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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 Trades With Bullish Bias Vs US Dollar

    Gold Price Trades With Bullish Bias Vs US Dollar

    • – Gold price remained elevated against the US Dollar, and recently traded as high as $1287.
    • – There is a nice bullish trend line with support at $1278 formed on the hourly chart of XAU/USD.
    • – Earlier today, the Chinese Trade Balance for March 2017 released by the General Administration of Customs of the People’s Republic of China posted a trade surplus of $23.93B.

     

    Chinese Trade Balance

    Today in China, the Trade Balance for March 2017 was released by the General Administration of Customs of the People’s Republic of China. The market was positioned for the balance between exports and imports of total goods and services in March 2017 to post a trade surplus of $10.00B.

     

    The outcome was well above the forecast, as the trade surplus was $23.93B in March 2017, which was a low higher than the last deficit of $-9.15B. Chinese exports rose by 16.4%, which was a lot more than the forecast of 3.2%, and better than the last decline of -1.3%. Chinese imports rose by 20.3%, which was a lot more than the forecast of 18%.

     

    Overall, the result was positive, and might help Gold in keeping the bullish sentiment intact above the $1275 level.

     

    Gold Price Technical Analysis

    We saw a nice rally initiated from the $1247 low in Gold price against the US Dollar. The price surged higher and broke a few important resistances like $1270 and $1278. The price also traded above the 100 hourly simple moving average at$1260, which is a positive sign.

     

    Gold Price Technical Analysis

     

    The price traded as high as $1287 recently, and currently correcting lower. It already tested the 23.6% Fib retracement level of the last wave from the $1271 low to $1287 high. The chances of any further declines are less. But, if there is a dip, there is a nice bullish trend line with support at $1278 on the hourly chart of XAU/USD, waiting to act as a support.

     

    Moreover, the 50% Fib retracement level of the last wave from the $1271 low to $1287 high is at $1279. So, if the price dips further, it may find support near $1278 or $1279. On the upside, a break above $1287 could take the price towards $1295.

     

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  • AUD/USD Forecast – Aussie Dollar Forming Breakout Pattern

    AUD/USD Forecast – Aussie Dollar Forming Breakout Pattern

    • – The Aussie dollar mostly consolidated versus the US dollar this week with support at 0.7610-20.
    • – There is a major contracting triangle pattern formed with support at 0.7625 on the 4-hours chart of AUD/USD.
    • – The Chinese Trade Balance figure for Jan 2017 released by the General Administration of Customs of the People’s Republic of China posted a trade surplus of $51.400B.

     

    China’s Trade Balance

    Today in China, the Trade Balance figures were released for Jan 2017 by the General Administration of Customs of the People’s Republic of China. The market was expecting a trade surplus of $47.900B (balance between exports and imports of total goods and services).

     

    However, the result was better than the forecast, as the trade surplus was $51.400B in Jan 2017. Imports of goods and services rose 16.7%, more than the forecast of 10.0%, and above the last +3.1%. Exports of goods and services increased 7.9%, more than the forecast of 3.3%, and much better than the last revised decline of 6.2%.

     

    Overall, the result was positive, helping the risk sentiment and AUDUSD to stay above the 0.7620 support. There are chances of more gains in AUD/USD if the pair sentiment remains intact, and it stays above the 0.7620-00 support zone.

     

    AUD/USD Technical Analysis

    The Aussie dollar after trading as high as 0.7694 against the US Dollar started a correction. It traded as low as 0.7605 where it found support, and then a consolidation phase was initiated. The AUD/USD pair started trading in a range with support at 0.7620-00.

     

    AUD/USD Technical Analysis Aussie US Dollar

     

    Currently, there is a major contracting triangle pattern formed with support at 0.7625 on the 4-hours chart. On the upside, the range breakout resistance is at 0.7650-60, and on the downside, the triangle support is at 0.7625. The range resistance also coincides with the 50% Fib retracement level of the last decline from the 0.7694 high to 0.7605 low.

     

    So, if there is a break higher, there are chances of AUD/USD retesting the last high at 0.7694. The current pattern can be considered as consolidation ahead of the next break higher. However, the pair needs to stay above 0.7600 if it has to move higher.

     

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