Gold Outlook Hinges on FOMC- Taper Talk to Drive Prices
Gold prices were firmer on the week with the
previous metal climbing 0.60% to trade at $1235 ahead of the New York
close on Friday. The weekly tally downplays a substantial rally early in
the week that saw prices climb as high as $1267 before sharply
reversing course over the next two sessions. Although the broader
outlook for gold remains weighted to the downside, all eyes turn to the
FOMC next week for the medium-term as the investors look to Bernanke and
Co. for clues as to the taper timeline.
From a technical standpoint, gold remains at risk
below $1268/70 with support seen lower at $1209/10. Look for the FOMC to
offer guidance with a break below the monthly low targeting key
technical support at $1179/81. Subsequent support targets are seen at
$1151/57. A breach above the $1270 threshold risks a more meaningful
correction into resistance targets at $1286 and $1304 with only a break
above $1325 invalidating the broader downtrend. Note that although daily
momentum has remained bearish territory the slope has flattened out and
such indicators are likely to offer little guidance as we head into
next week’s event risk. Things are likely to simmer down as we head into
the policy decision and be wary of emotional price breaks as liquidity
thins out ahead of the Holidays.
The Four Biggest Mistakes in Stock & Futures Trading Strategies
1. Lack Of A Trading Plan
2. Using To Much Leverage
3. Failure to Control Risk
4. Lack Of Self-Discipline
While most books about trading are based on success, I want to talk
about the other 90% of traders and trading results – the dark side of
the business. Why? Because if you can avoid the mistakes then success
should naturally happen. Trading As Your Business should not be taken
lightly and it’s generally the little things (negatives) that make the
2013-12-16 01:45 GMT (or 02:45 MQ MT5 time) | [CNY - HSBC Manufacturing PMI]
if actual > forecast = good for currency (for CNY in our case)
China HSBC Flash Manufacturing PMI Falls
A key indicator of China's manufacturing sector performance declined
slightly in December, but still managed to hold above the neutral mark
indicating a moderate pace of expansion, preliminary survey data
published by Markit Economics revealed Monday.
purchasing managers' index fell to 50.5 in December from 50.8 in
November. A PMI reading above 50 indicates expansion of the sector.
EURUSD weekly outlook for December 16 - 20
Monday, December 16
Tuesday, December 17
Wednesday, December 18
Thursday, December 19
Friday, December 20
Gold prices up in Asia (adapted from investing article)
Gold prices in Asia gained early Monday, carrying over an uptrend from last week as investors eye demand for the holiday season. On the Comex division of the New York Mercantile Exchange, gold futures
for February delivery gained 0.11% to USD1,236 a troy ounce in Asia. Last week, gold prices fell to a session low of USD1,219.50 a troy ounce, the weakest level since Dec. 6.
Gold is down approximately 27% this year, heading for the first annual
loss in 13 years, as solid U.S. economic data underlined expectations
the Fed will begin curbing stimulus.In the week ahead, investors
will be focusing on Wednesday’s outcome of the Fed’s monthly policy
meeting, and a press conference with Chairman Ben Bernanke will be
Trade ideas thread – Monday 16 December 2013
It is the thread on forexlive blog opened today. This link (weekly thread) is on top with google today because of the idea: everybody can post their ideas for trading the pairs for the week.
Using historical and sentiment data, here are lists of bullish and bearish contrarian stock plays for next year:
2013-12-17 00:30 GMT (or 01:30 MQ MT5 time) | [AUD - Monetary Policy Meeting Minutes]
Forex - AUD/USD steady after RBA minutes, economic outlook
The Australian dollar was steady against its U.S. counterpart on
Tuesday, after the Reserve Bank of Australia signalled the possibility
for further rate cuts and comments by the country's Treasurer, while
investors eyed the Federal Reserve's upcoming policy meeting.
AUD/USD hit 0.8930 during late Asian trade, the session low; the pair subsequently consolidated at 0.8940, easing 0.06%.
The pair was likely to find support at 0.8904, the low of September 1 and resistance at 0.9014, the high of September 2.
The minutes of the RBA's December policy meeting earlier showed that
the bank maintained the option of loosening monetary policy further due
to an "uncomfortably high" currency.
The report added that "given the substantial degree of policy stimulus
that had been imparted, it was prudent to hold the cash rate steady."
2013-12-17 10:00 GMT (or 11:00 MQ MT5 time) | [EUR - German ZEW Economic Sentiment]
if actual > forecast = good for currency (for EUR in our case)
German ZEW Economic Confidence Highest Since April 2006
Germany's economic confidence increased to the highest level in
nearly seven years in December, and also to a larger extent than
expected by economists, latest data showed Tuesday.
indicator of Economic Sentiment climbed to 62 in December from 54.6 in
November, results of a survey conducted by the Centre for European
Economic Research/ZEW revealed. Economists were looking for a slower
increase to 55. The December reading was the highest since April 2006.
the same time, the indicator of the country's current economic
situation advanced to 32.4 in December from 28.7 a month earlier.
Expectations were for a score of 29.9.
2013-12-17 13:30 GMT (or 14:30 MQ MT5 time) | [USD - CPI]
if actual > forecast = good for currency (for USD in our case)
U.S. Consumer Price Index Comes In Flat In November
Consumer prices in the U.S. came in unchanged in the month of
November, according to a report released by the Labor Department on
Tuesday, with a steep drop in energy prices offsetting increases in
prices for shelter and airline fares.
The Labor Department said
its consumer price index was unchanged in November after edging down by
0.1 percent in October. The flat reading for the index came in line with