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Overview

The gold price continues fluctuating near the previously broken support line that turned into key resistance at 1,193.50. The breach of this level will reinforce expectations of the bullish trend continuation in the upcoming period, which also depends on the stability of the 1,172.68 level against the negative pressure that dominated the recent trades. Therefore, we are waiting for positive trading on the intraday and short-term basis, and positive targets begin at 1,211.31 followed by 1,249.94. A break of the 1,172.68 will push the price to 1,124.88 before any new attempt to recover. The expected trading range for today is between the 1,172.00 support and the 1,211.31 resistance.

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Overview

The silver price traded steadily above the key support at 16.56 after attempting to break it yesterday. This keeps the bullish trend scenario active until now; the count is also supported by stochastic positivity shown on the four-hour time frame. The price is likely to visit the 17.43 level as the first main target. Note that a breach of 16.85 levels will complete positive technical formation, which confirms the expected bullish trend continuation. A break of 16.56 levels will stop the positive overview and push the price to 15.49. The expected trading range for today is between the 16.40 support and the 16.90 resistance.

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

After reporting weaker than expected job growth in the previous month, payroll processor ADP launched a report on Wednesday showing that U.S. economic sector employment increased by a lot more than anticipated in the month of November.

The report said economic sector employment leapt by 216,000 tasks in November following a downwardly modified boost of 119,000 tasks in October.

Economic experts had actually expected work to climb by about 160,000 jobs compared to the addition of 147,000 tasks originally reported for the previous month.

Ahu Yildirmaz, vice president and head of the ADP Research Institute, stated job growth was seen in mostly consumer-driven industries like retail, leisure and hospitality.

Employment in the service-providing sector surged up by 228,000 jobs, while the goods-producing sector lost 11,000 tasks.

The report also stated employment at small company increased by 37,000 tasks, while medium and big businesses included 89,000 and 90,000 tasks, respectively.

Mark Zandi, primary economist of Moody’s Analytics, said, “Services worked with aggressively in November and there is little evidence that the unpredictability surrounding the governmental election dampened hiring.”

“In addition, due to the fact that of the tightening labor market, sellers may be accelerating seasonal employing to secure an appropriate labor force to satisfy holiday need, although overall anticipated seasonal hiring might be no higher than last year’s,” he included.

Friday morning, the Labor Department is set up to launch its more closely seen monthly work report, that includes both private and public sector jobs.

Employment is anticipated to increase by 170,000 tasks in November after climbing up by 161,000 jobs in October. The joblessness rate is expected to hold at 4.9 percent.

The material has actually been provided by InstaForex Company –
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TURKISH TREASURY SEES DECEMBER DOMESTIC FINANCIAL OBLIGATION REDEMPTIONS 5.3 BLN LIRA, BORROWING 5.1 BLN LIRA
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Global macro summary for 30/11/2016: The Bank of England provided the Financial Stability Report this morning. The basic conclusion is, that outlook for UK monetary stability”stays difficult”. The outcomes of the Bank of England’s most current stress tests on the UK’s major lending institutions revealed, that RBS failed on all metrics, while Barclays and Requirement Chartered both missed out on one metric(the other banks being evaluated were Santander UK, Lloyds Banking Group, HSBC, and Nationwide). The results showed, that the EU and UK economies could suffer if the EU rapidly loses access to UK-provided monetary services. There is still a risk of additional cost falls in UK industrial real estate, so the UK’s big existing account deficit is now vulnerable to a reduction in foreign financiers cravings. In conclusion, the first cautionary words regarding the UK banking system were released considering that Brexit, however the financial markets remain calm as the majority of the UK banks are still in an overall good condition.Let’s now take a look at the GBP/USD technical photo in the 4H timespan. The market is still trading horizontally, bound between 2 important levels, technical support at the level of 1.2334 and technical resistance at the level of 1.2511. Market individuals are still waiting for a trigger that will enable the breakout in either direction.

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On May 16, a bullish pullback towards 1.3000 (61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of a significant bearish rejection was manifested during recent consolidations.

On May 18, temporary bullish fixation above 1.3000 (61.8% Fibonacci level) opened the way towards the 1.3180 level where significant bearish pressure was originated.

Bearish persistence below 1.3000-1.2970 (61.8% Fibonacci level) was needed to enhance bearish momentum in the market.

However, on August 18 signs of bullish recovery were manifested around the price level of 1.2830 which led to the current bullish breakout above 1.3000.

The USD/CAD pair was trapped between the price levels of 1.3000 (61.8% Fibonacci level) and 1.3360 (50% Fibonacci level) until bullish breakout took place three weeks ago.

Note that the USD/CAD pair was challenging the upper limit of the depicted flag pattern around 1.3360-1.3400 which failed to apply enough bearish pressure on the pair.

Bullish persistence above 1.3360 will probably liberate a quick bullish movement towards 1.3650 unless the pair comes to close below 1.3360 before the end of the current week.

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

As long as the NZD/USD pair continued trading above 0.6860, further bullish advance was expected towards the upper limit of the depicted channel around 0.7400.

During August and September, a consolidation range was established from the price level of 0.7250 up to 0.7350.

Later on October 20, the lower limit of the consolidation range (0.7250) stood as a temporary resistance which initiated a bearish movement towards 0.7100 (the lower limit of the depicted channel).

Bullish recovery was expressed around the price level of 0.7100 on October 28. Hence, a double-bottom pattern was expressed on the chart.

Bullish fixation above 0.7250 and 0.7350 was needed to allow further bullish advance towards the projected target of the reversal pattern around 0.7450.

However, significant signs of a bearish reversal were expressed around the upper limit of the price range (0.7350).

The bearish breakdown of 0.7250 (lower limit of the depicted range) enhanced the bearish side of the market towards the price level of 0.7100 (recent bottom of October 28) which was broken as well.

Bearish persistence below 0.7100 allows quick bearish decline towards 0.6960 (BUY zone) where bullish rejection and a valid BUY entry was expected. S/L should be placed below 0.6900.

On the other hand, the current bullish pullback towards 0.7120 should be considered for selling the NZD/USD pair as it constitutes a recent resistance level to be considered. S/L should be set as daily closure above 0.7200.

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

Estonia’s retail sales increased for the third successive month in October, figures from Stats Estonia revealed Wednesday.

The volume of retail sales leaving out vehicles increased 2.0 percent year-over-year in October, slower than the 3.0 percent climb in the previous month.

The turnover of stores selling produced goods surged 10.0 percent yearly in October, while sales at grocery stores revealed no variations.

The deceleration in turnover growth was affected the most by business taking part in the retail sales of automotive fuel, where the sales plunged 12 percent compared with October 2015, the agency said.

On a regular monthly basis, retail sales gained 3.0 percent in October, reversing a 6.0 percent decrease in the previous month.

The material has actually been provided by InstaForex Company –
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Estonia Oct Retail Sales Up 3.0% On Month Vs. -6.0% In September

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Retail sales in South Korea surged 5.2 percent on month in October, Stats Korea said on Wednesday.

That followed the 4.5 percent regular monthly contraction in September.

On an annual basis, retail sales advanced 2.3 percent after acquiring 0.6 percent in the previous month.

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