Gold Extends Gains On Weak Dollar

By | November 19, 2018

Gold prices rose on Monday to extend gains from the previous session as the U.S. dollar weakened after two Fed officials gave a cautious assessment of the global economy.

Spot gold rose 0.14 percent to $1,222.56 per ounce after rising 0.7 percent in the previous session. U.S. gold futures were up 0.18 percent at $1,223 per ounce.

The dollar index weakened after Federal Reserve Vice Chairman Richard Clarida said the central bank is getting closer to a “neutral” level on interest rates, and that the central bank should be data-dependant on future rate hikes.

Separately, Dallas Federal Reserve President Robert Kaplan said that global growth is going to be a little bit of headwind, which could spill over to the United States.

Traders are also digesting mixed messages from the Trump administration about progress in trade talks with China.

U.S. President Donald Trump said Friday that China wants to make a deal on trade with the United States, but any pact has to be reciprocal.

Trump’s comments helped raise hopes that the U.S. and China will agree on at least “a deal to get a deal” when Trump and Chinese President Xi Jinping meet in Argentina later this month.

The optimism quickly faded after U.S. Vice President Mike Spence said the U.S. would not back down from its trade dispute, until China changes its ways.

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Jonathon Alexander

Technical analysis of USD/CAD for November 19, 2018 888011000 110888 Introduction: The USD/CAD set continues to move up-wards from the level of 1.3134. The set increased from the level of 1.3134( the level of 1.3134 coincides with a ratio of 38.2 %Fibonacci retracement)to a leading around 1.3160. Today, the first assistance level is seen at 1.3134 followed by 1.3105, while everyday resistance 1 is seen at 1.3183. According to the previous events, the USD/CAD pair is still moving between the levels of 1.3134 and 1.3262; for that we expect a series of 128 pips( 1.3262-1.3134). On the one-hour chart, instant resistance is seen at 1.3183, which coincides with a ratio of 61.8%Fibonacci retracement. Currently, the rate is moving in a bullish channel. This is verified by the RSI indication signaling that we are still in a bullish trending market. The price is still above the moving average (100), Therefore, if the pattern is able to break out through the very first resistance level of 1.3183, we need to see the set climbing up towards the everyday resistance at 1.3262 to check the double top on the H1 chart. It would also be a good idea to consider where to position stop loss; this ought to be set below the 2nd assistance of 1.3105. The product has actually been provided by InstaForex Business-www.instaforex.com

By | November 19, 2018

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Overview:

The USD/CAD pair continues to move upwards from the level of 1.3134. The pair rose from the level of 1.3134 (the level of 1.3134 coincides with a ratio of 38.2% Fibonacci retracement) to a top around 1.3160. Today, the first support level is seen at 1.3134 followed by 1.3105, while daily resistance 1 is seen at 1.3183. According to the previous events, the USD/CAD pair is still moving between the levels of 1.3134 and 1.3262; for that we expect a range of 128 pips (1.3262 – 1.3134). On the one-hour chart, immediate resistance is seen at 1.3183, which coincides with a ratio of 61.8% Fibonacci retracement. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100), Therefore, if the trend is able to break out through the first resistance level of 1.3183, we should see the pair climbing towards the daily resistance at 1.3262 to test the double top on the H1 chart. It would also be wise to consider where to place stop loss; this should be set below the second support of 1.3105.

The material has been provided by InstaForex Company – www.instaforex.com

Jonathon Alexander

Technical analysis of USD/CHF for November 19, 2018 888011000 110888 < imgwidth=”450″ src= “http://qkfx.com/wp-content/uploads/2018/11/technical-analysis-of-usd-chf-for-november-19-2018.png “alt=”analytics5bf2834d0f5e6.png “/ > Overview: The USD/CHF pair continues to move upwards from the level of 0.9951 on the H4 chart. Today, the very first support level is currently seen at 0.9951, the rate is moving in a bullish channel now. Moreover, the cost has actually been set above the strong assistance at the level of 0.9951, which accompanies the day-to-day pivot point. This assistance has actually been rejected three times confirming the veracity of an uptrend. According to the previous events, we anticipate the USD/CHF set to trade in between 0.9951 and 1.0058. The support stands at 0.9951, while everyday resistance is found at 1.0058. The market is likely to show indications of a bullish pattern around the spot of 1.0058. In other words, purchase orders are suggested above the spot of 1.0058/ 0.9951 with the very first target at the level of 1.0142; and continue towards 1.0216. Nevertheless, if the USD/CHF pair fails to break through the resistance level of 1.0058 today, the marketplace will decrease furtherto 0.9863. The product has actually been offered by InstaForex Company-www.instaforex.com

By | November 19, 2018

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Overview:

The USD/CHF pair continues to move upwards from the level of 0.9951 on the H4 chart. Today, the first support level is currently seen at 0.9951, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.9951, which coincides with the daily pivot point. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the USD/CHF pair to trade between 0.9951 and 1.0058. So, the support stands at 0.9951, while daily resistance is found at 1.0058. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0058. In other words, buy orders are recommended above the spot of 1.0058/0.9951with the first target at the level of 1.0142; and continue towards 1.0216. However, if the USD/CHF pair fails to break through the resistance level of 1.0058 today, the market will decline further to 0.9863.

The material has been provided by InstaForex Company – www.instaforex.com

Jonathon Alexander

Elliott wave analysis of EUR/NZD for November 19, 2018 888011000 110888 EUR/NZD evaluated the top of the 1.6468-1.6563 target-zone and it looks as a bottom might be in place for wave iii/ and a restorative rally in wave iv/ will establish. Preferably this corrective rally will move close to the 50% restorative target of wave iii/ near 1.7023, before tuning lower once again in wave v/. To validate that wave iii/ has bottomed and wave iv is developing, we will need a break above small resistance at 1.6706. R3:1.6793 R2: 1.6731 R1: 1.6706 Pivot: 1.6660 S1: 1.6570 S2: 1.6539 S3: 1.6523 Trading recommendation: We will purchase EUR at 1.6525 or upon a break above 1.6706. The product has been offered by InstaForex Business – www.instaforex.com

By | November 19, 2018

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EUR/NZD tested the top of the 1.6468 – 1.6563 target-zone and it looks as a bottom could be in place for wave iii/ and a corrective rally in wave iv/ is about to develop. Ideally this corrective rally will move close to the 50% corrective target of wave iii/ near 1.7023, before tuning lower again in wave v/.

To confirm that wave iii/ has bottomed and wave iv is developing, we will need a break above minor resistance at 1.6706.

R3: 1.6793

R2: 1.6731

R1: 1.6706

Pivot: 1.6660

S1: 1.6570

S2: 1.6539

S3: 1.6523

Trading recommendation:

We will buy EUR at 1.6525 or upon a break above 1.6706.

The material has been provided by InstaForex Company – www.instaforex.com

Jonathon Alexander

Japan Has Y449.3 Billion Trade Deficit In October

By | November 19, 2018

Japan published a merchandise trade deficit of 449.3 billion yen in October, the Ministry of Finance stated on Monday.

That missed out on projections for a deficiency of 70.0 billion yen following the 131,3 billion yen surplus in September.

Exports were up 8.2 percent on year, shy of expectations for an increase of 8.9 percent following the 1.3 percent decrease in the previous month.

Imports rose an annual 19.9 percent versus forecasts for 14.1 percent after increasing 7.0 percent a month earlier.

The adjusted trade deficit was 302.7 billion yen.

The product has been provided by InstaForex Business – www.instaforex.com

Jonathon Alexander

Oil Ends Flat Flat, Loses Over 6% In The Week

By | November 16, 2018

Crude oil futures stopped working to hold early gains and ended flat on Friday, as worries about excess supply worldwide and weak demand outlook due to trade disagreements weighed on the commodity.

Oil prices edged higher previously in the session amidst speculation that the OPEC members will agree to a supply cut at their forthcoming conference on December 6.

According to reports OPEC’s de facto leader, Saudi Arabia desires the cartel to cut output by about 1.4 million barrels per day, around 1.5% of worldwide supply. Russia, which has been raising production considering that June to offset Iranian losses, is supposedly not interested in joining the output cuts.

Data from the Energy Info Administration revealed another increase in unrefined stock last week (the eighth in succession), a drop in fuel and distillate fuel stocks pushed up unrefined oil futures on Thursday and in early trades today.

Petroleum futures for December ended at $56.46 a barrel, unchanged from previous close. For the week, oil futures shed as much as 6.2%, recording a sixth successive weekly loss. Earlier in the session today, oil futures rose to a high of $57.95 a barrel.

Thursday’s report from EIA revealed petroleum stocks to have risen by 10.27 million barrels last week, more than thrice the expected boost. That was the biggest weekly boost considering that February 2017.

The information also showed that U.S. unrefined production was up by 1,00,000 barrels each day to 11.7 million barrels per day, a record high.

According to the report, gasoline inventories were down by 1.41 million barrels last week. Extract stockpiles declined by 3.59 million barrels.

After trading hours at the Nymex today, a report from Baker Hughes said U.S. weekly active oil-rig count increased by 2 to 888 this week.

The material has been offered by InstaForex Company – www.instaforex.com

Jonathon Alexander

Gold Futures Settle Greater Once Again

By | November 16, 2018

Gold prices rose higher on Friday, extending gains to a 3rd straight session, as the dollar weakened versus major currencies and hopes about a resolution to the U.S.-China trade disagreements faded once again.

According to reports, U.S. Trade Representative Robert Lighthizer has actually rejected that he had actually informed previously that another round of tariffs on Chinese imports had been put on hold in the wake of resumption of talks in between U.S. and China. The official is reported to have said on Thursday that there were no changes in prepare for the tariffs and that any reports to the contrary were inaccurate.

With remarks by Fed Vice Chairman Richard Clarida that rate of interest were presently near neutral levels recommending a most likely time out in monetary tightening up at some point quickly, the dollar turned weak. A day earlier, at Dallas, Federal Reserve Chairman Jerome Powell alerted of slowing need overseas and fading financial stimulus in U.S., and likewise spoke about the lagged economic effect of past rate boosts.

The dollar index dropped to around 96.30, losing about 0.5%, after having advanced to 96.93 earlier in the day.

Gold futures for December ended up $8.00, or 0.7%, at $1,223.00 an ounce. On Thursday, gold futures ended up $4.90, or 0.4%, at $1,215.00 an ounce.

For the week, gold futures got about 1.2%.

Silver futures for December were up by about 3%, at $4.370 an ounce, while Copper futures for December were up 1.5%, at 2.788 per pound.

In financial news, industrial production in the U.S. increased partially in October, falling short of expectations, according to a report released by the Federal Reserve on Friday. The report stated industrial output inched up by 0.1 percent in October after rising by a downwardly modified 0.2 percent in September.

Economists had actually anticipated industrial production to rise by 0.2 percent compared to the 0.3 percent increase initially reported for the previous month.

A 0.3 percent increase in making output surpassed decreases in other sectors, the report from the Federal Reserve stated. Mining output declined by 0.3 percent in October after edging down by 0.1 percent in September. Utilities output likewise came by 0.5 percent in October after a 0.1 percent drop in September.

The material has actually been offered by InstaForex Business – www.instaforex.com

Jonathon Alexander

Dollar Losing Ground As Weekend Approaches

By | November 16, 2018

The dollar is down against its significant competitors Friday afternoon. Traders continue to keep a close eye on Brexit advancements, as well as the fight between the European Commission and Italy over the nation’s budget plan. Trade settlements in between the U.S. and China were also in focus at the end of the trading week.

On a light day for financial data, U.S. industrial production came in weaker than anticipated this morning, while Eurozone inflation accelerated.

Commercial production in the U.S. increased marginally in October, disappointing expectations, according to a report launched by the Federal Reserve on Friday. The report said industrial output inched up by 0.1 percent in October after increasing by a downwardly modified 0.2 percent in September.

Economic experts had expected industrial production to increase by 0.2 percent compared to the 0.3 percent increase initially reported for the previous month.

Eurozone’s growth would continue at a gradual speed, but there was a chance that core inflation may be slow in picking up in future, if unpredictability regarding the economic scenario persisted, European Central Bank President Mario Draghi alerted on Friday.

” There is definitely no reason that the expansion in the euro area ought to abruptly concern an end,” Draghi said in a speech at the Frankfurt European Banking Congress.

” That stated, if firms start to become more uncertain about the growth and inflation outlook, the squeeze on margins might prove more relentless,” he stated.

” This would impact the speed with which hidden inflation gets and for that reason the inflation path that we expect to see in the quarters ahead.”
The dollar reached an early high of $1.1321 against the Euro Friday, but has considering that pulled away to around $1.1415.

Eurozone inflation sped up in October at the fastest pace in nearly 6 years, as approximated initially, final figures from Eurostat showed on Friday. The consumer price index rose 2.2 percent year-on-year after a 2.1 percent boost in September. Inflation was the highest considering that December 2012.

Germany’s wholesale rates climbed up at a quicker pace in October, information from Destatis revealed Friday. Wholesale rate inflation enhanced to 4 percent from 3.5 percent in the previous month.

The buck dropped to a low of $1.2877 versus the pound sterling Friday, however has since bounced back to around $1.2830.

The greenback has actually been up to a 2-week low of Y112.765 versus the Japanese Yen Friday afternoon, from an early high of Y113.613.

The product has actually been offered by InstaForex Company – www.instaforex.com

Jonathon Alexander