Tag Archives: commodities

Technical analysis on Gold for February 25, 2020

Gold price is pulling back after making a spike higher in early trading this morning at $1,689. The Daily candlestick is a bearish reversal one as the long upper tail with a hammer formation does not leave us with the confidence that a new high is coming soon.Red lines – bullish channelGreen line – bearish divergenceGold price is making new highs not followed by the RSI. The RSI is making lower highs in what we call a bearish divergence. This is an important warning. Not a reversal signal, but just a warning. Gold price has recently moved higher in a parabolic way, so it is normal to see big fluctuations and big drops as volatility rises. Weekly support is found at $1,600-$1,620 and we could see a pull back towards that area before we resume the up trend to $1,700.The material has been provided by InstaForex Company – www.instaforex.com…

*Canadian Wholesale Sales Rose 0.9% To C$63.9 Billion In December

Canadian Wholesale Sales Rose 0.9% To C$63.9 Billion In December The material has been provided by InstaForex Company – www.instaforex.com…

Canadian Dollar Falls As Oil Prices Plunge On Heightened Virus Fears

The Canadian dollar declined against its major trading partners in the European session on Monday, as oil prices tumbled on surging coronavirus infections in Italy and South Korea, triggering concerns about a global pandemic. Crude for April delivery fell $1.97 to $51.37 per barrel. While the number of infections rose in Italy and South Korea; Afghanistan, Bahrain and Kuwait confirmed their first cases. The Chinese government has decided to postpone the annual meeting of parliament that was scheduled to start on March 5. More than 160 cases were reported in South Korea and Italian cases soared above 150. Oil prices tumbled on fears that diminished economic activity will curb demand for energy. The loonie declined to near a 2-week low of 1.3308 against the greenback, from last week’s closing value of 1.3221. Versus the euro, the loonie was down at 1.4402, its lowest since February 13. Should the loonie falls further, it may find support around 1.35 against the greenback and 1.47 against the euro. The CAD/JPY pair fell to 83.62, marking a 5-day low. The loonie is seen finding support around the 82.00 region. The loonie dropped to a 4-day low of 0.8778 against the aussie, after rising…

German Business Confidence Improves Slightly

Germany’s business confidence improved marginally in February despite fears about the coronavirus outbreak, survey data from the ifo institute showed Monday. The business climate index rose to 96.1 in February from a revised 96.0 in January. The score was expected to fall to 95.3 from January’s initial estimate of 95.9. The German economy seems unaffected by developments surrounding the coronavirus, ifo President Clemens Fuest said. The survey results and other indicators suggest economic growth in the first quarter will amount to 0.2 percent, he added. Although companies assessed their current situation as a little worse, they are less pessimistic about the next six months, the ifo survey showed. The current conditions index came in at 98.9 versus 99.2 a month ago. This was above the forecast of 98.6. Meanwhile, the expectations index rose to 93.4 from 92.9. The expected reading was 92.1. In manufacturing, the business confidence strengthened for the third consecutive month. This was due to considerably less pessimistic expectations. However, companies’ assessment of their current situation was worse. Confidence among service providers fell again and they were somewhat less satisfied with their current situation and were more skeptical concerning the coming months. In trade, the business climate…

Gold Prices Rally On Safe-haven Buying

Gold prices rose over 2 percent on Monday as the spread of the coronavirus outside China deepened worries about a hit to global growth. Spot gold climbed 2.4 percent to $1,682.46 per ounce, while U.S. gold futures were up 2.2 percent at $1,684.85. The virus has now killed 2,592 people in China, which has reported 77,150 cases. The rapid spread of the deadly virus in several countries outside China left investors concerned about a hit to demand. South Korea raised its coronavirus alert to the “highest level” for the first time in a decade, following a rapid spike in cases over the weekend. The total number of cases so far in the country total about 763. Italy’s sovereign bonds dropped as the country became Europe’s epicenter for virus cases over the weekend. Iran has confirmed 43 cases and eight deaths, with most of the infections in the Shi’ite Muslim holy city of Qom. Saudi Arabia, Kuwait, Iraq, Turkey and Afghanistan imposed travel and immigration restrictions on the Islamic Republic. The World Health Organization said it is worried about the growing number of cases without any clear link to China. The material has been provided by InstaForex Company – www.instaforex.com…

GBP/USD: plan for the US session on February 24. The pound lost all Friday’s positions, however, this is a great chance for

To open long positions on GBPUSD, you need:
In the first half of the day, the bulls failed to catch on to the support of 1.2927, the breakdown of which led to a rapid fall of the pound in the area of 1.2884, from which I recommended opening long positions. A good rebound from this level with the building of the lower border of the new ascending channel keeps the bulls’ hope for the continued growth of the pound in the short term. An important task for the second half of the day will be a breakdown and consolidation above the resistance of 1.2927, which will lead to an update of the highs in the area of 1.2960 and 1.2996, where I recommend taking the profits. If the bears again return the pair to the minimum of 1.2884, it is better to abandon long positions and wait for the update of the minimum of 1.2851, where I recommend buying immediately for a rebound.
To open short positions on GBPUSD, you need:
Bears continue to control the market. The return to the support of 1.2927 led to complete overlap of Friday’s growth. Now an important task for sellers is to break through and consolidate below…

Trading plan for Gold for February 24, 2020

Technical outlook:Gold has managed to push through fresh highs around $1,688/89 levels today above the expected resistance zone around $1,650 as highlighted here. It remain to be seen is that the level is sustainable or the yellow metal produces a sharp reversal ahead. Please note that the metal has drop from $1,689 and is currently seen to be trading around $1,673/74 levels. On the shorter time frames, immediate support is seen through $1,660 and a break below that could be the first sign of a potential bearish reversal. We would refrain from buying at this point and rather wait for a break below $1,660 to prepare selling on rallies. Looking at the overall structure on the Weekly chart (not shown here), Gold might have complete or is near to completing a corrective rally that began in December 2015 since $1,046 lows. Please wait for a bearish confirmation to initiate shorts but we are preparing to sell on rallies as a major trade setup.Trading plan:Remain flat for now. Be ready to sell.Good luck!The material has been provided by InstaForex Company – www.instaforex.com…

Gold 02.24.2020 – Pitchfork Warning line 2 is on the test at $1.685, watch for potential selling divergence on 4H time-frame

Technical analysis:Gold has been trading upwards. After the breakout of our Pitchfork Warning line 1 at $1.652, price went to test Warning line 2 at $1.685 as we expected.I would watch for selling opportunities in case of the bearish divergence on the hourly or 4H time-frame or any topping pattern with the target at the price of $1.660. Anyway, in case of the bigger breakout of the $1.685, there is potential for test of WR3 at $1.700. MACD oscillator is showing increased momentum on the upside. Resistance levels are set at the price of $1.689 and $1.700Support levels are set at the price of $1.680 and $1.660.\The material has been provided by InstaForex Company – www.instaforex.com…

*Czech Feb Consumer Confidence 104.1 Vs. 104.8 In January

Czech Feb Consumer Confidence 104.1 Vs. 104.8 In January The material has been provided by InstaForex Company – www.instaforex.com…