|Day's range||1,462.40 - 1,475.90|
Based on the early price action and the current price at 1.1089, the direction of the EUR/USD the rest of the session on Thursday is likely to be determined by trader reaction to the uptrending Gann angle at 1.1089 and the short-term 50% level at 1.1083.
We do realize that markets can become technically oversold especially when approaching major support areas, so we’re not going to be surprised if a bullish withdrawal triggers a short-covering rally today.
After trading a bit heavy in the early week, GBP/USD is starting to show upward momentum. More importantly, it has held above a previously broken trendline which signals more upside.
The British pound is trading sideways for a second straight day and I expect the currency to continue to drift throughout Thursday trade. We could see some volatility on Friday, as the U.K. releases key manufacturing and services reports.
Investing.com - Prices of the safe-haven gold fell on Thursday in Asia despite doubts over a phase on trade deal between the U.S. and China.
Natural gas markets rallied a bit during the trading session on Wednesday, reaching towards the 200 day EMA before pulling back just a bit. We are currently trading right at a couple of moving averages, so we are constricting and therefore building up momentum.
Gold markets continue to be very noisy, initially rally during the trading session in the Asian hours, before rolling back over yet again. At this point, the market looks as if it is trying to for some type of major support level.
The British pound pulled back a bit during the trading session on Wednesday, only to find buyers underneath in turn things around. At this point, the market is continuing to build up a case for higher movement, based upon the flag.
The British pound initially fell during the trading session on Wednesday but found enough support underneath the turn around and rally yet again. The British pound rallies against the Japanese yen in any “risk on” scenario.
Investing.com – President Donald Trump’s continuous back-and-forth on his prospective trade deal with China gave the gold market pause for a second straight day. The Federal Reserve’s indication that it might be done with rate cuts was another factor for gold bulls’ indecision.
XAU/USD (Gold) chart is building a serious and lengthy correction within the uptrend. The pullback is expected to complete a wave 4 (blue) either at the 38.2% or 50% Fibonacci retracement level.
Yesterday, we wrote:(…) On Friday, crude oil futures bounced off the green gap, which brought about quite a sharp move to the upside. The bulls had a reason to celebrate as it closed the orange gap – certainly a bullish development.
Recently, we posted a multi-part research post suggesting a collapse in Crude Oil could be setting up and how we believe this decline in energy prices may lead to a broader market collapse in the near future.
Investing.com - Gold prices inched up on Wednesday as traders paid close attention to the latest developments on the Sino-U.S. trade front after U.S. President Donald Trump warned China that he may raise tariffs even higher.
After peaking in September, gold entered an extended correction. Our cycle work suggests an impending low. The technical setup favors one final decline before prices bottom in early December.
Stock markets in the United States did very little during the trading session on Tuesday as there is very little in the way of news to get things moving. We continue to pay attention to the US/China trade situation, but quite frankly at this point most people are just sitting around and waiting.
Natural gas markets have gone back and forth during the trading session in a slightly negative manner on Tuesday, as we are trading between the 200 day EMA and the 50 day EMA. At this point, it looks as if the $2.50 level is playing a major part in what was on.
Gold markets went back and forth during the trading session on Tuesday, as we continue to dance around the $1475 level. There is a lot of resistance in this area, so we could not quite take off to the upside. That being said, buyers continue to show up every time it dips.
The Euro has rallied slightly during the trading session on Tuesday, but at this point it’s likely that the market is going to run out of momentum, as there are several reasons to think that there is plenty of resistance just above.
Investing.com – President Donald Trump is warning China to sign on the dotted line by Dec. 15 and the gold market is listening more than ever.