Forecasts & Analysis | Technical, Page

Based on the current price at $1342.30, the direction of the August Comex gold futures contract into the extended close is likely to be determined by trader reaction to the short-term 50% level at $1342.90.

Demand remains subdued

Based on the current price at 97.020, the direction of the September U.S. Dollar Index into the close is likely to be determined by trader reaction to the Fibonacci level at 97.020.

Gold consolidates ahead of Fed

The stock markets continue to hover at relatively high levels awaiting the FOMC Meeting Statement on Wednesday. We are at extreme highs, but quite frankly this is a market that looks like it wants to go higher.

Silver markets were relatively flat during trading on Monday, which is not much of a surprise considering that we have a major Federal Reserve meeting on Wednesday. Obviously, whatever the Fed does will have a significant effect on the US dollar, and therefore silver.

Crude oil markets did very little during the trading session on Monday, as markets in general took a break. Keep in mind that the Federal Reserve has a statement coming out on Wednesday that will greatly influence markets overall.

The natural gas markets have done very little during the trading session on Monday as we came back to work. That being the case it’s very likely that we continue to simply grind in this generally dead market.

Gold markets went back and forth during trading on Monday as traders came back to work from the weekend. However, we have a major barrier just above us so it’s not a huge surprise that we haven’t been able to go anywhere. Of course, with the FOMC meeting and statement

The US dollar rallied to kick off the week during the trading session on Monday, reaching towards the highs that we have seen as of late. The question now is whether or not we can hang on to those gains and break out to the upside.

The British pound rallied slightly during the trading session on Monday, as we continue to see a bit of noise around the 1.26 handle. Beyond that, there is plenty of support underneath, so it looks as if we are trying to find the floor here.

The British pound rallied a bit during the trading session on Monday, but at this point the pair still looks a bit on the soft side. Overall, I believe that this market will probably continue to be very noisy, as there are a lot of economic concerns around the world.

The Euro bounced a bit on Monday, using the 1.12 level as support. This of course is an area that should attract a lot of attention, especially considering how the area recently had been resistance. Overall, the pair looks as if it’s trying to find a longer-term bottom.

The Australian dollar went back and forth early on Monday to at the very least stabilize, but at this point there’s nothing compelling about the Aussie to get aggressive about. We are at crucial levels, so there are plenty of things to pay attention to.

The whole of last week was positive for USD and negative for oil. Why is it important here? The reason for this is that the price of oil is very influential for the Canadian dollar.

Based on the early price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the support pivot at 1.1228 to 1.1227.

Gold prices stopped rising early in the third week of June. On Monday June 17th, the Troy ounce is trading at 1340.10 USD with the last week’s high being at 1362.20.

Dear Traders,The EUR/USD has hit the strong support at 1.1201 and bounced, making a retracement pattern. We can spot two POC zones.–>The first POC zone is 1.1230-40. It is slightly below the W L3 camarilla pivot which serves as resistance. If the W L3 breaks the price might go to

Ahead of the day, the Greenback might show some good upward movements making the Index touching the 2/1 Gann fan. Oil prices dropped after the statement of US Secretary of State Mike Pompeo.

After a sharp fall on Friday, EUR/USD is seen consolidating near its 200-period moving average on a 4-hour chart. All eyes will be on the Fed meeting later this week. Ahead of it, the pair has some potential to bounce higher.