Daily Forecast - 10 November 2015
Gold Spot
Gold made it to first resistance at 1093/94 & topped at 1095.50. A break above here is possible today & targets strong resistance at 1099/1100. Watch for a high for the day but shorts need stops above 1104. Just be aware that a break higher targets much stronger resistance at 1108/09 for an excellent selling opportunity.
Failure to beat 1193/94 keeps the pressure on for 1090/89 then a retest of important longer term support at 1086/85. We have not seen a daily close below here in over 5 years. A close below here this week therefore is a sell signal targeting July lows at 1079/77. This is of course the last line of defense for bulls. A break & close below is an added sell signal & is likely to trigger sharp losses to the first target of 1171/70.
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Editors’ Picks
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AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
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Gold holds around $2,330 after dismal US data
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Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
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