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  • 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.

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  • Gold Price Could Move Higher Vs US Dollar

    Gold Price Could Move Higher Vs US Dollar

    • – Gold price is trading higher and formed support around the $1,320 level against the US Dollar.
    • – There was a break above a connecting bearish trend line with resistance at $1,324 on the hourly chart of gold versus the USD.
    • – Recently in China, the Manufacturing Purchasing Managers Index (PMI) for March 2018 was released by the China Federation of Logistics and Purchasing (CFLP).
    • – The outcome was above the forecast of 50.5 as there was a rise in the PMI from 50.3 to 51.5.

    China’s Manufacturing PMI

    Recently in China, the Manufacturing Purchasing Managers Index (PMI) for March 2018 was released by the China Federation of Logistics and Purchasing (CFLP). The market was slated for a rise from the last reading of 50.3 to 50.5.

     

    The actual result was above the forecast of 50.5 as there was a rise in the PMI from 50.3 to 51.5. Looking at the non-manufacturing PMI, there was a rise from the last reading of 54.4 to 54.6 in March 2018.

     

    Overall, the market sentiment is positive for Gold and the price may continue to move higher above the $1,230 level in the near term.

     

    Gold Price Technical Analysis

    After a major decline, gold price found support around the $1,320 level against the US Dollar. The price started an upside move from the $1,320 swing low and it is currently trading in a positive zone above the $1,322 level.

     

    Gold Price Technical Analysis US Dollar

     

    The price has moved above the $1,325 level and broke a connecting bearish trend line with resistance at $1,324 on the hourly chart of gold versus the USD. At the moment, the price is testing the 23.6% Fib retracement level of the last decline from the $1,356 high to $1,320 low.

     

    The price may continue to move higher as long as it is above the $1,325 level. On the upside, the next resistance is around the 50% Fib retracement level of the last decline from the $1,356 high to $1,320 low at $1,338.

     

    On the downside, the broken trend line resistance near $1,324-25 may now act as a support if the price moves down from the current levels.

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  • 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.

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  • 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.

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  • Gold Price Poised to Decline Further Vs US Dollar

    Gold Price Poised to Decline Further Vs US Dollar

    • – Gold price declined recently and broke the $1,340 support level against the US Dollar.
    • – There is a crucial bearish trend line forming with resistance at $1,328 on the hourly chart of gold versus the USD.
    • – Recently in the US, the Services Purchasing Managers Index (PMI) for Feb 2018 (Prelim) was released by Markit Economics.
    • – The outcome was above the forecast of 54.0 as there was a rise in the index from 53.3 to 55.9.

     

    US Services PMI

    Recently in the US, the Services Purchasing Managers Index (PMI) for Feb 2018 (Prelim) was released by Markit Economics. The market was slated for a rise in the PMI from the last reading of 53.3 to 54.0 in Feb 2018 (Prelim).

     

    The actual result was above the forecast of 54.0 as there was a rise in the index from 53.3 to 55.9. Moreover, the US Composite PMI index rose from the last reading of 53.8 to 55.9, which was better than the forecast of 54.4.

     

    There was an increase in bearish pressure on gold, which resulted in a downside push in the price below $1,330.

     

    Gold Price Technical Analysis

    After trading above the $1,355 level, gold price faced sellers against the US Dollar. A major top was formed around the $1,360 level and the price declined. It moved down and broke a couple of important support levels such as $1,350 and $1,340 to settle below the 100 hourly simple moving average.

     

    Gold Price Technical Analysis

     

    The price even moved below the $1,330 level and traded as low as $1,322. At the moment, the price is consolidating losses with an initial resistance on the upside near the 23.6% Fib retracement level of the last decline from the $1,343 high to $1,322 low.

     

    On the upside, there is also a crucial bearish trend line forming with resistance at $1,328 on the hourly chart of gold versus the USD. However, the most important resistance is near the $1,340 level and the 100 hourly SMA.

     

    Overall, it seems like the price continue to move down and it may perhaps break the $1,320 support level. On the upside, recoveries could be capped by the $1,330 and $1,340 resistance levels.

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  • 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.

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  • 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.

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  • Gold Price in Major Uptrend above $1300 Vs US Dollar

    Gold Price in Major Uptrend above $1300 Vs US Dollar

    • – Gold price made a nice upside move and traded above the $1300 level against the US Dollar.
    • – There is a monster bullish trend line forming with support at $1305 on the hourly chart of gold versus the USD.
    • – Recently in the US, the Manufacturing Purchasing Managers Index (PMI) for Dec 2017 was released by the Markit Economics.
    • – The outcome was above the forecast of 55.0 as there was a rise in the index from 55.0 to 55.1.

     

    US Manufacturing PMI

    Recently in the US, the Manufacturing Purchasing Managers Index (PMI) for Dec 2017 was released by the Markit Economics. The market was positioned for no change in the PMI from 55.0 in Dec 2017.

     

    The actual result was above the forecast of 55.0 as there was a rise in the index from 55.0 to 55.1. When looking at the output index, there was a sharp rise and it climbed at the fastest pace in 11 months. The report added that:

     

    December data indicated a marked improvement in US manufacturing operating conditions. The latest upturn was supported by faster increases in output and new orders, amid reports of greater client demand. In line with stronger production growth, employment rose further and at the fastest pace since September 2014.

     

    Overall, gold price remains in the bullish trend despite the current correction from the $1321 swing high.

     

    Gold Price Technical Analysis

    There was a major support base formed at $1260 in Gold price against the US Dollar. The price started a major upside move and was able to trade above the $1280 and $1300 resistance levels. It traded above the 100 hourly simple moving average and formed a high at $1321.36.

     

    Gold Price Technical Analysis

     

    At the moment, the price is correcting lower and already moved below the 23.6% Fib retracement level of the last wave from the $1296.41 low to $1321.36 high.

     

    On the downside, there is a monster bullish trend line forming with support at $1305 on the hourly chart of gold versus the USD. The trend line support is around the 50% Fib retracement level of the last wave from the $1296.41 low to $1321.36 high.

     

    As long as the price stays above the $1305-1310 levels, it remains in a major uptrend towards the $1325 and $1330 levels.

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  • 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.

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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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