below the $1250 level. The 50 Day EMA line underneath should offer strong support to the market. Alternatively, if the market breaks higher, then it could easily reach towards the $1275 level. …Read MoreSilver
In 2012 Mike Keown was appointed CEO of Farmer Bros. Co. (NASDAQ:FARM). This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar Read More...
Crude oil markets rallied a bit during the day on Tuesday as we continue to hover around major levels in both grades that we follow here at FX Empire. With that being the case, perhaps production cuts may be able to save these markets that have been beaten down so severely.
Gold markets initially rallied during the trading session on Tuesday but turned around of form a rather weak looking candle. We are hovering around the $1250 level, an area that had been massive resistance. The fact that we can’t continue to go higher is a bit concerning.
The British pound tried to turn around and rally during the trading session after a horrible session the previous day on Tuesday. The market has formed a very ugly looking candle stick, and it looks like we are going to continue to see major issues.
Based on yesterday’s closing price reversal bottom and today’s confirmation, the direction of the December E-mini NASDAQ-100 Index is likely to be determined by trader reaction to 6714.50.
The early price action indicates that gold will continue to be influenced by the movement in the U.S. Dollar. The dollar will weaken and gold will strengthen if investors continue to bet that the U.S. Federal Reserve will pause its tightening cycle sooner than expected.
Gold is mildly bid in Asia tracking losses in the greenback, while crude oil also recovers to some extend after sharp fall in precious session.