As risk aversion boosts the USD, XAU/USD or gold has been sliding sharply from a central pivot of 1666.50 to the current 1555 area. As the market falls sharply, we should remember that gold has been trading in a range roughly between 1802 resistance and 1522 support. To the left of the daily chart, we would have seen a support pivot of 1531.72 established in September 2011.
Gold continues to fall since finding a high near 1800 at the end of February. In march it has been trading in a declining channel. The latest bear swing started from the central pivot near 1666.50 and is breaking below some recent lows at 1623 and now 1612. In the intra-day 1H and 4H charts, the market looks like it is going to become a bit oversold in the short-term as it nears the 1600 handle…
Gold has been in a choppy mode, without any real direction. It has been trading in a large range between roughly 1800 and 1520. 1666.50 can be considered a central pivot as it is near the middle of the range and has been a pivot several times…
Gold has been trading in a rising channel since finding support near 1612. During the 4/10 US trading session, we are seeing a break below this channel. The market holds below the 200-hour simple moving average, reflecting a bearish bias, and the RSI pushes back below, showing loss of bullish momentum from the channel. A break below the 1628.00 pivot area opens up…
Gold is seen in the 1H chart trading in what appears to be a flag pattern after a slide that came after the FOMC meeting minutes revealed a lower chance of Fed monetary stimulus. A flag pattern can be seen as a weak correction and harbinger to further trend continuation. The next key fundamental risk is the Non-Farm payroll, also in the context of whether stimulus can be shelved…
After the FOMC Meeting Minutes revealed a lesser chance of further stimulus measures, the USD strengthened as commodities such as oil and gold fell sharply. The 4H chart above shows a few bearish clues: The break below previous low near 1628.10. Staying below the 200 SMA. Pushing the RSI below 30, although it shows oversold condition in the very short-term…
The previous update on gold noted a bearish bias in the short-term with evidence that the market was respecting the “central pivot” (at about 1666.50)as resistance. The RSI showed down side momentum as well, that is until the market rebounded from 1628.10 and came back above the 1666.50 pivot, pushing the RSI reading above 70…
By Jonah S. Ford Gold continued its downward slide to complete the breakout pattern identified in last week’s update, touching of the $1,636 support level and then bouncing higher. The price action of the sell-off from $1,800 per ounce largely fell into another pattern which may be nearing completion as well. This more recent formation…
The 4H gold chart shows a market that has anchored into a bear-trend. The RSI has dipped below 30 and stayed below 60. Price action continues to make lower highs and lower lows. An important development is that the central pivot at about 1662 acted as resistance after it broke as support. This is a sign of bearish continuation in the short-term…
Part of the reason gold has been strong is because quantitative easing and similar monetary actions have essentially raised the supply of fiat currencies reducing their value relative to gold. As gold (XAU/USD) is priced in the greenback, a reduced expectation of QE by the Fed can be a bearish factor. The FOMC statement on 3/13 gave a modestly positive outlook on the economic recovery thus reducing expectation of QE…
Listening to White Rabbit by Jefferson Airplane -v. topical re: pinball-y market
Trends do not have to be aggressive to be relentless suspect $DJIA is (iii of 3) like $AUDUSD has been last few weeks..slow but sure $ This! RT @CVecchioFX Mind boggling and absolutely backwards that market rallies on poor growth data...$FED (cont) http://t.co/hMrJxJW6 **BOE Fisher: Would Be "Uncomfortable" With Continued GBP Appreciation (via DJ)
Good bye Awfully disappoining Philly Fed at -5.8 vs exp 10. LEI -0.1 #forex
$GBPUSD Shed more weight after PM Cameron's remarks that Euro Zone must “make-up or break-up” and that a collapse would hurt the UK economy
USD/MXN stalling at resistance now - another chart coming in 7 minutes http://t.co/1JMTooeo RT @alaidi: starting to think $EURGBP can do mid 60s =||= Interesting - maybe a touch of resistance first? http://t.co/T66MKfMF Keep your eye on these levels - they're really all that have mattered lately (USD/CAD at resistance) http://t.co/qwMiwacS Thinking about selling some USD/CAD? Here's a chart for you: http://t.co/8rDw3OSv Buy-Time for NZD/JPY? It's showing some Arizona Rules counter-trend divergence on 5M: http://t.co/DW9STU47 #Bankia has called on depositors to remain calm, responding to today's reports that over €1bn had flowed out in recent days #forex €€€ leaking of Spain too. #Bankia, just nationalised last week, said to hemorage € 1bn in withdrawals #forex What @vicky_malhotra Which pair in particular? It does look OB across the board Fed ahead of the artificial growth, FX devaluation curve RT @conorsen Really enjoying the divergence of views (cont) http://t.co/KlJqONB7
$USDJPY is the only pair in which traders are not short the USD. Ratio at 4.3 longs per short. I'm not bearish, however, as pair range-bound
Although U.S. jobless claim figures missed market expectations, they're still holding at the lowest rate since 2008. Extreme RSI and Rate of Change measures on $USDOLLAR emphasize that the risk of short-term pullback is high, but I'm looking to buy dips. $USDOLLAR http://t.co/6UHs6oqT SSI Snapshot: crowds still heavily short USD, uptrend remains very much intact. $USDOLLAR http://t.co/f7Wmp0Ng Daily RSI at most extreme in its 2yr history, 14-day ROC most extreme since 11/2011 top. Stole away from the expo to get down to markets. (Not like I'm useful to FXCM Italy at the booth since I don't speak Italian..) bottom feeders helping to keep bearish momo intact MT @ZipperTheory markets cant hold gains for anymore than 20 mins..certainly not bullish Bigest weekly run-up in $EURUSD option volatility since September. Premium subscribers see Tuesday chart for reference #forex Moody's Eyes Spanish Banks, Stocks Reach 7% Territory http://t.co/2w6M7lw7 #forex $SPX While rate differentials aren't conducive to a weaker $EURAUD, commodity currencies still viewed as a safer alternative to debt-plagued euro
REPORT: Check out our "Morning Slices" report at http://t.co/CA4ZFwMi for an overview of the latest developments. lol *DJ Spain Deputy Finance Minister: Bankia Has Strong Future -not to worry, stock only down 25% 1320 marks that 7% peak-to-trough move in $SPX. Now we're talking #forex #stocks US crude ($CL_M) again slowest to react to overall selloff in risk assets, eyeing 89.90s from here. Our Premium targets 60 pts from 93.90 Repeating the same $AUDUSD idea from Tuesday's Premium shorts/parameters #forex
The blog owner requires users to be logged in to be able to vote for this post.
Alternatively, if you do not have an account yet you can create one here.
Powered by Vote It Up
Information and opinions contained on this page are for educational purposes only and do not constitute trading recommendations.
Trading OTC Forex on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange or futures you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange and futures trading, and seek advice from an independent financial advisor if you have any doubts.
