Gold: the bulls do not look to be on especially solid ground [Video]

Richard Perry Independent Analyst

Gold

There has been a consolidation over recent sessions with US traders focusing more on their turkey and/or buying faux discounted items for Black Friday. However, this consolidation has moved into the final month of the year with a breach of a four week downtrend. A swing higher on Friday formed a bull candle and questions who is in control of the market now. However, essentially, this trend breach does not really change the narrative for gold, which continues to be medium term corrective. Subsequently with the resistance building at $1480 which is an area of overhead supply of the August to October old stale bulls, we see rallies fading for pressure back on the $1445 low again. It is interesting to see gold already slipping back again today. The bulls do not look to be on especially solid ground. Momentum indicators remain medium term correctively configured and anything on RSI around 45/50 should be seen as an opportunity if the market begins to edge higher in the coming days. We remain sellers into strength, it just depends on how strong the support at $1445 ends up being.

Author

Richard Perry

Independent Analyst

EUR/USD weakens to near 1.1900 as traders eye US data

The EUR/USD pair loses ground to around 1.1905, snapping the two-day winning streak during the early European trading hours on Tuesday. Markets might turn cautious ahead of the release of key US economic data, including US employment and inflation reports that were pushed back slightly due to the recently ended four-day government shutdown.

GBP/USD edges lower below 1.3700 on UK political risks, BoE rate cut bets

The GBP/USD pair trades on a weaker note around 1.3685 during the European session on Tuesday. The Pound Sterling edges lower against the US Dollar amid political risk in the United Kingdom and rising expectations of near-term Bank of England rate cuts.

Gold drifts lower as positive risk tone tempers safe-haven demand; downside seems limited

Gold drifts lower during the Asian session on Tuesday and snaps a two-day winning streak, though it lacks strong follow-through selling and shows some resilience below the $5,000 psychological mark amid mixed cues. The outcome of Japan's snap election on Sunday removes political uncertainty, which, along with signs of easing tensions in the Middle East, remains supportive of the upbeat market mood.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Follow the money, what USD/JPY in Tokyo is really telling you

Over the past two Tokyo sessions, this has not been a rate story. Not even close. Interest rate differentials have been spectators, not drivers. What has moved USD/JPY in local hours has been flow and flow alone.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.