|Day's range||1,248.60 - 1,255.10|
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Investing.com - Oil prices edged up on Tuesday in Asia after falling 3% in the previous session as a cut promised by Saudi Arabia and its allies in the enlarged OPEC+ failed to boost oil prices.
The gold market pulled back slightly during Monday’s session, testing the $1250 level underneath, which now has turned supportive. The silver market was bit choppy in yesterday’s session testing the $14.50 level underneath. The $50 level underneath is clearly a strong support level with $55 level above is offering maximum resistance.
Natural gas prices moved higher on Monday rising more than 2.5%, but remain rangebound generating a bull flag pattern. Prices are buoyed despite warmer than normal weather which is expected to cover most of the United States for the next 8-14 days according to the National Oceanic Atmospheric Administration. Inventories are well below the 5-year average range for this time of year, while prices are still $2 per mmbtu below the 5-year high. Natural gas prices moved higher on Monday and are forming a bull flag pattern which is a pause that refreshes higher.
The Euro initially rallied during the trading session on Monday to kick off the week but continues to find resistance above the 1.14 level. Because of this, it looks like we are getting a bit exhausted yet again, and this tells me that we will probably continue to stay within the overall range.
S PPI figure will be out on Tuesday. Also that day the market anticipates a release of the British Average Earnings Index. And of course, we all are waiting for the UK Parliament Brexit Vote
Investing.com - Oil prices slumped on Monday, erasing some of last week’s strong gains from an agreement among major producers to curb output in the coming year, while analysts debated whether the deal is enough to rebalance the market.
Investing.com - Gold prices fell on Monday, turning lower after reaching their best level in five months on the back of expectations that the Federal Reserve will need to slow its pace of rate hikes next year.
Newmont (NEM) expects production in 2019 to be driven by higher grade production from the Subika Underground project in Africa.
Chinese officials summoned the U.S. ambassador to Beijing on Sunday to protest the arrest of chief financial officer of Chinese electronics giant Huawei, Meng Wanzhou in Canada. U.S. officials are investigating her role in the companies operations in Iran.
I will start this analysis by telling you that in the past few months, the movements on Gold are a bit, let’s say weird. Gold does not behave as it was for the past few years. The correlation between the USD and the risk ON/OFF mode seems broken. Gold follows it’s own path. Luckily, the technical analysis works in any condition and this is the place, where we will focus now.
We may have seen the high of the week earlier in the session on Monday if the forecast stays the same. Genscape is saying that frigid conditions were expected to keep gas demand holding strong on Monday and Tuesday at 95.8 Bcf/d. Demand was then expected to quickly drop into Wednesday at 89.2 Bcf/d and then continue to shed an average 0.38 Bcf/d through the following seven days, the firm said.
Gold traders are likely to take their cues from the movement in the U.S. Dollar, U.S. Treasury yields and the stock market on Monday since the economic data is limited to the JOLTS Job Openings report.
Investing.com - Oil prices were mixed on Monday after OPEC announced on Friday a supply cut of 1.2 million barrels per day (bpd) from January.
DAX is expected to open in red and trade with bearish bias owing to decreased risk appetite but downside is likely to be limited as common currency trades positive in broad market providing some measure of fundamental support to German equities.
Based on last week’s close at $1252.60 and the earlier price action, the direction of the February Comex gold futures contract is likely to be determined by trader reaction to the previous main top at $1252.00.
The pair is range bound ahead of tomorrow’s brexit vote as tension remains high amid broad based USD weakness.
Broad based weakness surrounding US Greenback that carried over from last week’s close was further boosted by headlines from weekend resulting in Euro gaining upper hand as trading session began for the day.
Based on last week’s close at .7187, the direction of the AUD/USD this week is likely to be determined by trader reaction to the 50% level at .7207.