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The gold market has fallen this past week, as we are sitting near the $4,000 level, which is important from a psychological point of view.
Forex
British Pound: Burnham policy hopes underpin Sterling against US Dollar – Scotiabank
This is a market that continues to see a lot of noise and concerns in general. With this, the silver market will continue to see volatile choppiness and lack of stability.
The Pound Sterling could extend its recent gains against the US dollar as a shift in UK political sentiment improves confidence in Sterling, according to UniCredit. The Italian bank says expectations that Andy Burnham will appoint a fiscally conservative Chancellor have created a potential “wind of change” for UK assets, easing.
USD/JPY USD/JPY closes week at an increasingly important technical juncture after spending the past three weeks consolidating within the July opening range. The pullback from the monthly highs found support at a key confluence zone, preserving the broader uptrend while allowing the pair to work off overextended conditions.
According to Al Jazeera, only three commodity vessels crossed the Strait of Hormuz yesterday, marking the lowest daily transit count since May. Many ships have either halted or reversed course following recent Iranian attacks on commercial vessels and the renewed U.S. blockade on Iran-linked shipping.
Euro: Modest pullback before ECB decision against US Dollar – Scotiabank
Overall, I continue to believe the correction that began in January is approximately 95% complete and that we are approaching an important low.
Gold: Rally stalls as Fed outlook stays hawkish – Commerzbank
Summary:GBP/USD eased toward 1.3400 as investors sought the safety of the US dollar following renewed US-Iran tensions. The British pound struggled to build on recent gains despite signs that the UK economy is stabilising and a new Labour government pledging a pro-business agenda.
EUR/GBP Price Forecast: RSI flirts with oversold as bears defend key resistance
The silver market struggled on Friday in the early part of the session, as higher rates continue to work against the value of silver in general.
Gold managed to hold trades below 4100 while maintain the drop pressure over market As we see over the chart market facing support around 3940-45 while resistances at 4017 and 4050-60 which may hold this trading zone Below 3940 more drops may hit the market while Med-Run support still at 3886 which still protecting the […]
As we see over our previous chart, USDJPY managed to pass above the short-term resistance zone of 161.95 which shows a strong advance still ongoing. Prices fell toward 160.50-70 on the suspected intervention before bouncing back.
GBPUSD managed to pass above resistance 1.3430 while managed to meet target 1.3510 and above As we see over the chart, a chance for trading zone between support 1.3320-50 and resistance 1.3555 may hold the market Above 1.3555 more advance will be expected with resistance at 1.3655 Below 1.3320 more drop will be expected with […]
EURUSD managed to hold trades above Intraday support 1.1380 while managed to advance toward 1.1481 so far Traders need to watch support 1.1380 which still holding market advance chance Below 1.1380 more of a drop could hit the market with supports at 1.1310 and 1.1210. SUPPORT RESISTANCE LEVEL1 1.1380 1.1500-25 LEVEL2 1.1310 1.1625 LEVEL3 […]
According to Al Jazeera, only three commodity vessels crossed the Strait of Hormuz yesterday, marking the lowest daily transit count since May. Many ships have either halted or reversed course following recent Iranian attacks on commercial vessels and the renewed U.S. blockade on Iran-linked shipping.
The gold market has been slightly positive in early Friday trading, as we continue to see the market do what it can to hang onto this area in general.
The EUR/USD forecast remains biased to the downside as geopolitical tensions in the Middle East continue to underpin demand for both crude oil and the US dollar. Although this week's softer US inflation readings briefly encouraged hopes that the Fed may not have to tightening after all, the renewed rise in oil prices has complicated that narrative and prompted investors to reassess the outlook.
EUR/USD Price Forecast: Sideways trading extends with 1.1480 holding bulls
