LMFX PAMM


Gold Price Remains Supported above $1,338 Vs US Dollar

Gold Price Remains Supported above $1,338 Vs US Dollar

  • – Gold price corrected lower recently after trading as high as $1,365 against the US Dollar.
  • – There is a key bullish trend line forming with support at $1,338 on the hourly chart of gold versus the USD.
  • – Recently in China, the new loans report for March 2018 was released by People’s Bank of China.
  • – The outcome was below the forecast of 1,200.0B as the new loans figure came in at 1,120.0B.

China’s New Loans

Recently in China, the new loans report for March 2018 was released by People’s Bank of China. The market was slated for a reading of 1,120.0B compared with the last reading of 839.3B.

 

The actual result was below the forecast of 1,200.0B as the new loans figure came in at 1,120.0B. However, the result was positive when compared with the last reading of 839.3B. The M2 Money Supply in March 2018 rose 8.2% (YoY), which was less than the forecast of +8.9% and also less than the last +8.8%.

 

Gold price may consolidate in the short term before it makes the next move above the $1,350 level in the near term.

 

Gold Price Technical Analysis

There was a decent upside move in gold price this past week as it moved above the $1,360 level against the US Dollar. The price traded as high as $1,365 before a downside correction was initiated. It declined and traded below the $1,350 level.

 

Gold Price Technical Analysis

 

There was even a spike down below the 100 hourly simple moving average, but the downside move was contained by the $1,332 support. There is also a key bullish trend line forming with current support at $1,338 on the hourly chart of gold versus the USD.

 

The price is now back above the 100 hourly SMA and broke the 38.2% Fib retracement level of the last decline from the $1,365 high to $1,333 low. Buyers need to gather pace above $1,350 and the 50% Fib retracement level of the last decline from the $1,365 high to $1,333 low for further gains.

 

On the downside, the price remains supported above the $1,338 level. A close below $1,338 and $1,335 may open the doors for more losses.

Tags: , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Can Crude Oil Price Break This Vs US Dollar?

Can Crude Oil Price Break This Vs US Dollar?

  • – Crude oil price is moving higher from the $62.00 swing low against the US Dollar.
  • – There was a break above a major bearish trend line with resistance at $63.30 on the hourly chart.
  • – Yesterday in the US, the EIA Crude Oil stockpiles figure (March 30, 2018) was released by the Energy Information Administration.
  • – As per the agency, the EIA Crude Oil stockpiles fell by -4.617M, whereas the market was looking for a rise of 0.246M.

 

EIA Crude Oil Stockpiles Report

Yesterday in the US, the EIA Crude Oil stockpiles figure (March 30, 2018) was released by the Energy Information Administration. The market was looking for the EIA Crude Oil stockpiles to rise by around 0.246M, a bit less than the last increase of 1.643M.

 

However, the actual result was better than the forecast as the EIA Crude Oil stockpiles fell by -4.617M. Moreover, the Crude stocks at the Cushing, Oklahoma rose by around 3.7M barrels. Lastly, the U.S. crude production increased further and climbed to 10.46 million barrels.

 

The result was positive and helped oil price in gaining momentum above the $63.00 resistance level.

 

Oil Price Technical Analysis

After a substantial decline, Crude oil price found support around the $62.00 level against the US Dollar. The price traded as low as $62.04 and started an upside move. It traded higher and broke the $63.00 resistance to set the pace for more gains.

 

Oil Price Technical Analysis

 

During the upside move, the price broke the 38.2% Fib retracement level of the last decline from the $65.30 high to $62.04 low. Moreover, there was a break above a major bearish trend line with resistance at $63.30 on the hourly chart.

 

At the moment, the price is trading near a major hurdle at $63.70 and the 100 hourly simple moving average. The same level is near the 50% Fib retracement level of the last decline from the $65.30 high to $62.04 low.

 

Therefore, a break above the $63.70 level and the 100 hourly SMA won’t be easy. If buyers succeed in pushing the price above $63.70, there could be more gains above $64.00 in the near term.

Tags: , , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Crude Oil Price Made Short-term Top at $66.30 Vs US Dollar

Crude Oil Price Made Short-term Top at $66.30 Vs US Dollar

  • – Crude oil price traded as high as $66.35 before starting a downside correction against the US Dollar.
  • – There was a break below a major bullish trend line with support at $65.65 on the hourly chart.
  • – Recently in the US, the API Weekly Crude Oil Stock report for the week ending March 23, 2018 was released.
  • – According to the report, there was a rise in the crude oil inventories by 5.321 million barrels.

 

API Weekly Crude Oil Stock

Recently in the US, the API Weekly Crude Oil Stock report for the week ending March 23, 2018 was released. The market was positioned for a minor in the crude oil inventories by around 1.2 million barrels.

 

However, the actual result was below the market forecast as there was a rise in the crude oil inventories by 5.321 million barrels. Looking at the gasoline stockpiles there was a drop of 5.8 million barrels and inventories of distillates declined 2.2 million barrels.

 

There was a downside reaction in crude oil price and it moved below a key support area near $66.00 to start a downside correction.

 

Oil Price Technical Analysis

There were good gains this past week in crude oil price from the $63.00 swing low against the US Dollar. The price moved higher and broke many resistances such as $64.00, $65.00 and $66.00.

 

Oil Price Technical Analysis

 

A high was formed near the $66.35 level before the price started a downside correction. The price moved down and broke the $66.00 support. Moreover, there was a break below a major bullish trend line with support at $65.65 on the hourly chart.

 

There was even a break below the $65.00 support and the 100 hourly simple moving average, which opened the doors for more losses. It traded as low as $64.49 and it remains at a risk of more declines towards the $64.00 level.

 

If the price corrects higher, an initial resistance is around the 38.2% Fib retracement level of the last decline from the $66.33 high to $64.49 low, which is also positioned near the 100 hourly SMA at $65.20. Above $65.20, the next resistance is at $65.50.

Tags: , , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Can Gold Price Gain Upside Momentum Vs US Dollar?

Can Gold Price Gain Upside Momentum Vs US Dollar?

  • – Gold price formed a decent support above the $1,315 level against the US Dollar.
  • – There was a break above a key bearish trend line with resistance at $1,321 on the hourly chart of gold versus the USD.
  • – Recently in China, the Retail Sales report for Jan 2018 was released by the National Bureau of Statistics of China.
  • – The outcome was below the forecast of 9.8% as there was a rise of 9.7% in sales in Jan 2018.

 

China’s Retail Sales

Recently in China, the Retail Sales report for Jan 2018 was released by the National Bureau of Statistics of China. The market was slated for a rise of around 9.8% in sales in Jan 2018 compared with the same month a year ago.

 

The actual result was below the forecast of 9.8% as there was a rise of 9.7% in sales in Jan 2018. However, the industrial production figure for Jan 2018 was impressive, as there was a rise of 7.2% compared with the same month a year ago. It was well above the forecast of 6.1% and also more than the last 6.2%.

 

At the moment, gold price is trading nicely in a bullish zone above the $1,320 level, and it could gain upside momentum.

 

Gold Price Technical Analysis

There was a solid support base formed above the $1,310 level in gold price against the US Dollar. The price started trading higher after forming a swing low at $1,315, and it broke the $1,320 resistance and the 100 hourly simple moving average.

 

Gold Price Technical Analysis

 

Moreover, there was a break above the 50% Fib retracement level of the last drop from the $1,340 high to $1,313 low. Lastly, there was a break above a key bearish trend line with resistance at $1,321 on the hourly chart of gold versus the USD.

 

The price is now trading comfortably above the $1,320 level and it seems like it could move above $1,330 level. The next major hurdle is around the 76.4% Fib retracement level of the last drop from the $1,340 high to $1,313 low.

 

On the downside, the broken resistance near $1,320-21 may now serve as a support if the price corrects lower from the current levels.

Tags: , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Gold Price Back in Uptrend Vs US Dollar

Gold Price Back in Uptrend Vs US Dollar

  • – Gold price found support near $1,302 after a major decline against the US Dollar.
  • – There was a break above a major bearish trend line with resistance at $1,315 on the hourly chart of gold versus the USD.
  • – Recently in China, the Caixin Services PMI for Feb 2018 was released.
  • – The outcome was below the forecast of 54.5 as there was a decline in the PMI from 54.7 to 54.2.

 

China’s Caixin Services PMI

Recently in China, the Caixin Services PMI for Feb 2018 was released. The market was slated for a minor decline in the PMI from the last reading of 54.7 to 54.5 in Feb 2018.

 

The actual result was below the forecast of 54.5 as there was a decline in the PMI from 54.7 to 54.2. Moreover, the Composite Output Index also declined slightly from a seven-year record of 53.7 to 53.3 in Feb 2018.

 

However, there was no negative impact on gold and the price may continue to rise in the near term as long as above $1,320.

 

Gold Price Technical Analysis

After a major decline from the $1,340 swing high, gold price found support just above the $1,300 level against the US Dollar. A low was formed at $1,302, and later the price started an upside move and traded above the $1,310 level and the 100 hourly simple moving average.

 

Gold Price Technical Analysis

 

The price also broke the 23.6% Fib retracement level of the last decline from the $1,340 high to $1,302 low. Moreover, there was a break above a major bearish trend line with resistance at $1,315 on the hourly chart of gold versus the USD.

 

The price is now trading well above the $1,320 level and the 50% Fib retracement level of the last decline from the $1,340 high to $1,302 low. Therefore, the price is likely to extend gains above the $1,325 and $1,330 levels in the near term.

 

If there is a downside correction, the broken resistance at $1,320 is likely to act as a support. Moreover, the 10- hourly SMA is positioned near $1,320 to act as a solid support for the bulls.

Tags: , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Crude Oil Price Looks Set to Decline Further Vs US Dollar

Crude Oil Price Looks Set to Decline Further Vs US Dollar

  • – Crude oil price formed a short-term top near the $64.15 level against the US Dollar, and declined.
  • – There was a break below a major bullish trend line with support at $63.55 on the hourly chart.
  • – Recently in China, the official non-manufacturing PMI for Feb 2018 was released by China Federation of Logistics and Purchasing (CFLP).
  • – The outcome was below the forecast of 55.0 as there was a decline in the PMI from 55.3 to 54.4.

 

China’s Official Non-Manufacturing PMI

Recently in China, the official non-manufacturing PMI for Feb 2018 was released by China Federation of Logistics and Purchasing (CFLP). The market was positioned for a minor decline from the last reading of 55.3 to 55.0.

 

However, the actual result was below the forecast of 55.0 as there was a decline in the PMI from 55.3 to 54.4. Moreover, looking at the NBS Manufacturing Purchasing Managers Index (PMI), there was a decline from the last reading of 51.3 to 50.3, whereas the market was looking for 51.2.

 

At the moment, crude oil price is under pressure and it may decline further below $52.50 in the near term.

 

Oil Price Technical Analysis

There was a solid upside move in crude oil price this past week above the $63.00 level against the US Dollar. The price traded above the $64.00 level and formed a high at $64.15. Later, a downside move was initiated and the price declined below the $64.00 support.

 

Oil Price Technical Analysis

 

During the decline, there was a break below the 23.6% Fib retracement level of the last wave from the $60.68 low to $64.15 high. Moreover, there was a break below a major bullish trend line with support at $63.55 on the hourly chart.

 

At the moment, the price is trading below the $63.00 support and is testing the 50% Fib retracement level of the last wave from the $60.68 low to $64.15 high. It seems like it may soon break the $62.50 support level and decline further.

 

On the upside, the $62.80 level is a key resistance since it is near the 100 hourly simple moving average. The price has to move above the $62.80 and $63.00 resistance levels to move back in a bullish zone.

Tags: , , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Gold Price Could Decline Below $1325 Vs US Dollar

Gold Price Could Decline Below $1325 Vs US Dollar

  • – Gold price started a downside correction from the $1350 swing high against the US Dollar.
  • – There was a break below a major bullish trend line with support at $1340 on the hourly chart of gold versus the USD.
  • – Recently in China, the Caixin Services PMI for Jan 2018 was released.
  • – The outcome was below the forecast of 54.0 as there was a rise in the index from 53.9 to 54.7.

 

China’s Caixin Services PMI

Recently in China, the Caixin Services PMI for Jan 2018 was released. The market was slated for a rise in the PMI from the last reading of 53.9 to 54.0 in Jan 2018.

 

The actual result was below the forecast of 54.0 as there was a rise in the index from 53.9 to 54.7. This was the third consecutive month of an impressive growth in the Chinese services sector. The report added that:

 

January survey data signalled accelerated rates of activity growth across both the manufacturing and service sectors in China. The steeper pace of expansion was registered by services companies, which saw the most marked increase in activity since May 2012.

 

However, gold was not impressed, and it seems like the price may decline below the $1325-27 support in the near term.

 

Gold Price Technical Analysis

There were decent gains above $1350 recently in gold price against the US Dollar. However, the price started a downside wave and corrected in three waves towards $1325. It made an intermediate high at $1350 and traded below the 100 hourly simple moving average.

 

Gold Price Technical Analysis

 

During the downside move, there was a break below a major bullish trend line with support at $1340 on the hourly chart of gold versus the USD. The price traded as low as $1327.36 recently and later it corrected higher. It traded above the 23.6% Fib retracement level of the last decline from the $1350 high to $1327 low.

 

However, the price struggled to break the $1335-36 resistance and failed near the 38.2% Fib retracement level of the last decline from the $1350 high to $1327 low.

 

Overall, it seems like the price may resume its downside move and could correct further lower below the $1327-25 support area in the near term.

Tags: , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Gold Price To Extend Correction Toward $1300 Vs US Dollar

Gold Price To Extend Correction Toward $1300 Vs US Dollar

  • – Gold price climbed higher toward $1325 before starting a correction against the US Dollar.
  • – There is a major descending channel forming with resistance at $1315 on the hourly chart of gold versus the USD.
  • – Recently in China, the Consumer Price Index for Dec 2017 was released by the National Bureau of Statistics of China.
  • – The outcome was below the forecast of +1.9% as there was a rise in the index by 1.8% (YoY).

 

China’s Consumer Price Index

Recently in China, the Consumer Price Index for Dec 2017 was released by the National Bureau of Statistics of China. The market was positioned for a rise of 1.9% in the CPI in Dec 2017 compared with the same month a year ago.

 

The actual result was below the forecast of +1.9% as there was a rise in the index by 1.8%, but it was better than the last 1.7%. In terms of the monthly change, there was a rise of 0.3% in Dec 2017, which was lower than the forecast of 0.4%, but more than the last 0%.

 

Overall, gold price might correct a few pips in the short term, but it is likely to extend declines toward $1300 in the near term.

 

Gold Price Technical Analysis

Recently, we saw a major upside move in gold price above the $1300 level against the US Dollar. The price gained a lot of momentum, settled above $1300 and traded towards the $1325 level where it faced sellers.

 

Gold Price Technical Analysis

 

The price is now well below the $1315 level and the 100 hourly simple moving average. There was also a break below the 76.4% Fib retracement level of the last wave from the $1305 low to $1325 high. At the moment, it seems like there is a major descending channel forming with resistance at $1315 on the hourly chart of gold versus the USD.

 

On the downside, the price could accelerate declines and it could even trade towards the 1.236 Fib extension of the last wave from the $1305 low to $1325 high, which is near $1305.

 

On the upside, any recovery is likely to face a strong selling interest near $1315 and $1320.

Tags: , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Crude Oil Price Eyeing Further Gains Above $58.50 Vs US Dollar

Crude Oil Price Eyeing Further Gains Above $58.50 Vs US Dollar

  • – Crude oil price is in a decent uptrend above the $57.00 support against the US Dollar.
  • – There is an ascending channel forming with support at $57.75 on the hourly chart.
  • – Recently in the US, the EIA Crude Oil stockpiles figure (Dec 15, 2017) was released by the Energy Information Administration.
  • – As per the agency, the EIA Crude Oil stockpiles were down -6.495M compared with the forecast of -3.769M.

 

EIA Crude Oil Stockpiles Report

Recently in the US, the EIA Crude Oil stockpiles report (Dec 15, 2017) was released by the Energy Information Administration. The market was looking for the EIA Crude Oil stockpiles to decline by around -3.769M compared with the last reading of -5.117M.

 

However, the actual result was better than the forecast, as the EIA Crude Oil stockpiles declined -6.495M, compared with the forecast of -3.769M. This reading was also better than the last -5.117M. Moreover, if we consider without the inclusion of the U.S. Strategic Petroleum Reserve, the crude stocks were down to 436 million barrels, which was the lowest reading since Oct 2015.

 

It looks like a decent uptrend is forming for Crude oil price above the $57.50 level and it might continue to move higher in the near term.

 

Oil Price Technical Analysis

A support base was formed at $56.00 in Crude oil price against the US Dollar. The price started a nice upside move and moved above the $57.00 resistance and the 100 hourly simple moving average.

 

Oil Price Technical Analysis

 

The price made a nice upside move and traded above the last swing high and the 1.236 Fib extension of the last drop from the $57.74 high to $56.84 low. It seems like there is an ascending channel forming with support at $57.75 on the hourly chart.

 

The channel support at $57.75 is also around the 100 hourly SMA. Therefore, if the price moves down from the current levels, it will most likely find strong buying interest around $57.70.

 

On the upside, the price may test the 1.618 Fib extension of the last drop from the $57.74 high to $56.84 low at $58.30. Above $58.30, the price could even test the $58.50 level.

Tags: , , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Can Gold Price Break Past $1260 Vs US Dollar?

Can Gold Price Break Past $1260 Vs US Dollar?

  • – Gold price is gaining pace above $1250 against the US Dollar, but it is struggling to break the $1260 level.
  • – There is a crucial contracting triangle forming with support at $1252 on the hourly chart of gold versus the USD.
  • – Recently in China, the hosing price index for Nov 2017 was released by the National Bureau of Statistics.
  • – The outcome was above the forecast of +5.0% as there was a rise in the index by 5.1%.

 

Caixin Hosing Price Index

Recently in China, the hosing price index for Nov 2017 was released by the National Bureau of Statistics. The market was positioned for a rise in the index by 5% compared with the last increase of 5.4%.

 

The actual result was above the forecast of +5.0% as there was a rise in the index by 5.1%. However, it was slightly less than the last increase of 5.4%. In Japan, the Merchandise Trade Balance Total for Nov 2017 was released by the Ministry of Finance. It posted a trade surplus of ¥113.4B, whereas the market was looking for a trade deficit of ¥-54.9B.

 

Overall, the result was positive for the market sentiment, but gold price has to stay above $1250 to gain upside momentum.

 

Gold Price Technical Analysis

After forming a low above the $1235 level, Gold price started an upside move against the US Dollar. The price was able to move above the $1240 and $1250 resistance levels, and closed above the 100 hourly simple moving average.

 

Gold Price Technical Analysis

 

The price traded above the $1260 level, but failed to holds gains and started a downside move. The price declined and traded below the 23.6% Fib retracement level of the last wave from the $1236.41 low to $1261.76 high.

 

At the moment, it seems like there is a crucial contracting triangle forming with support at $1252 on the hourly chart of gold versus the USD. The price is holding the $1250 support and remains supported above the 38.2% Fib retracement level of the last wave from the $1236.41 low to $1261.76 high.

 

As long as the price stays above the $1250-52 levels, there are chances of more gains in the near term above $1260.

Tags: , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Join Our Newsletter:

US & Canadian Traders Welcome Make the trade