6 December 2018
U.S. Stock Market Sell-off Continues as Futures Trade Sharply Lower
Investors are saying that increased algorithmic selling because of a phenomenon in the U.S. Treasury markets is causing the weakness. On Monday, when the selling started, the yield on the three-year Treasury note surpassed its five-year counterpart.
Read MoreCrude Flat Ahead of OPEC Meeting, Gold Supported by Treasury Yield Curve Inversion
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures finished slightly lower on Wednesday ahead of the start of a strategic meeting of the world’s biggest exporters. Gold prices finished lower on Wednesday in limited trading. Without guidance from the Treasury market, the Forex trade was muted so consequently the U.S. Dollar was rangebound. Since gold is a dollar-denominated asset, it is largely impacted by the movement in the greenback.
Read MoreTrade Hits the Aussie, with Brexit and GBP Still in the Limelight
It’s a choppy start to the day and unlikely to get better, with a heavy set of stats out of the U.S, Brexit and Trade Chatter to drive the majors.
Read MorePalladium Hits Record High; Could See Further Upside if Dollar Weakens
We’re not sure if palladium will continue to trade higher than gold, but it is something to note. Both commodities are dollar-denominated so they will benefit from a weaker dollar. The timing may be right for bullish traders because the dollar could weaken if the U.S. Federal Reserve decides to reduce the number of rate hikes in 2019.
Read MoreBitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 06/12/18
It’s back in the red for the majors, early attempts at a reversal thwarted by the bears who are digging in for the winter.
Read MoreCardano’s ADA Technical Analysis – On the Back Foot Again – 06/12/18
It’s back in the red for Cardano’s ADA that failed to buck the trend early in the day. Moving back through to $0.035 will be key to avoid another slide.
Read MoreBitcoin – Sees Green Early, But Holding On is Another Story
Bitcoin sits in positive territory early on, though with the rest of the cryptos in the red, we can expect pressure to build through the morning…
Read MoreUSD/JPY Fundamental Daily Forecast – Driven Lower by Spike in Risk Aversion
The spike in risk aversion is being fueled by concerns about U.S. economic growth. These worries started to become an issue on Monday after an inversion in a part of the U.S. Treasury yield curve. This started when the three-year Treasury note surpassed its five-year counterpart.
Read MoreAUD/USD and NZD/USD Fundamental Daily Forecast – Arrest of Huawei CFO Will Affect US-China Trade Negotiations
With Australian and New Zealand Dollar investors focusing primarily on U.S.-China trade relations and a risk-off environment, today’s U.S. economic events may take a backseat. Look for further downside pressure today especially if U.S. equity markets continue to weaken.
Read MoreEUR/USD Price Forecast – EUR/USD Pair Range Bound As Bearish Rout In Equity Market Hurts Investor Sentiment
EURUSD locked inside short price range despite EU positive signs as risk appetite in financial market is down over bearish rout in global equity markets.
Read MoreAUD/USD Forex Technical Analysis – Trend Up, Momentum Down with Next Targets .7207 to .7199
Based on the early price action and the current price at .7228, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the main 50% level at .7252.
Read MoreGBP/USD Price Forecast – GBP/USD Trade Range Bound As Investors Are Cautious Ahead of Brexit Vote
GBP/USD trades range bound as investors are cautious ahead of DEC 11 Brexit vote owing to high level of uncertainty about the future of deal and PM May’s Brexit Government.
Read MoreGold Price Futures (GC) Technical Analysis – Inside Trade Indicates Investor Indecision, Renewed Volatility
Based on the pair of inside days, we have to conclude that the direction of the December Comex gold market on Thursday is likely to be determined by trader reaction to Tuesday’s high at $1247.50 and its low at $1235.80.
Read MoreDAX Index Daily Price Forecast – DAX To Trade Bearish For Third Consecutive Trading Session
DAX to trade with bearish bias for third consecutive trading session but downside could be limited owing to solid fundamental support.
Read MoreCrude Oil Price Update – Must Hold Pivot at $51.98 to Sustain Upside Bias
Based on the early price action, the direction of the January WTI crude oil futures contract on Thursday is likely to be determined by trader reaction to the short-term pivot at $51.98.
Read MorePrecious Metals Move Up On Safe Haven Demand Amid Subdued USD In Broad Market
Yellow metal gains as US Dollar is starting to lose its place as safe haven asset among global investors while increasing risk aversion has resulted in fund flow move towards most reliance recession proof asset in history – Gold
Read MoreEM Currencies Slip on Renewed Trade Fears
Buying sentiment towards the Dollar deteriorated earlier in the week after an inversion of the U.S Treasury yield curve sparked concerns over the US economy potentially entering a recession
Read MoreE-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Choppy, Two-Sided Trade Between 6822.75 and 6609.00
Based on the earlier price action and the current price at 6713.00, the direction of the December E-mini NASDAQ-100 Index the rest of the session is likely to be determined by trader reaction to the short-term Fibonacci level at 6713.00.
Read MoreE-mini Dow Jones Industrial Average (YM) Futures Analysis – Plenty of Room to Downside Under 24824
Based on the earlier price action and the current price at 24739, the direction of the December E-mini Dow Jones Industrial Average the rest of the session is likely to be determined by trader reaction to the Fibonacci level at 24824.
Read MoreE-mini S&P 500 Index (ES) Futures Technical Analysis – Headed for 2602.75 Unless Buyers Overtake 2701.75
Based on the early price action and the current price at 2668.50, the direction of the December E-mini S&P 500 Index the rest of the session is likely to be determined by trader reaction to the Fibonacci level at 2701.75.
Read MoreNatural Gas Price Fundamental Daily Forecast – Short-Term Cold Snaps Followed by Prolonged Period of Milder Temperatures
After a short-term cold snap passes, the weather models are calling for an extended warm period beginning in about a week that has the potential to last seven to 10 days. Because of the storage deficit, this may not be enough to break the market sharply lower, but it will be enough to cap any rallies.
Read MoreOil Price Fundamental Daily Forecast – Crude Plunges After Saudi’s Propose Smaller-Than-Expected Production Cut
Unless there is a bullish clarification from the Saudi oil minister later today, prices are likely to remain under pressure. Bullish comments from Russia could also turn the market around.
Read MorePrice of Gold Fundamental Daily Forecast – Safe-Haven Buyers Choosing Dollar Over Gold
Just a short while ago, crude oil plunged, taking the stock market with it. This also drove the dollar higher and gold lower. This confirms our assessment that gold is once again getting its direction from the U.S. Dollar. And safe-haven buyers of the dollar are getting their cues from the stock market. If stocks continue to sell-off then don’t look for gold to rally because of safe-haven buying. Look for it to break if investors seek shelter in the dollar.
Read MoreUSD/CAD Daily Price Forecast – USD/CAD on Bull Run as Loonie Turned Dovish Post BOC’s Cautious Remarks in the Policy Statement
USD/CAD headed to highest daily close of the year after hitting 20 month high.
Read MoreOil tumbles as markets eye OPEC meeting; Dollar waits for NFP
The past few weeks have certainly not been kind to Oil markets amid oversupply concerns and fears over slowing global growth negatively impacting demand. Rising production from US Shale
Read MoreBitcoin And Ethereum Daily Price Forecast – BTC Hit 2018 Lows But Rebound To Safe Zone Indicating Positive Market Sentiment
Bitcoin price jumped back after hitting new 2018 lows but upsides remain capped near the $3,900 and buyers are likely to struggle.
Read MoreTrading plan for December 6
Canada is awaiting the release of its trade balance at 15:30 MT time. According to forecast, we will see a further deficit of 7 million Canadian dollars.
Read MoreEUR/USD Mid-Session Technical Analysis for December 6, 2018
Based on the current price at 1.1353, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the short-term 50% level at 1.1345.
Read MoreArrest Rocks Tech Stocks, Trade Tensions Pressure Markets, Economic Slowdown In Focus
Asian markets were down across the board as trade fears flare-up once again. In the US traders have an eye turned to the economic data as they look for signs of an economic slowdown.
Read MoreWhat Outcome to Expect to from Vienna Today?
Today’s OPEC meeting is held at a very critical time where there’s clear evidence of a global economic slowdown and strong Oil supply particularly from the U.S. which will eventually lead to oversupply and swelling inventories.
Read MoreBitcoin and Taxes: What You May Not Know
If you sell, exchange, or use convertible virtual currency to pay for goods or services, you might have a tax liability. Here’s what you need to know on Bitcoin and taxes.
Read MoreGBPUSD Rebounds from 1.2700 Level: Dollar Softens
The Dollar is seen edging lower ahead of the US jobs reports scheduled for release on Friday. Appetite towards the currency sharply deteriorated in the week after an inversion of the U.S Treasury yield curve stimulated fears
Read MoreAUD/USD Price Forecast – Australian dollar falls again
The Australian dollar fell again during trading on Thursday as the arrest of a prominent Chinese businesswoman has caused concerns as to whether or not the United States and China will be able to flush out some type of deal.
Read MoreEUR/USD Price Forecast – Euro continues the levitate ahead of jobs numbers
The Euro initially dipped during trading on Thursday but then turned around to rally slightly. However, I would not expect much as we get the jobs figures coming out Friday morning in the United States, and of course the market will be paying attention to that.
Read MoreGBP/JPY Price Forecast – British pound volatile against yen
The British pound was volatile against the Japanese yen during the trading session on Thursday, as we continue to see a lot of noise around the world.
Read MoreGBP/USD Price Forecast – British pound rallies to start the day
The British pound rallied to start the day on Thursday, but quite frankly we’ve seen this movie before, it rallies and that sells off again. As Parliament debates the merits of the Brexit deal, there will continue to be headlines that throw this market around.
Read MoreUSD/JPY Price Forecast – US dollar continues to bounce around ahead of jobs figure
The US dollar fell a bit during the day on Friday as we have more of a “risk off” attitude again after the arrest of a prominent Chinese businesswoman in Canada at the request of the Americans. This has people a bit nervous about the global markets in general, as it could heighten tensions between the Americans and the Chinese.
Read MoreGold Price Forecast – Gold markets pressing major resistance
Gold markets continue to be very noisy, reaching towards the crucial $1250 level. That’s an area that has been important more than once, and it does look like we are trying to break out above there. However, it is also an area where you would expect to see a lot of fight by the sellers.
Read MoreNatural Gas Price Forecast – natural gas markets continue to look heavy
The natural gas markets fell during trading on Thursday, as we continue to bounce around a major wedge. The natural gas markets are probably in the latter stages of the bullish time of year, as colder temperatures punish the northeastern part of the United States. However, we will soon be trading Spring contracts.
Read MoreCrude Oil Price Forecast – crude oil markets fall hard again on Thursday
Crude oil markets fell again during the trading session on Thursday, as the OPEC meeting failed to produce a production cut schedule that was strong enough to push the market to the upside.
Read MoreSilver Price Forecast – Silver markets continue to hover around major level
Silver markets continue to be very choppy overall, as we hang around the $14.50 level. This is an area that has attracted money in both directions, as we have been bouncing around in a $1.00 region.
Read MoreS&P 500 Price Forecast – stock markets crash again
The S&P 500 broke down rather significantly during trading on Thursday, crashing down towards the lows that we have seen tested a couple different times. However, there are signs of support underneath.
Read MoreGold Price Futures (GC) Technical Analysis – Into Close: Strengthens Over $1248.50, Weakens Under $1245.00
Based on the earlier price action, the direction of the February Comex gold market into the close is likely to be determined by trader reaction to a pair of downtrending Gann angles at $1248.50 and $1245.00.
Read MoreCrude Oil Price Update – Direction into Close Determined by Trader Reaction to $51.98
Based on the current price at $50.94, the direction of the January WTI crude oil futures contract into the close will be determined by trader reaction to the pivot at $51.98.
Read MoreE-mini S&P 500 Index (ES) Futures Technical Analysis – Minimum Downside Target Zone 2603.00 to 2602.75
Based on the current price action, a trade through 2621.25 will indicate the selling is getting stronger. If this generates enough downside momentum then look for the selling to extend into a potential support cluster at 2603.00 to 2602.75.
Read MoreE-mini Dow Jones Industrial Average (YM) Futures Analysis – Into Close: Strengthens Over 24518, Weakens Under 24302
Based on the early price action and the current price at 24566, the direction of the December E-mini Dow Jones Industrial Average into the close is likely to be determined by trader reaction to the uptrending Gann angle at 24302.
Read MoreE-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Trading Inside Key Retracement Zone at 6794.25 to 6713.00
Based on the current price at 6761.50, the direction of the December E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to the uptrending Gann angle at 6801.50.
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