|Day's Range||15.984 - 15.984|
Investing.com - Worries over increased global supply are likely to weigh on oil in the week ahead, after prices logged their third straight weekly loss amid emerging evidence of oversupply, despite Saudi Arabia's pledge to hold off flooding the market with crude.
During the upcoming week, investors should watch to see if a few of the counter-trend rallies continue especially in the dollar-denominated markets like gold and crude oil.
Natural gas fell during most of the week but bounced enough off of the $2.70 level to form a hammer, which of course is a bullish sign. This is an area that I have marked as the beginning of significant support extending down to the $2.60 level. I think at this point, we could bounce him here but I also recognize that there is still plenty of selling pressure above.
The British pound fell initially during the week, reaching below the 1.30 level. However, we have turned around of form a bit of a hammer again, showing just how important this level is. I think that the 1.30 level will continue to be an area where value hunters are willing to step in, and at this point one has to wonder who is left to sell this thing?
The EUR/USD pair spent most of the week falling, but early during the Friday session in New York, President Donald Trump tweeted that he wanted to persuade the Federal Reserve to keep interest rates low. Ultimately, this caused a major surge in the value of the Euro, turning around to form a bit of a hammer.
The Australian dollar spent most of the week soft but found enough support to turn around of form a hammer yet again. As you can see on the weekly chart, there have been multiple hammers over the last couple of weeks, so it’s obvious to me that there is a massive amount of support just below.
Silver markets had a bully session on Friday, gaining over 1% by the time I sat down to write this article. The $15.50 level has offered resistance though, and I think it represents a cluster of major supply. Because of this, I don’t know how much farther we go, at least in the short term.
Bitcoin sees red in the early part of the day, though support at the 23.6% FIB Retracement Level continues to hold Bitcoin back from bigger losses.
Natural gas prices moved lower on Friday, unable to pierce through short-term resistance near the 10-day moving average at 2.77. Cooler than normal weather is expected to cover most of the United States for the next 8-14 days, which should reduce cooling demand. This past week, injections where less than expected, and below the 5-year average range. Support is seen near an upward sloping trend line that comes in near 2.68. Prices remain in an uptrend. ...
In addition to its break of an upward slanting trend-line ranging since late-2015, the Gold also dipped beneath the 200-week SMA, which in-turn signal brighter chances of its further downturn to $1200 round-figure if prices close below $1234-40 region including aforementioned catalysts. Should the sellers refrain to respect the $1200 mark, the $1193, the $1168 and the $1142 are likely following stops they can avail before visiting the $1125-30 support-zone. ...
Though the gold prices may be near the lows for over the last 1 year, there is a likelihood that it could rebound at any time
Based on the early price action, the direction of the September E-mini NASDAQ-100 Index is likely to be determined by trader reaction to 7365.00 to 7348.00. One number to pay attention to today is last week’s close at 7393.00. Finishing under this level will produce a potentially bearish weekly closing price reversal top.
Based on the early price action, the direction of the September E-mini Dow Jones Industrial Average today is likely to be determined by trader reaction to the pivot at 25061. The Dow is also in a position to post a weekly closing price reversal top. Last week’s close was 25004. Traders should watch this level all session, especially late in the day.
The British pound broke down during the day on Thursday, slicing through the vital 1.30 level. This is an area that I have been paying attention to for some time now, and the fact that we broke through there is a very negative sign indeed. I believe that the market continues to see a lot of noise in the United Kingdom, and that of course is going to affect this pair.
The Euro rallied initially during the trading session on Thursday but then broke down through the vital 1.16 level during the US session. This is a very negative sign and suggests that we will eventually go looking to an even more significant support level, the 1.15 handle below.
Metal prices continued to falter on Thursday amid trade concerns and a strengthening U.S. dollar. Comex gold futures for August delivery decreased 0.88% to a one-and-a-half-year low of $1,217.10 a troy ounce as of 10:58 AM ET (14:58 GMT). The precious metal was held back as trade tensions continued after China said the White House was wrong to blame Chinese President Xi Jinping for blocking progress on a trade deal.
MOSCOW (AP) — Olympic figure skating medalist Denis Ten was killed Thursday, and prosecutors in Kazakhstan said they were treating the case as murder.
Gold extended falls to a one-year low on Thursday as the U.S. dollar firmed after Federal Reserve Chairman Jerome Powell asserted the need for further interest rate hikes amid a strong economy.
The gold prices drifted lower during the yesterday’s session slicing through the $1225 level. The silver prices further broke down during the Wednesday’s session, slicing through the $15.50 level. The market has broken multiple strong support levels in the short span of time which has turned the momentum very weak.
Silver markets broke down a bit during the day again on Wednesday, breaking below the $15.50 level. This is a very negative turn of events, but we are still in a major “support zone” longer term. Because of this, I think that we are going to find buyers underneath.
Gold prices were steady near a one-year low on Wednesday as a higher dollar and comments from Federal Reserve Chair Jerome Powell continued to weigh. Comex gold futures for August delivery decreased 0.29% to $1,223.80 a troy ounce as of 10:46 AM ET (14:46 GMT). Powell reiterated the central bank should gradually increase interest rates at his hearing at Congress on Tuesday.
On Wednesday, gold prices held steady near a one-year low hit in the previous session, as the dollar firmed after Federal Reserve Chairman Jerome Powell’s U.S. economic outlook reinforced views that the central bank is on track to steadily hike interest rates.
Judge Ronald Lee Gilman of the U.S. Court of Appeals for the Sixth Circuit (Courtesy photo) A business selling metals futures and derivatives…