Rosen's Daily Commentary

[Elwis Wright]

As Gold prices recently dropped below its ascending trend-line support, also encompassing the 50-day SMA, chances of its immediate drop to $1228-30 can't be denied. Should the metal extends the south-run below $1228, the $1215 and the $1208 are likely important support levels to watch.

Alternatively, a clear break above $1258 can reverse its recent decline and can propel the bullion prices towards $1270 mark.

 

[rosentray]

The EUR/USD is trading lower today after a few days of consolidation around 1.12. Price is currently 1.1183 with a low of the day of 1.1168. First support is seen at 1.1150.

 

[rosentray]

GBP/AUD reacted strongly to the announcement of governor Glenn Stevens to cut rates. Price went from 2.0046 to 2.0396 in just a few hours. Currently it's around 2.0370 and first resistance is 2.0403.

 

[Elwis Wright]

Even if the market went on a profit-booking mode during early hours of trading, mainly due to no important data-points, everything again started favoring the USD ahead of the Services PMI reading at the later part of the day. Moreover, the JPY which went in positive at the day start reversed to the downside while the GBP is trading at the lower hands around horizontal resistance.

The CAD, like AUD and NZD, started gaining against the US Dollar as surge in Crude prices, coupled with restoration of oil-sands and nearness to BoC meeting causes market players towards short-covering.

 

[rosentray]

EUR/USD lost a bit more today due to continued selling pressure the Dollar bulls, who managed to push the price to 1.1130 but then the pair was able to climb to a current price of 1.1160.

 

[rosentray]

Gold went to $1,217 in today's session due to heavy bear pressure. The precious metal tried to go above $1,230 in the early trading hours but momentum came short and price retreated. Gold is currently trading at $1,224.

 

[Elwis Wright]

Considering the yellow metal's recent plunge in two days, chances are higher that a break above 1230 can pull it back to $1245; however, market players await US GDP and Fed Chair's speech of Friday after today's Durable Goods and Jobless were upbeat. Any strong clues for June hike can drag the EURUSD & Gold further toward south.

 

[rosentray]

EUR/USD rose despite somehow the positive US data announced earlier today. The pair reached 1.1216 and is currently trading at 1.1200 from a low of 1.1149. Main trend on the short-term remains bearish.

 

[rosentray]

Gold is trading relatively unchanged from yesterday's level gravitating towards $1,228. The precious metal made a high of $1,234 in the early hours and is now back to opening price. First support remains $1,220.

 

[rosentray]

EUR/USD is trading relatively unchanged from yesterday's level around 1.12. Price is now 1.1180 and it seems traders and investors are keeping low volume in anticipation of the latest US GDP data in less than four hours and then two hours later we have a speech from the FED Chair Janet Yellen.