Aluminium guns for the 200-week moving average at 1904.66 – Commerzbank

FXStreet Team FXStreet

Aluminium (LME) has reached the 55-month moving average at 1864.33 as well as the July 2019 high at 1866.00 and made its current October high at 1872.50. The metal still has the 200-week moving average at 1904.66 in its sights, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs.

Key quotes

“Once exceeded, the 200-week moving average at 1904.66 would be next in line (please the weekly chart on the following page). Still further up the February and March 2019 highs can be spotted at 1936.00/1951.00.”

“Minor support can be found between the early August and early September highs at 1824.00/1792.00 and also between the 55-day moving average and late September high at 1788.44/1785.50. More significant support sits between the September and current October lows at 1726.00/1725.00.”

“While remaining above the 1726.00/1725.00 support zone we will retain our medium-term bullish outlook.”

Author

FXStreet Team

FXStreet

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.