Daily Forecast - 07 January 2016
Gold Spot
Gold short term outlook now very positive on the break above 1080 of course but we are overbought short term. Minor support at 1090/89 but better support at 1087/86. However if we continue lower look for an excellent buying opportunity at 1082/81. Longs need stops below 1076. Just be aware that a close below 1079 would be more negative going forward & suggest a false breakout yesterday.
Holding above 1089 keeps bulls in full control & re-targets 1091/92 then 1094. Be ready to buy a break above 1096 if not already long to target 1098 then strong resistance at 1101/02. This is the main challenge for bulls today & is likely to see a high for the day. For a short term position, try shorts with stops above 1105 but on a break higher look for a test of the 100 day moving average resistance at 1109.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
AUD/USD: Uptrend remains capped by 0.6650
AUD/USD could not sustain the multi-session march north and faltered once again ahead of the 0.6650 region on the back of the strong rebound in the Greenback and the prevailing risk-off mood.
EUR/USD meets a tough barrier around 1.0800
The resurgence of the bid bias in the Greenback weighed on the risk-linked assets and motivated EUR/USD to retreat to the 1.0750 region after another failed attempt to retest the 1.0800 zone.
Gold eases toward $2,310 amid a better market mood
After falling to $2,310 in the early European session, Gold recovered to the $2,310 area in the second half of the day. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.5% and helps XAU/USD find support.
Bitcoin price coils up for 20% climb, Standard Chartered forecasts more gains for BTC
Bitcoin (BTC) price remains devoid of directional bias, trading sideways as part of a horizontal chop. However, this may be short-lived as BTC price action consolidates in a bullish reversal pattern on the one-day time frame.
What does stagflation mean for commodity prices?
What a difference a quarter makes. The Federal Reserve rang in 2024 with a bout of optimism that inflation was coming down to their 2% target. But that optimism has now evaporated as the reality of stickier-than-expected inflation becomes more evident.