USDCAD is facing 1.2413 support, a breakdown below this level could signal resumption of the downtrend from 1.3793, then next target would be at 1.2300, followed by 1.2050. Resistance is at 1.2778, only a break above this level will indicate that the downside movement from 1.3793 had completed at 1.2413 already, then the following upside movement could bring price back towards 1.3500....
There will be an option expiration on the Comex tomorrow, August 28th for the September contracts for gold and silver. Silver is a more significantly active metal in the September contract. The focus in gold trading now has shifted to October and December. Gold is jammed into resistance at the $1300 level as can easily be seen in the price chart below. There will be a Non-Farm Payrolls Report for the month of August on Friday, September 8. ...
Henri Cartier-Bresson Trafalgar Square on the Day of the Coronation of George VI 1937 The Jackson Hole gathering of central bankers and other economics big shots is on again. They all still like themselves very much. Apart from a pesky inflation problem that none of them can get a grip on, they publicly maintain that they’re doing great, and they’re saving the planet (doing God’s work is already taken). But the inflation problem lies in the fact that they don’t know what inflation is, and they’re just as knowledgeable when it comes to all other issues. They get sent tons of numbers and stats, and then compare these to their econom...
The Top 10 of the Ranking and Rating list for the coming week shows the following stronger currencies being well represented for going long: the CAD(4X) followed by the EUR(3X) and the AUD(2X). The weaker currencies are the GBP(4X) followed by the NZD(3X) and the USD(2X). By diversifying a nice combination can be traded in the coming week like e.g.: GBP/CAD with the EUR/NZD GBP/AUD with the USD/CAD Ranking and Rating list Analysis is based on TA charts for all the major currency pairs.Every week the Forex ranking rating list will be prepared for the weekend. All the relevant Time Frames will be analyzed and the ATR and Pip value will be set...
On July 23rd, I posted that a short term top was near due to overbought sector sentiment. We’ve now had a short term dip, but is it enough? If we look at 7 day momentum and sentiment for the S&P 500 Index (SPX) it has fallen to the level of minor dips over the past two years. However, it still has some room to fall if we’re going to see a more significant dip in a longer term uptrend. Breadth calculated between bullish and bearish stocks on the Twitter stream is declining, but the bullish count shows an intermediate term negative divergence, and a short term positive divergence with price. The bullish count will likely give us a sho...
The Dow Jones made its last all-time high (BEV Zero) on August 7, and for the past fourteen trading sessions the Dow, moving in tiny baby steps, hasn’t moved further than 2.01%. Following this market is like watching paint dry, and it’s been that way for weeks. But about the time you believe you have a market figured out, it always goes that someone changes the rules. Somewhere up ahead market volatility will once again dominate the stock market Ahead of us are days where the Dow Jones can, and will move (+/-) 5% or more in a single trading session. It’s called a bear market, so I spent much of this week’s focus on the Dow Jo...
Silver is currently trading around $17 an ounce. This is around 34% of its 1980 all-time high of $50. However, this is an incomplete representation of what silver is really trading at, relative to US dollars. When you look at the silver price, relative to US currency (the amount of actual US dollars) in existence, then it is at its lowest value it has ever been. The US monetary base basically reflects the total amount of US currency issued. Originally, the monetary base is supposed to be backed by gold available at the Treasury or Federal Reserve to redeem the said currency issued by the Federal Reserve. This is not the case any more, therefo...
The grocery industry has been grappling with several challenges like stiff competition, and aggressive promotional environment of late. Traditional grocery rivals are strengthening their franchises and outside players are offering alternative outlets for food and other staples. Customers are becoming more inclined toward private label products as they are low-cost alternatives to national brands. Food deflation had added to the woes over the last one year where oversupply in some types of food — particularly meat, poultry and dairy — dragged prices lower and forced grocery stores into more aggressive promotions. However, the scenario is n...
Fundamental Forecast for Gold: Neutral Gold prices eye fresh yearly highs as Yellen offers no policy guidance What’s driving gold prices? Review DailyFX’s New 3Q Gold Projections Gold prices were higher last week with the precious metal up 0.48% to trade at 1288 ahead of the New York Close on Friday. Price action last week remained uninspiring until Friday’s Jackson Hole event fueled a brief surge in volatility. The gains come on the back of persistent weakness in the greenback with the DXY trading just above the yearly lows into the close of the week. Remarks made by Federal Reserve Chair Janet Yellen at the annual Jackson Hole Eco...