|Day's range||1,488.30 - 1,497.90|
Looking at this week’s trading range, buy stops are probably piling up over $1508.00 and sell stops under $1478.00.
Stock markets around the United States have continue to grind higher, and the S&P; 500 of course was no different. The E-mini contract has reached towards the 3000 level yet again, which is starting to show obvious signs of resistance.
Silver markets formed a supportive candle during the week, showing signs of strength yet again as we have bounced from just above the $17.00 level. All things being equal, it looks as if we are trying to build up some type of base.
Crude oil markets continue to find support during the past week, as we are approaching the bottom of the overall range. At this point, the market looks very likely to try to bounce but obviously there’s a lot of noise to work through.
Natural gas markets rally during the week, bouncing from the crucial $2.20 level to test the $2.40 level. It looks as if we have more of a grind on our hands but this is how trend changes start: they get choppy and messy and that eventually everybody moves in the same direction.
The US dollar has gone back and forth during the week, in relatively quiet trading. The 50 week EMA has offered some resistance, and it now looks likely that we need another catalyst to go higher.
The British pound slammed into a major level during the week, testing the ¥140 level. However, although there is supposedly a deal between Boris Johnson and the EU, Parliament has not voted on it and will do so during the weekend. Buckle up, this is going to be brutal.
The British pound approach the major level against the Japanese yen during trading on Friday, as the ¥140 level attracts a lot of attention. Ultimately, this is a market that should continue to see a lot of volatility, as is per usual.
Australian dollar traders were bullish during the early part of Friday, as we continue to see the Australian dollar grind a bit higher. That being said though, we are heading towards an area that has caused resistance recently.
3 percent – that’s the new IMF global growth forecast for 2019. It’s the lowest one since the Great Financial Crisis. Is the much talked about recession coming? And what about the just reached Brexit deal? Can they both make gold rally?
Investing.com - Gold prices fell on Friday in Asia as markets were busy digesting news on Brexit and the Sino-U.S. trade war. Weak China GDP data failed to push the prices of the safe-haven metal higher.
Investing.com - Oil prices dropped on Friday in Asia after Energy Information Administration (EIA) reported that U.S. oil inventories rose much more than the market was expecting, while weak China GDP growth also weighed.
The chart pattern suggests any rally is likely to be labored, and any selling is likely to be volatile and hard. This makes since because of the number of overhanging uncertainties. The message is pretty clear: Be careful buying strength this close to the all-time highs.
Natural gas prices moved slightly higher on Thursday following a less than expected build in natural gas stockpiles. Tropical depression 16, is now swirling in the Gulf and is expected to turn eastward making landfall in Louisiana and then Florida. The more west the storm goes the more likely it is to disrupt some natural gas installations.
Silver markets rallied a bit during the trading session on Thursday, reaching towards the downtrend line in what could either be a down trending channel or the top of the descending triangle. Because of this, the downtrend line becomes very crucial.
The Australian dollar launched higher during the trading session on Thursday, breaking above the 50 day EMA in a relatively strong sign for the Aussie. However, at the end of the day we still have significant headwinds above and from a fundamental standpoint.
Based on the early price action and the current price at 1.1113, the direction of the EUR/USD the rest of the session on Thursday is likely to be determined by trader reaction to a pair of Gann angles at 1.1117 and 1.1119.
Before the release of the jobs data, a senior Reserve Bank official said, Australia’s property downturn is not only hitting household consumption, it’s a big drag on economic growth and inflation.
The U.S. equity markets were a tad weaker Wednesday, and 10-year bond yields fell as the market s were left interpreting the inconsistent news out of the U.S.: weak retail headlines for September but upbeat earnings report, with Bank of America, reporting growth in investment-banking fees.
Based on this week’s price action and the current price at $1492.20, the direction of the December Comex gold futures contract on Thursday is likely to be determined by trader reaction to the 50% level at $1489.20.
Based on the early price action and the current price at .6294, the direction of the NZD/USD on Thursday is likely to be determined by trader reaction to the short-term 50% level at .6279.