Daily technical analytics
Gold price were showing their weakness and it is no wonder they reached a new month low (last was on 20 February). US dollar lost its positions on yesterday’s market but gold prices were unable to mirror that for some unknown reason. It could mean that overall sentiment is negative, especially after the comments made by FOMC leaders last week.
Negative sentiments could last for long time now since FOMC is planning to raise the interest rates sometime during this year. As a result US dollar will gain and gold could move downwards.
Today a lot will depend on how strong will be the US data. If it’s going to be strong it will push gold prices downwards otherwise news will slow the fall
Today data concerning consumer confidence and sale of the new houses will be released by the end of European session. This data will have an important impact on the gold prices.
Today’s tactics: Sell from 1320,00 to 1312,00, 1300,00 and 1290,00.
Trading results:
Yesterday’s gold fixing in London: $1310.75 down from $1336.00
Yesterday’s silver fixing in London: $20.20 down from $20.
Yesterday’s platinum fixing in London: $1433.00 down from $1439.00.
Yesterday’s palladium fixing in London: $792.00 up from $789.00
Technicallyfor the last two sessions EURUSD was trying to move downwards to a lowerposition on the Forex market. During those two sessions it met myrecommendations for opening a short position at 1,3810 and also reached my the firsttake-profit level I mentioned at 1,3775. The stop-loss level should have beenmoved to the opening price level, if you’ve done that then probably the orderis closed by now. Further instructions include waiting till the prices willmove to 1,3800, which is also a perfect for opening a sell order withtake-profits at 1,3775, 1,3755 and 1,3710.
GBPUSDwas closed at a stop-loss level with a little profit. Now it makes sense togive another recommendation for sell, since I expect pair to decline sometimeduring this week. I think it will reasonable enough to start selling GBPUSDfrom 1,6510 with take-profit levels placed at 1,6480 and 1,6400.
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Gold prices continued their fall, showing it's weakness even before the big FOMc meeting yesterday.
Nevertheless, after the mentioned meeting gold increased the speed of it's downfall, since everything was against it. According to the expectations, QE3 program was cut by 10 billion USD. Also it was mentioned that recent poor economic data was a result of hard winter conditions. FOMC also changed the overall outlook on unemployment and other crucial data. Also there was vote to push the interest rates up by the end of 2015, 13 members voted for and 2 members against.
This FOMC meeting seems to break up the gold's uptrend. and if the strong data will continues to come from the US, we may see a pretty strong decline of gold prices in the future.
Today we will get a fresh stats on the initial and continuing jobless claims from US, as well as home sales and activity index from Philadelphia. Those numbers may have a great impact on the gold prices.
Today's strategy: Stay out of market
Recent results:
Gold fixing in London: $1338.00 down from $1355.75
Silver fixing: $20.75 down from $20.94
Platinum fixing: $1454.00 same as $1454.00 at the previous session
Palladium fixing in London: $768.00 up from $762.50
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