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Gold Price in Trouble below $1280 Vs US Dollar

Gold Price in Trouble below $1280 Vs US Dollar

  • – Gold price is currently under a bearish pressure below the $1280 resistance against the US Dollar.
  • – There is a major bearish trend line forming with resistance near $1278-1280 on the hourly chart of gold versus the USD.
  • – Recently in China, the Caixin Services PMI for Nov 2017 was released.
  • – The outcome was above the forecast of 51.5 as there was a rise in the PMI from 51.2 to 51.9.

 

Caixin China Services PMI

Recently in China, the Caixin Services PMI for Nov 2017 was released. The market was positioned for a rise in the PMI from the last reading of 51.2 to 51.5.

 

The actual result was above the forecast of 51.5 as there was a rise in the PMI from 51.2 to 51.9. Moreover, the Composite Output index increased from the last reading of 51.0 to 51.6. The report stated:

 

Data broken down by sector indicated that business activity growth improved across both the manufacturing and service sectors during November. In the manufacturing sector, the pace of increase picked up from October’s four-month low, but remained moderate overall.

 

Overall, the result was positive, but gold price is struggling to hold the $1270-1272 support area.

 

Gold Price Technical Analysis

There was a slow and steady decline in Gold price from the $1295-1296 swing high against the US Dollar. The price declined below a couple of important support levels such as $1288, $1282 and $1280 to settle below the 100 hourly simple moving average.

 

Gold Price Technical Analysis

 

There was even a break below the $1275 level and the price traded as low as $127096. At the moment, the price is consolidating above the $1270 level with an initial resistance around the 38.2% Fib retracement level of the last decline from the $1289.16 high to $1270.96 low.

 

Moreover, there is a major bearish trend line forming with resistance near $1278-1280 on the hourly chart of gold versus the USD. The trend line resistance is near the 100 hourly SMA and the 50% Fib retracement level of the last decline from the $1289.16 high to $1270.96 low.

 

Therefore, it won’t be easy for buyers to break the $1280 resistance and gain strength above the 100 hourly SMA. On the downside, a break below $1270 could ignite more declines in the near term.

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Gold Price Remains in Uptrend above $1285 Vs US Dollar

Gold Price Remains in Uptrend above $1285 Vs US Dollar

  • – Gold price moved higher recently and traded above the $1285 resistance area against the US Dollar.
  • – There was a break above a key bearish trend line with resistance at $1286.50 on the hourly chart of gold versus the USD.
  • – Recently in the US, the Initial Jobless Claims report for the week ending Nov 18, 2017 was released by the US Department of Labor.
  • – The outcome was above the forecast of 240K, as there was a decline in claims to 239K.

 

US Initial Jobless Claims

Recently in the US, the Initial Jobless Claims report for the week ending Nov 18, 2017 was released by the US Department of Labor. The market was positioned for a decline in the claims from 249K to 240K.

 

The actual result was above the forecast of 240K, as there was a decline in claims to 239K. On the other hand, the last reading was revised up from 249K to 252K. Therefore, the overall decrease was more than the market expected which is by 13K.

 

There was a correction initiated in gold price, but it remains supported above the $1285 and $1282 levels in the near term.

 

Gold Price Technical Analysis

There was a nice upside move initiated from the $1274.46 low in Gold price against the US Dollar. The price gained a lot of momentum and was able to move above the $1285 resistance to settle above the 100 hourly simple moving average.

 

Gold Price Technical Analysis

 

During the upside, there was a break above a key bearish trend line with resistance at $1286.50 on the hourly chart of gold versus the USD. The price traded as high as $1294.67 and is currently correcting lower. It is currently trading near the 23.6% Fib retracement level of the last wave from the $1274.46 low to $1294.67 high.

 

There is a major support area near $1286 since it is close to the broken trend line and the 38.2% Fib retracement level of the last wave from the $1274.46 low to $1294.67 high.

 

As long as the price is above $1285, $1282 and the 100 hourly SMA, there can be more gains in the short term toward $1295 or even $1300.

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Crude Oil Price Breaks Key Support at $56.40 Vs US Dollar

Crude Oil Price Breaks Key Support at $56.40 Vs US Dollar

  • – Crude oil price after a nice upside move faced sellers at $58.00 against the US Dollar and started a downside move.
  • – There was a break below a major descending channel with support at $56.40 on the hourly chart.
  • – Recently in the US, the API Weekly Crude Oil Stock report in the week to Nov. 10 was released.
  • – According to the report, there was a rise in the crude oil inventories by 6.5 million barrels.

 

API Weekly Crude Oil Stock

Recently in the US, the API Weekly Crude Oil Stock report in the week to Nov. 10 was released. The market was positioned for a decrease in the crude oil inventories by around 1 million barrels.

 

However, the actual result was disappointing, as the report pointed a rise in the crude oil inventories by 6.5 million barrels. Most analysts were not expecting a rise in the crude oil inventories by 2 million barrels.

 

Overall, there was an increase in selling pressure on oil price and it moved below the $56.00 support area.

 

Oil Price Technical Analysis

There was a good upside wave in crude oil price during the past few days above $55.00 against the US Dollar. However, the price failed to move above the $58.00 level and faced a lot of offers, prompting a downside reaction.

 

Oil Price Technical Analysis

 

The price started a downside move and traded below the $57.00 support. The most important thing was a break below a major descending channel with support at $56.40 on the hourly chart, which has opened the doors for more losses.

 

The price recently traded below the 100 hourly simple moving average and formed a low at $54.99. It is currently correcting higher with an initial resistance around the 23.6% Fib retracement level of the last decline from the $57.32 high to $54.99 low.

 

There are many hurdles on the upside like $56.00 and the 50% Fib retracement level of the last decline from the $57.32 high to $54.99 low at $56.16 where sellers would appear. Therefore, any major corrections toward $56.00 are likely to face offers in the near term.

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Gold Price Remains Supported Above $1275 Vs US Dollar

Gold Price Remains Supported Above $1275 Vs US Dollar

  • – Gold price is trading higher, but upsides are capped by the $1282 resistance against the US Dollar.
  • – There is a major bullish trend line forming with support at $1275 on the hourly chart of gold versus the USD.
  • – Recently in China, the Trade Balance report for Oct 2017 was released by the General Administration of Customs of the People’s Republic of China.
  • – The outcome was below the forecast of $39.50B, as there was a trade surplus of $38.20B.

 

China’s Trade Balance

Recently in China, the Trade Balance report for Oct 2017 was released by the General Administration of Customs of the People’s Republic of China. The market was positioned for a trade surplus of $39.50B compared with the previous $28.47B.

 

The actual result was below the forecast of $39.50B, as there was a trade surplus of $38.20B. The last reading was revised up from $28.47B to $28.61B. Exports of goods and services in Oct 2017 rose 6.9%, which was less than the forecast of 7.2% (YoY). Imports of goods and services in Oct 2017 rose 17.2%, which was more than the forecast of 16% (YoY).

 

The overall result was positive and better than the last time, and might help Gold in moving above the $1282 level in the near term.

 

Gold Price Technical Analysis

There were a couple of rejections in Gold price near the $1282 level against the US Dollar. The price struggled to settle above the $1282 level and started a downside move. It traded towards the $1271 level recently and found strong bids.

 

Gold Price Technical Analysis

 

The price is currently moving higher and trading above the 38.2% Fib retracement level of the last decline from the $1282.86 high to $1271.81 low. Buyers succeeded in pushing the price above the $1275 level and the 100 hourly simple moving average.

 

However, the 61.8% Fib retracement level of the last decline from the $1282.86 high to $1271.81 low is acting as a resistance and preventing further gains. On the downside, there is a major bullish trend line forming with support at $1275 on the hourly chart of gold versus the USD.

 

As long as the price is above $1275 and the 100 hourly SMA, there can be an upside move back toward $1282 or higher.

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Gold Price To Overtake $1280 Once Again Vs US Dollar

Gold Price To Overtake $1280 Once Again Vs US Dollar

  • – Gold price after a downside move found support near $1264 against the US Dollar.
  • – There is a major bearish trend line forming with resistance at $1280 on the hourly chart of gold versus the USD.
  • – Recently in China, the Manufacturing Purchasing Managers Index (PMI) for Oct 2017 was released by the China Federation of Logistics and Purchasing (CFLP).
  • – The outcome was below the forecast of 52.0, as there was a decline from 52.4 to 51.6.

 

China’s NBS Manufacturing PMI

Recently in China, the Manufacturing Purchasing Managers Index (PMI) for Oct 2017 was released by the China Federation of Logistics and Purchasing (CFLP). The market was positioned for a minor decline from the last reading of 52.4 to 52.0.

 

The actual result was below the forecast of 52.0, as there was a decline from 52.4 to 51.6. Looking at the official non-manufacturing PMI, the market was looking for a decline to 55.0 from 55.4 in Oct 2017. However, the official non-manufacturing PMI declined from 55.4 to 54.3.

 

The overall result was neutral and gold price is likely to remain in the positive zone above $1272 in the short term.

 

Gold Price Technical Analysis

This past week, there was a decline in Gold price from well above $1282 towards $1264 against the US Dollar. The price broke the $1270 support and settled below the 100 hourly simple moving average to trade as low as $1263.57.

 

Gold Price Technical Analysis

 

The price formed a base near $1264 and later started an upside correction. It traded above the $1272 resistance and the 50% Fib retracement level of the last decline from the $1282.45 high to $1263.57 low.

 

The price is now well above $1275 and the 100 hourly simple moving average. On the upside, buyers need to break a major bearish trend line with resistance at $1280 on the hourly chart of gold versus the USD to gain bullish traction and challenge the $1285 resistance.

 

On the downside, there is a connecting bullish trend line with support at $1275, which can be seen as a buy zone along with the 100 hourly SMA.

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Crude Oil Price To Continue Higher Vs US Dollar

Crude Oil Price To Continue Higher Vs US Dollar

  • – Crude oil price made a nice upside move recently and traded above $51.50 against the US Dollar.
  • – There is a crucial bearish trend line forming with resistance near $52.40 on the hourly chart.
  • – Recently in China, the hosing price index for Sep 2017 was released by the National Bureau of Statistics.
  • – The outcome was below the forecast of +8%, as there was an increase of 6.3% in the index.

 

China’s Hosing Price Index

Recently in China, the hosing price index for Sep 2017 was released by the National Bureau of Statistics. The market was positioned for an increase of 8% compared with the last increase of 8.3%.

 

However, the actual result was below the forecast of +8%, as there was an increase of 6.3% in the index. It had a slight negative impact on the market sentiment. Moreover, the recent Canada’s Consumer Price Index (CPI) for Sep 2017 posted a rise of 0.2% compared with the previous month, which was in line with the forecast.

 

It seems like crude oil price remains supported on the downside and it might look to break the $52.40-50 resistance for more gains.

 

Oil Price Technical Analysis

There was a minor dip in oil prices this past week towards the $51.00 support against the US Dollar. The price traded as low as $50.90 and later started an upside correction. It moved above the 23.6% Fib retracement level of the last decline from the $52.54 high to $50.90 low.

 

Crude Oil Price Technical Analysis

 

The upside move was strong since the price was able to break the $51.50 resistance and the 100 hourly simple moving average. There was even a close above the 50% Fib retracement level of the last decline from the $52.54 high to $50.90 low, which is a positive sign.

 

On the upside, there is a crucial bearish trend line forming with resistance near $52.40 on the hourly chart. At present, the price is trading near the 76.4% Fib retracement level of the last decline from the $52.54 high to $50.90 low.

 

Therefore, there is a chance of a minor dip before the price makes an attempt to break the $52.40-50 resistance in the near term. Buying dips can be opted as long as the price is above $52.00 and the 100 hourly SMA.

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Gold Price Remains Sell on Rallies Near $1295 Vs US Dollar

Gold Price Remains Sell on Rallies Near $1295 Vs US Dollar

  • – Gold price traded lower recently and broke the $1295 support against the US Dollar.
  • – There was a break below a major bullish trend line with support at $1296 on the hourly chart of gold versus the USD.
  • – Recently in the US, NAHB Housing Market Index for Oct 2017 was released by the National Association of Home Builders.
  • – The outcome was above the forecast of 64, as there was a rise from 64 to 68.

 

US NAHB Housing Market Index

Recently in the US, NAHB Housing Market Index for Oct 2017 was released by the National Association of Home Builders. The market was positioned for no change in the index from the last reading of 64.

 

The actual result was above the forecast of 64, as there was a rise from 64 to 68. It is the highest reading since May 2017 and all three HMI components posted gains in October 2017. Commenting on the same, the NAHB Chairman, Granger MacDonald, stated:

 

This month’s report shows that home builders are rebounding from the initial shock of the hurricanes. However, builders need to be mindful of long-term repercussions from the storms, such as intensified material price increases and labor shortages.

 

The overall result was positive and impacted Gold price below the $1300 handle.

 

Gold Price Technical Analysis

There was a steady rise in Gold price from the $1280 swing low against the US Dollar. The price traded as high as $1305 before facing strong offers. Later, the price started a downside moved and traded below the $1300 support zone.

 

Gold Price Technical Analysis

 

The decline was important since the price broke the $1298 support and the 100 hourly simple moving average. Moreover, there was a break below a major bullish trend line with support at $1296 on the hourly chart of gold versus the USD.

 

These are negative signs in the short term since the price is now below $1295. It traded as low as $1281.36 recently and currently correcting higher. At the moment, the price is trading near the 23.6% Fib retracement level of the last decline from the $1305.90 high to $1281.36 low.

 

On the upside, the broken support near $1295-96 might now act as a strong resistance and a sell zone in the near term.

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Crude Oil Price To Settle Below $50.00 Vs US Dollar

Crude Oil Price To Settle Below $50.00 Vs US Dollar

  • – Crude oil price started a new downtrend and already moved below the $50.60 support against the US Dollar.
  • – There are two important bearish trend lines forming with resistance at $50.40 on the hourly chart.
  • – Recently in the US, the EIA Crude Oil stockpiles figure (Sep 29, 2017) was released by the Energy Information Administration.
  • – As per the report, the EIA Crude Oil stockpiles were down -6.023M compared with the forecast of -0.467M.

 

EIA Crude Oil Stockpiles Report

Recently in the US, the EIA Crude Oil stockpiles report (Sep 29, 2017) was released by the Energy Information Administration. The market was looking for the EIA Crude Oil stockpiles to be around -0.467M compared with the last reading of -1.846M.

 

However, the actual result was better than the forecast, as the EIA Crude Oil stockpiles were down -6.023M compared with the forecast of -0.467M. Moreover, the Crude exports were up sharply to 1.98 million bpd, which was a lot higher compared with the previous week’s the 1.5 million bpd record.

 

It seems like Crude oil price struggle might extend in the short term and the price might attempt a move towards $49.00 in the near term.

 

Oil Price Technical Analysis

There were good gains in the past in Crude oil price as it move above the $52.00 level against the US Dollar. Later, the price failed to remain above the $52.50-60 levels and started a downside move trading below $52.00.

 

Crude Oil Price Technical Analysis

 

The price declined heavily and moved below the $51.00 handle and the 100 hourly simple moving average. It is a bearish sign since the price even attempted a close below $50.00 once and traded as low as $49.97.

 

At the moment, the price is correcting higher and trading near the 23.6% Fib retracement level of the last decline from the $50.80 high to $49.97 low. On the upside, there are two important bearish trend lines forming with resistance at $50.40 on the hourly chart.

 

If the price moves higher, it won’t be easy for buyers to clear the $50.40-50.50 resistance. On the downside, a close below $50.00 might ignite further declines in the near term.

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Gold Price Under Pressure Below $1280 Vs US Dollar

Gold Price Under Pressure Below $1280 Vs US Dollar

  • – Gold price moved down from the $1290 swing high against the US Dollar and traded below $1280.
  • – There was a break below a major ascending channel with support at $1284 on the hourly chart of gold versus the USD.
  • – Recently in China, the Manufacturing Purchasing Managers Index (PMI) for Sep 2017 was released by the China Federation of Logistics and Purchasing (CFLP).
  • – The outcome was above the forecast of 51.5, as there was a rise from 51.7 to 52.4.

 

China’s NBS Manufacturing PMI

Recently in China, the Manufacturing Purchasing Managers Index (PMI) for Sep 2017 was released by the China Federation of Logistics and Purchasing (CFLP). The market was positioned for a decline in the PMI from the last reading of 51.7 to 51.5.

 

The actual result was above the forecast of 51.5, as there was a rise from 51.7 to 52.4. Similarly, the official non-manufacturing PMI also posted a rise from the last reading of 53.4 to 55.4 in Sep 2017.

 

The overall result was positive, but there was no change in the buying sentiment for Gold, as its price remained below the $1280 resistance area.

 

Gold Price Technical Analysis

There was a downside move in Gold price from the $1310 high against the US Dollar. The price faced a lot of selling pressure, and as a result, there was a break of the $1300 and $1290 support levels. The downside move was such that the price even failed to hold the $1280 support and the 100 hourly simple moving average.

 

Gold Price Technical Analysis

 

The price attempted a correction from the $1280 low once, but failed to break the $1290 resistance. Later, there was a break below a major ascending channel with support at $1284 on the hourly chart of gold versus the USD.

 

The price declined and traded as low as $1273.96 and currently attempting a recovery.  An initial resistance is around the 23.6% Fib retracement level of the last decline from the $1290.31 high to $1273.96 low.

 

There is also a bearish trend line near $1276. Overall, the price remains in the bearish territory with crucial resistances near $1276, $1280 and $1290.

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Crude Oil Price Remains in Uptrend Above $50.40 Vs US Dollar

Crude Oil Price Remains in Uptrend Above $50.40 Vs US Dollar

  • – Crude oil price is still in an uptrend and is currently trading above the $50.40 level against the US Dollar.
  • – There is a monster breakout pattern forming with resistance near $51.00 on the hourly chart.
  • – Recently in the US, the EIA Crude Oil stockpiles report (Sep 11, 2017) was released by the Energy Information Administration.
  • – According to the report, the EIA Crude Oil stockpiles were 4.591M compared with the forecast of 3.493M.

 

EIA Crude Oil Stockpiles Report

Recently in the US, the EIA Crude Oil stockpiles report (Sep 11, 2017) was released by the Energy Information Administration. The market was positioned for the EIA Crude Oil stockpiles to be 3.493M compared with the last reading of 5.888M.

 

However, the actual result was on disappointing, as the EIA Crude Oil stockpiles were 4.591M compared with the forecast of 3.493M. Yesterday, the Fed interest rate decision was also scheduled. The central bank made no changes in the rates, but they went ahead with the hawkish tone.

 

It seems like oil prices were not affected much after the release, and remains supported on the downside above $50.40.

 

Oil Price Technical Analysis

The past few days were excellent for crude oil buyers, as there was a rise in prices above the $49.00 and $50.00 levels. The price is following a major uptrend and it even broke the $51.00 level recently to trade as high as $51.11.

 

Oil Price Technical Analysis

 

Later, the price started a downside correction and moved below the 23.6% Fib retracement level of the last wave from the $49.73 low to $51.11 high. On the downside, there are many supports starting with the $50.60 level followed by the 100 hourly simple moving average.

 

The 38.2% Fib retracement level of the last wave from the $49.73 low to $51.11 high is also at $50.58 to act as a support. It seems like there is a monster breakout pattern forming with resistance near $51.00 on the hourly chart.

 

Therefore, there is a clear a support forming near $50.40. As long as the price is above the $50.40 support, the price could attempt an upside break above the $51.00 handle in the near term.

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