Has Gold Embraced it’s Fibonacci Number and Began to Base Out?
Yesterday the gold market pulled back into a perfect 61.8% Fibonacci retracement. We expect this market to begin to regroup around current levels between $1600 and $1620. With a trading score of -90 the gold market is in a strong downward trend. Look for resistance to come in between $1680 and the $1700 level. With all three of our.....
Over the past five months gold has fallen sharply and is no longer headline news which it once dominated back in 2011 when it was making new highs every day. The shiny metal has been under pressure because traders and investors started to pull some money off the table to lock in gains. Gold prices had surged so fast most advanced traders knew that final high volume surge was not sustainable.
How to trade oil is not an easy thing to do in today’s headline driven market. Even the best oil analysis which may have been correct will still be wrong at times. This is due to the fact that oil has many factors which play into its price. Things likes like extreme weather conditions, geopolitical events, currency fluctuations, economic conditions and supply and demand.
Fitch Confirms U.S ‘AAA’ Credit Rating, Dollar Firm Against Yen
The U.S dollar is trading firmly today against the majors, after Fitch confirmed the U.S credit rating at ‘AAA’. Some currency analysts are viewing today’s news as evidence that the U.S dollar is still one of the major ‘safe-haven’ currency to go to during uncertain global economic outlook.
AUD/USD has declined to the 1.0375 low, dropping to the 50% level on the Fibonacci (from the 1.1078 high). Intraday bias remains on the downside, as long as the 1.0778 minor resistance line is not broken. On the downside, the currency pair broke the 1.0390 major support line and hit the 1.0375 low.
USD JPY has somewhat “stalled” and no clear trend/direction has been developed. Intraday bias remains on the downside, as long as the 83.95 major resistance line is not broken. On the upside, if the currency pair are able to break above the 82.00 level it will indicate some bullish activities and try to target the 83.95 major resistance line.
The EUR USD finished down on Monday after rebounding from its low following early session weakness. The initial break in Monday’s session was follow-through selling following Friday’s closing price reversal top. This down move was short-lived because a not so friendly U.S. Industrial report triggered a short-covering rally which lasted most of the day.