15 December, 2015
Current trend
Yesterday the price of gold significantly fell again.
The pair is under pressure amid approaching Fed meeting that will end tomorrow and when the regulator is expected to increase interest rates in the US. Markets evaluate the probability of the increase at over 80%. In addition, the pair is pressured by falling oil prices, which yesterday reached its 2008 lows.
Until the meeting is over the pair is likely to show choppy dynamics.
Support and resistance
Bollinger Bands on the daily chart is moving horizontally while the price range remains unchanged for the few weeks now. MACD is falling and giving a weak sell signal. Stochastic is also falling and approaching the oversold zone.
The indicators recommend waiting for clearer trading signals.
Support levels: 1060.00 (local low), 1052.58, 1046.17 (3 December low).
Resistance levels: 1064.64 (local high), 1070.00, 1074.45, 1080.84 (9 December high), 1088.66 (4 December high), 1093.53, 1101.05.
Trading tips
Long position can be opened after the breakout of the level of 1069.00 (with the appropriate indicators signals) with targets at 1073.80, 1077.50, 1082.00 and stop-loss at 1065.00. Validity – 2-3 days.
Short positions can be opened after the breakdown of the level of 1060.00 with targets at 1054.69, 1050.80 and stop-loss at 1064.00. Validity – 2-3 days.
US stock indices went up on Wednesday after the release of the minutes of the US Fed meeting in January, which was devoted to the US monetary policy. Dow Jones Industrial Average rose by 1.6%, Nasdaq Composite - by 2.2%.
Past week was marked by a two-day speech of Janet Yellen, the head of the US Fed. Mrs. Yellen did not give a straightforward answer regarding the interest rate increase at the US Fed meeting in March...
On Thursday, the price of gold strengthened by 4% and reached its year highs. The price has been growing amid an increase in demand for safe-haven assets, such as gold and the Yen...
Yesterday, US Ministry of Energy announced about unexpected decline of oil and oil products reserves by 754 million barrels over the last week. Spot-price of crude oil Brent has grown over 31.80 USD per barrel...
Over the past 2 weeks the Yen has significantly strengthened its positions against the USD due to the increasing demand for the safe-haven currency. Mixed macro-economic data on the US economy has decreased a chance that the US Fed will tighten monetary policy...
The currency pair is traded at the strong level of 1.0960 –1.1060. In case of maintenance and testing of the level and respective confirmation (for example, a pattern Price Action), we recommend to open long positions. Stop order can be placed below the signal line...
Despite that fact that the data on Non-FarmPayRolls was below the forecast (151 000 against the forecast of 190 000 and 262 000 new jobs in December), the USD has grown against the major currencies. The rise was caused by the other data on the US labor market in January...
While market participants are waiting for the release of NFPR (Non-Farm PayRolls), oil prices are gradually declining since the opening of the trading day and at the beginning of the European session...
API (American Petroleum Institute) report, released this Tuesday, showed that last week US oil stocks rose by 3.8 million barrels. Obviously, it was a bad news for oil prices, as heavy stocks of oil in the USA creates situation when supply outruns demand in the world market...
# | Broker | Review | |
---|---|---|---|
1 | ![]() | easyMarkets | 90% |
2 | ![]() | FXTM | 87% |
3 | ![]() | HYCM | 85% |
4 | ![]() | FxPro | 84% |
5 | ![]() | FIBO Group | 82% |
6 | ![]() | FXCM | 70% |
7 | ![]() | XM | 68% |
8 | ![]() | Fort Financial Services | 67% |
9 | ![]() | Alfa-Forex | 66% |
10 | ![]() | HotForex | 66% |