Gold falls at Friday close to 1275

13 November, 2017

My last video of the week highlighted the tight intraday range gold had been in for most of Friday on low volumes. The key commodity was pivoting around $1285 with support at $1282 and resistance around 1286. The London close, put pay to that as a raft of futures contracts turned the yellow stuff south to close the week a little over $1276.00.  The steep fall at the end of the week could be an indication of more weakness to come, the short contract could be either covering of long positions or indeed new short positions as the move through 1280 triggered stops at 1275.

I remain LONG ( on the Daily chart from 1275.84  for the time being with target 1 at 1289.00 and target 2 1300.00. The USD likely to remain under scrutiny as the TAX bill limps through the House and Senate, tensions rise in the Middle East as Iran and Saudi Arabia play ball with Lebanon and the North Korean situation is no closer to a resolution.

In the short term the H1 and H4 look bearish following the Friday sell off, with strong resistance at 1282.00 and support at 1272.00.   

Source link  
Stock markets were underpinned

Asian Market Wrap: Core yields moved higher and stock markets were underpinned as Trump tweeted enthusiastically about the summit with North Korea's leader...

Gold spikes to near two-week tops

Last week’s recovery move supported by persistent USD weakness. Reviving safe-haven demand/subdued US bond yields provides an...

Stock market recovery continued

Still, U.K. and U.S. futures are also moving higher, indicating that abating fears over North Korea are keeping markets underpinned, while earnings optimism...

NZDJPY beneficiary of Asian session

With a the NZD is overvalued on one side and Sabre rattling between North Korea and the US continuing overnight there was really only...

Euro above 1.18 against the dollar

Asian stock markets moved higher, with a rally in banks underpinned by earnings reports and helping to offset pressure on exporters and automakers...

Gold support at 1258 but rolled over 15m

Gold remains bullish having posted at high over 1265 yesterday. My bias remains long and I entered again at 1258 last night. However, the intraday...

FOMC held rates steady

The Fed’s reluctance to commit to a time for QT beyond “relatively soon” and the fact that the Fed appeared to be moderately more concerned...

FOMC decision to outline its balance

U.S. markets will have a lot on their plates this week as they continue to assess the June jobs data, global developments in the aftermath of the G20 meeting...

Dollar majors have been challenged

EURUSD has settled around 1.1350, modestly above the five-session low posted yesterday at 1.1336. USDJPY has been trading on either side of 113.00...

In the past 24 hours Bitcoin has lost -0.11% and reached $3635.72049245. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.5573% and is now at $1.1277. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 7.61% and is now at $128.221499709. Have the most popular cryptocurrencies compared online 24/7.

Top Brokers offering Forex Market Analysis

Forex Currencies Forecasts

Top 10 Forex Brokers 2019

# Broker Review
5FIBO GroupFIBO Group84%
10FP MarketsFP Markets70%