Key PointsGold price traded higher recently against the US Dollar to close above $1265. There is a major bullish trend line formed on the hourly chart, which may act as a support at $1275 on the downside. Today in China, the Caixin China Manufacturing PMI™ was released by Markit Economics. The outcome was positive, as there was a rise from the last reading of 50.1 to 51.2 in Oct 2016. Gold Price Technical Analysis
There was a corrective wave in Gold price from the $1283 high to $1270 low against the US Dollar. However, the 21 hourly simple moving average and a major bullish trend line formed on the hourly chart acted as a support area and prevented any further [...]
— This post was submitted by TITANFX —
Key HighlightsUS dollar declined to some extent, as the FOMC meeting minutes failed to live up to the expectation of the market. Euro and the British pound surged higher and traded close to 1.1420 and 1.5450 respectively. Japanese Merchandise Trade Balance Total released by the Ministry of Finance registered a lower than expected trade deficit with a reading of ¥-1,177.5B. GOLD managed to pop higher and cleared an important resistance around the $1210 level.
FOMC Meeting Minutes
The FOMC meeting minutes turned out to be a negative event for the US dollar. The market was expecting the Federal Reserve to throw [...]
GOLD recently enjoyed a good bull-run as most major pairs suffered losses. GOLD bulls took the advantage of chaos and pushed the price above the $1260 level. it even climbed above $1280 to set a new four-month high.
In a post on MarketPulse author quotes, “Gold has enjoyed a solid last three weeks which culminated in the strong surge higher to a four month high above $1280 to close out last week. In this time it was able to rally strongly from around $1170 back through the key $1200 level and to a 12 week high just above the $1240 level over the last few days before its surge higher at the end of last week”.
Read Complete Story Source – [...]
The following are the intraday outlooks for EUR/USD, USD/JPY, USD/CAD, and Spot Gold as provided by the technical strategy team at SEB Group.
EUR/USD: Outside 1.1762-1.1871 tells direction. The market is in a near-term range. Whether this is just a narrow pause in the downtrend or the prelude to a more noticeable correction remains to be seen. A move outside 1.1762-1.1871 may hint of which. If breaking the upside, a weekly mid-body point and the current ‘Tenkan-Sen’ at 1.1920 works as one objective. Current intraday stretches are located at 1.1775 & 1.1895.
USD/JPY: Sellers and buyers both respond. The intraday move [...]