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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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Crude Oil Price To Continue Higher Towards $48.40 Vs US Dollar?

Crude Oil Price To Continue Higher Towards $48.40 Vs US Dollar?

  • – Crude oil price gained pace from the $45.80 low against the US Dollar and moved higher.
  • – There is a crucial bullish trend line with support at $44.55 forming on the hourly chart.
  • – Recently in the US, Baker Hughes reported Rig Counts (Sep 1, 2017).
  • – According to the report, the Baker Hughes Oil-rig count was unchanged from the last reading of 759.

 

Baker Hughes Oil-Rig Count

Recently in the US, Baker Hughes reported Rig Counts (Sep 1, 2017). The market was positioned for a slight decrease in the Baker Hughes Oil-rig count from the last reading of 759.

 

However, the actual result was neutral, as the Baker Hughes Oil-rig count was unchanged from the last reading of 759. The report also pointed out that due to Hurricane Harvey and its impact, they were not able to quantify the change in rig counts across 47 counties in South Texas. On the other hand, the US NFP in August 2017 were 156K, down from the last revised 189K.

 

Overall, there was a slow and steady rise in Oil price above $46.00 and there are chances of more gains in the near term.

 

Oil Price Technical Analysis

There was a slight decline in oil prices this past week until buyers appeared around the $45.80 support area against the US Dollar. The price formed a base at $45.80 and started an upside move clearing the $46.00 and $46.50 resistance levels.

 

Crude Oil Price Technical Analysis

 

The price even traded above the $47.00 resistance and the 100 hourly simple moving average. It traded as high as $47.80 where it faced offers. A correction was initiated and the price declined below the 23.6% Fib retracement level of the last wave from the $45.80 low to $47.80 high.

 

However, the downside move was prevented by a crucial bullish trend line with support at $44.55 on the hourly chart. Moreover, the 38.2% Fib retracement level of the last wave from the $45.80 low to $47.80 high acted as a support.

 

It seems like the price may soon break the $47.80 resistance to test the $48.00 handle. It could even break it to retest the $48.40 swing high in the near term.

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Gold Price Correcting From $1325 Vs US Dollar

Gold Price Correcting From $1325 Vs US Dollar

  • – Gold price rocketed higher recently and traded above the $1320 level against the US Dollar before starting a correction.
  • – The price has moved down and broke a bullish trend line with support at $1310 on the hourly chart of gold versus the USD.
  • – Recently in China, the NBS Manufacturing Purchasing Managers Index (PMI) for August 2017 was released by the China Federation of Logistics and Purchasing (CFLP).
  • – The outcome was above the forecast, as there was a rise from the last reading of 51.4 to 51.7.

 

China’s NBS Manufacturing PMI

Recently in China, the NBS Manufacturing Purchasing Managers Index (PMI) for August 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 51.4 to 51.3.

 

The actual result was above the forecast, as there was a rise from the last reading of 51.4 to 51.7. The non-manufacturing PMI on the other hand, posted a decline from the last reading of 54.5 to 53.4. The CLIP report added that:

From the 13 sub-index, compared with the previous month, the production index, the new order index, purchase index, import index, purchase price index, ex-factory price index, production and business activities expected to rise, the remaining six indices fell slightly The In the upside index, the purchase price index, the ex-factory price index rose more than 1 percentage point, the other index rose less.

 

Overall, gold price might continue to correct lower in the near term, but remains supported around the $1290 level.

 

Gold Price Technical Analysis

There was a sharp rise in Gold price above the $1300 level against the US Dollar. The price rocketed higher and broke the $1310 and $1320 resistance level to trade towards the $1325 level where it founds selling interest.

 

Gold Price Technical Analysis

 

The price later started a correction from the $1325.91 high and moved below the 23.6% Fib retracement level of the last wave from the $1274.91 low $1325.91 high. The downside move was such that the price even broke the $1315 support and the 100 hourly simple moving average.

 

The price even traded below a bullish trend line with support at $1310 on the hourly chart of gold versus the USD. At the moment, it is finding bids near the 50% Fib retracement level of the last wave from the $1274.91 low $1325.91 high.

 

However, there is a bearish trend line on the upside waiting to act as a resistance near $1305 for another downside push towards the $1300 and $1292 support levels.

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Can Crude Oil Price Stay Above $47.60 Vs US Dollar?

Can Crude Oil Price Stay Above $47.60 Vs US Dollar?

  • – Crude oil price is slowly recovering and trading above a crucial support at $47.60 against the US Dollar.
  • – There is a major bullish trend line with support at $47.360 forming on the hourly chart.
  • – Recently in the US, the API Weekly Crude Oil Stock (Week ending 18, August 2017) report was released.
  • – According to the report, the Crude Oil Stock fell by 3.59 million barrels compared with the last -9.20M.

 

API Weekly Crude Oil Stock Figure

Recently in the US, the API Weekly Crude Oil Stock report (Week ending 18, August 2017) was released by the American Petroleum Institute industry. The market was positioned for a decrease of around 2 million barrels on a weekly basis compared with the last decline of 9.20M.

 

However, the actual result was a bit on the better side, as the U.S. oil inventories were down by 3.59 million barrels in the week ending 18, August 2017. On the other hand, the report stated that there was a rise of roughly 1.4 million barrels in gasoline stocks and distillate stocks gained by around 1.98 million barrels.

 

Oil prices were down slightly, but trading well above a major support area of $47.60-50.

 

Oil Price Technical Analysis

This week crude oil price attempted to settle above the $48.80 level against the US Dollar. It failed on two occasions, and as a result, there was a downside reaction below $48.00. The price traded towards $47.20-30 where it found support.

 

Oil Price Technical Analysis

 

Later, the price started recovering slowly and currently following a major bullish trend line with support at $47.360 on the hourly chart. The price is just trading near the 100 hourly simple moving average at $47.70 and attempting an upside move.

 

On the upside, an initial resistance is around a bearish trend line at $47.75 on the same chart. Moreover, the 38.2% Fib retracement level of the last decline from the $48.20 high to $47.55 low is positioned at $47.80.

 

As long as the price is above the bullish trend line and $47.60, there is a chance of it breaking higher towards the $48.40-50 levels in the near term.

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Crude Oil Price To Consolidate Above $48.60 Vs US Dollar

Crude Oil Price To Consolidate Above $48.60 Vs US Dollar

  • – Crude oil price is finding it hard to stay above the all-important $50 resistance against the US Dollar.
  • – There is a major contracting triangle pattern with resistance near $49.70 forming on the hourly chart.
  • – Recently in the US, the API Weekly Crude Oil Stock (08, August 2017) report was released.
  • – According to the report, the Crude Oil Stock decreased by -7.839M compared with the last 1.779M.

 

API Weekly Crude Oil Stock Figure

Recently in the US, the API Weekly Crude Oil Stock report (08, August 2017) was released by the American Petroleum Institute industry. The market was positioned for a decline of around 4 million barrels on a weekly basis compared with the last 1.779M.

 

However, the actual result was on the lower side, as there was a decline of 7.839 million barrels. Next up is the petroleum report by the Energy Information Administration later today at 10:30 a.m. ET. The EIA Crude Oil stockpiles is forecasted to decline by -2.800M, compared with the last -1.527M.

 

Overall, the market may trade cautiously, and crude oil price may continue to range trade below $50 in the near term.

 

Oil Price Technical Analysis

After trading close to the $50.50 level crude oil price faced offers against the US Dollar. The price failed to remain above the $50 handle for a long time and later moved down. There was a close below the $50 handle and the price traded as low as $48.40.

 

Oil Price Technical Analysis

 

Later, the price started consolidating in a range and moved above the $49.00 level. However, the price is struggling to trade above $49.50 and the 100 hourly simple moving average. There is a major contracting triangle pattern with resistance near $49.70 forming on the hourly chart.

 

The price recently traded below the 50% Fib retracement level of the last wave from the $48.62 low to $49.87 high. On the upside, there is a connecting bearish trend line on the same chart with resistance at $49.20.

 

As long as the price is below the $49.60 level and faces sellers near 100 hourly simple moving average, it may continue to consolidate in a range in the near term.

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Gold Price Testing Crucial Support of $1264 Vs US Dollar

Gold Price Testing Crucial Support of $1264 Vs US Dollar

  • – Gold price remained in an uptrend and traded towards $1275 against the US Dollar.
  • – There is a major bullish trend line with support at $1264 forming on the hourly chart of gold versus the USD.
  • – Recently in the US, the Institute for Supply Management (ISM) Manufacturing Index for July 2017 was published.
  • – The outcome was below the forecast, as there was a decrease from the last reading of 57.8 to 56.3.

 

US ISM Manufacturing Index

Recently in the US, the Institute for Supply Management (ISM) Manufacturing Index for July 2017 was published. The market was positioned for a minor decline from the last reading of 57.8 to 56.5.

 

The actual result was below the forecast, as there was a decrease from the last reading of 57.8 to 56.3. The New Orders Index was down by around 3.1 percentage points to 60.4 percent, and the Production Index also posted a decline of a 1.8 percentage point to 60.6. The report added that:

The Employment Index registered 55.2 percent, a decrease of 2 percentage points from the June reading of 57.2 percent. The Supplier Deliveries Index registered 55.4 percent, a 1.6 percentage point decrease from the June reading of 57 percent. The Inventories Index registered 50 percent, an increase of 1 percentage point from the June reading of 49 percent.

 

Overall, gold price dips remains supported as long as the $1264 support is intact in the near term.

 

Gold Price Technical Analysis

There were continuous gains in Gold price as it moved above the $1265 resistance against the US Dollar. The upside move was gained traction, as the price was also able to surpass $1270 for a high near $1273.92.

 

Gold Price Technical Analysis

 

The price later started a correction from a bearish trend line at $1274 on the hourly chart and traded below the 50% Fib retracement level of the last wave from the $1261.51 low $1273.92 high. On the downside, there is a major bullish trend line with support at $1264 forming on the hourly chart of gold versus the USD.

 

At the moment, the price is finding support near the 76.4% Fib retracement level of the last wave from the $1261.51 low $1273.92 high and the 100 hourly simple moving average.

 

Overall, it seems like the $1264-62 area is a major support and can be considered as a buy zone in the near term.

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Gold Price To Continue Higher Towards $1260 Vs US Dollar

Gold Price To Continue Higher Towards $1260 Vs US Dollar

  • – Gold price maintained a bullish tone and traded above $1250 against the US Dollar.
  • – There is a connecting bullish trend line with support at $1252 forming on the hourly chart of gold versus the USD.
  • – Recently in the US, the Manufacturing Purchasing Managers Index (PMI) (Prelim) for July 2017 was released by the Markit Economics.
  • – The outcome was above the forecast, as there was an increase from the last reading of 52.0 to 53.2.

 

US Manufacturing PMI

Recently in the US, the Manufacturing Purchasing Managers Index (PMI) (Prelim) for July 2017 was released by the Markit Economics. The market was positioned for no change in the PMI from the last reading of 52.0.

 

The actual result was above the forecast, as there is an expectation of an increase from the last reading of 52.0 to 53.2 in the PMI. Moreover, the US Composite Output Index posted a new month high of 54.2. The report added that:

The pickup in business activity growth was driven by a steeper increase in manufacturing production in July (‘flash’ output index at 54.3, up from 52.6 in June). Meanwhile, service providers indicated that activity growth was unchanged from June’s five-month peak.

 

Overall, there can be minor corrections in Gold price, but it remains supported above the $1250-52 levels.

 

Gold Price Technical Analysis

There were good gains in Gold price since it traded above the $1245 and $1250 level recently against the US Dollar. The upside move was decent, as there was a new monthly high formed at $1258.76 from where a correction was initiated.

 

Gold Price Technical Analysis

 

The price traded below the 23.6% Fib retracement level of the last wave from the $1242.61 low $1258.76 high. The downside move was prevented by a connecting bullish trend line with support at $1252 on the hourly chart of gold versus the USD.

 

Moreover, the 38.2% Fib retracement level of the last wave from the $1242.61 low $1258.76 high also acted as a support zone. The price is already recovering from $1253 and may continue to move higher.

 

On the upside, a retest of $1258 is most likely in the near term. Above $1258, the price may break $1260 for further gains in the near term.

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