|Day's Range||1,306.50 - 1,311.00|
Based on the close at $59.87 on Thursday, the direction of the May WTI crude oil market on Friday is likely to be determined by trader reaction to the major 50% level at $59.63.
Based on the current price at $1309.00, the key downtrending angle to watch into the close is $1307.80.
Natural gas markets drifted a little bit lower on Thursday, as we continue to see resistance above in what has been a very bearish market.
(Reuters) - Canada's main stock index eked out gains on Thursday after data showed increased domestic hiring and wholesale trade, even as the U.S. Federal Reserve abandoned projections for interest rate hikes this year amid signs of an economic slowdown. * At 10:05 a.m. ET (1405 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 13.96 points, or 0.09 percent, at 16,181.52. * The Fed on Wednesday brought its three-year drive to tighten monetary policy to an abrupt end, saying it would halt the steady decline of its balance sheet in September. ...
Based on the current price at 2820.75, the nearest resistance angle is 2842.75 and the nearest support angle is 2798.50.
Traders should note that just because the Fed turned increasingly dovish, a bull market in gold is not a given. Gains could be limited by a surge in demand for risky assets like stocks. Furthermore, safe-haven demand for the U.S. Dollar due to concerns over U.S.-China trade relations could also put a lid on gold prices.
According to Stats New Zealand, gross domestic product expanded 0.6 percent in the three months to December 21 versus a 0.3 percent rise in the September quarter and was 2.3 percent higher than the same quarter a year earlier.
Gold markets tried to rally initially during the trading session on Wednesday but then turned around the show signs of weakness again. As we wait the Federal Reserve, the Gold markets of course are going to be very sensitive to the greenback.
The US dollar tried to rally during the trading session on Wednesday, but as you can see continues to give back the gains as we break above the ¥111.50 level.
Based on the early price action and the current price at 2836.25, the direction of the June E-mini S&P 500 Index on Wednesday is likely to be determined by trader reaction to the uptrending Gann angle at 2854.50.
Based on the current price at 25915, the first upside target is a downtrending Gann angle at 25991 and the nearest downside target is the uptrending Gann angle at 25758.
Based on the early price action, the direction of the May WTI crude oil futures contract on Wednesday is likely to be determined by trader reaction to the steep uptrending Gann angle at $58.87.
Volatility should be the theme today in the gold market because the Fed announcements contain multiple components. Firstly, there’s the economic projections which are expected to show the Fed will cut the number of potential rate hikes. This is potentially bullish for gold prices.
Trading bullish and bearish divergences is a popular strategy to take advantage of the price movements in the forex market. While there are numerous strategies to use technical analysis as a useful tool to make profits, trading bullish and bearish divergences is said to be one of the most powerful approaches of them all. In the most common way, bullish and bearish divergences are observed in the Relative Strength Index (RSI), the Moving Average Convergence Divergence (MACD) and the Money Flow Index (MFI).
The gold prices bounced higher during Tuesday’s session using the 50 Day EMA as support. The silver prices rallied higher during yesterday’s session but ran into resistance at the $15.50 level and also the 50 Day EMA slope. With USD going weak against major currencies of the world, the silver prices will continue to drive value and pullbacks will offer a nice buying opportunity until it breaks below the $15 level.
Given the earlier price action, a lower close today will produce a potentially bearish closing price reversal top. This could trigger the start of a 2 to 3 day counter-trend break.
A dovish Fed is likely to trigger the start of a breakout to the upside on a move over $1315.30. Look for a spike to the downside if the Fed is more hawkish than expected and $1296.20 fails as support.