Fundamental analysis for May 29, 2015

29 May, 2015

The US dollar was once again in demand but at the end of the day it lost some ground against the euro. The dollar index basket (USDX) finished the trading day at the mark of 97.44. Besides the UK GDP assessment and the number of the US jobless claims, there was not published any important macroeconomic statistics this day. Investors are still actively increasing long positions, getting rid of its main competitors. However the euro recovered some lost positions. The commodity market is also under pressure – the Brent crude fell below $ 63/barrel and set the four-week minimum.

The jobless claims report did not please traders with the positive data. The four-week average dropped significantly last week which with the Conference Board consumer confidence release allowed us to count on the data output a little bit better than the forecasted medians. Nevertheless, the date came out more then forecasted medians.

The Japanese yen quickly fell to the eight-year lows against the US dollar growth. According to the Bank of Japan April meeting minutes, the time allocated to achieve the two-percent inflation rate can be extended.


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Gold has jumped to 1265 level

The resistance holds at 1280, support comes in at 1245.9. Major resistance is highlighted at 1295.4. Next target is set at 1350...

Gold prices bounced off

The spot was struggling to build onto the recovery during the night trades. Buyers lost their steam at 1265 where the pair found some fresh offers....

Golld turned around and reversed

The bullish trend remained intact on Tuesday. The price bounced from the upper limit...


Gold prices remained in a consolidation phase

Sellers led the spot to 1250 the other day but failed to break below the level. The price remained sandwiched between 1250 - 1255...

DAX grew amid a fresh buying interest

European stocks opened in green when markets recovered from Trump’s failure in Congress. Investors focused on Brexit...

Pound reached its monthly high

The pound remained in an upward channel on Tuesday. The price pulled back from its upper limit...


Brent maintained its ask tone

Sellers continued driving the benchmark lower after a brief pause at 50.80 dollars per barrel...

Gold prices remained in green

The bullish market structure remained in place on Thursday...

Gold prices traded in green

The gold recovery stalled around 1235 dollars per ounce on Monday. Buyers did not find any reason to move the price further. The precious metal was slowly declining...

  


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