|Day's Range||1,282.40 - 1,286.00|
Based on the early price action, the direction of the NZD/USD the rest of the session is likely to be determined by trader reaction to the 50% resistance cluster at .6778 to .6781.
Crude oil markets pulled back a bit during the trading session on Tuesday, as we are facing significant resistance above. At this point, the question is whether or not we are pulling back from massive resistance, or are we winding up to make the breakout?
The natural gas markets fell a bit during the trading session on Tuesday, filling the gap from below, something that I had been waiting to happen. Now the question as what happens next? We are at extremely low levels, so it’s likely that the market could bounce.
Gold markets pulled back a bit during the day on Tuesday but seem to be hanging on to the $1280 level, an area that I thought could be supportive. Because of this, I think we are now looking at a possible return to consolidation.
The US dollar pulled back against the Japanese yen during the trading session on Tuesday, as we had gotten a bit ahead of ourselves in this rally. We are seeing a lot of resistance right where you would expect to based upon the massive flash crash that happened.
The British pound pulled back initially against the Japanese yen but seems to be finding support during the day on Tuesday, as the 50 day EMA is in play. Beyond that, we have a significant amount of support underneath than the form of the ¥140 level.
Gold Fields believes it would be the ideal combination as the two miners operate in similar jurisdictions and have a shared philosophy, said the person, who asked not to be identified because the information is private. The enlarged company could produce almost 6 million ounces of gold a year, closing the gap on Newmont Mining Corp. and Barrick Gold Corp., which have both announced mega deals. Gold Fields shares climbed as much as 7.7 percent and AngloGold rose as much as 3.5 percent in Johannesburg.
Furthermore, having been burned in December by forecasts for extreme cold that never panned out, buyers seem to be a little reluctant to buy and may need some convincing, but this is only likely to occur if the whole month of February is extremely cold. Look for updated forecasts to drive the price action today. The early slow trade suggests investors may be waiting for new forecasts.
The Fed’s dovish outlook and slower global economic growth had been driving gold prices higher. But this has changed recently with gold traders focusing lately on Treasury yields and the movement in the U.S. Dollar. We expect to see these two factors exert the biggest influence on gold prices today.
Based on last week’s close at $1282.60 and the price action the last three weeks, the direction of the February Comex gold futures contract this week is likely to be determined by trader reaction to the major 50% level at $1285.70.
Based on last week’s price action and the close at .6744, the direction of the NZD/USD this week is likely to be determined by trader reaction to the 50% level at .6781.
Based on last week’s close at 109.774, the direction of the USD/JPY this week is likely to be determined by trader reaction to the main 50% level at 109.695.
The S&P 500, as well as the other indices in the United States were closed during the trading session on Monday, although we did have futures electronic trading in the Globex. That being the case, volume was very light so I would read too much into the daily candle.
Silver markets pulled back a bit during the trading session on Monday and what would have been thin trading due to the Martin Luther King Junior holiday. That being the case, I don’t read too much into the negativity and I do think that there is plenty of support below.
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Crude oil markets rallied again in what would have been fairly quiet trading during Martin Luther King Jr. holiday in the United States. There is major resistance just above, but it looks as if the market has formed a massive bottoming pattern.
Natural gas markets of course were very quiet during the holiday session as Martin Luther King Jr. holiday in America had a lot to do with the lack of volatility and volume. I being the case, we must look at the longer-term outlook for natural gas to see where to go next.
Gold markets pulled back a bit during the trading session on Monday, in what would have been relatively thin trading. We did find support at the $1280 level, which is a good sign as it is so important.
Stronger than expected Chinese retail Sales and Industrial production also buoyed global yields weighing on gold prices. Momentum has recently turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occur as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line.
Rangebound price action to continue during American market hours amid thin trading volume as US market is closed for the day.
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