Rosen's Daily Commentary

[rosentray]

Gold is trading at resistance today reaching a high of $1,258. The precious metal is having a good rally that started in the middle of December last year when price was $1,122. Although the big players such as George Soros and John Paulson ditched Gold last month on rumors that the Trump tidal wave will continue, the precious metal keeps rallying to new highs.

Price reached multi-month high on Friday when Gold touched $1,260, which also happens to be the 200SMA. The latest high marks the resistance in the medium-term outlook. Bulls, however, look determined to get over it as expectations for a strong 2017 for Gold continue.

If market closes above $1,260 today we would have a clear indication that current market level will be left behind. If price closes below $1,260 today, then it would be best to sell with tight stop or to wait for more certain times to buy in.

 

[rosentray]

EUR/USD is trading relatively unchanged from last week's levels with price gravitating towards 1.0580. Market participants are looking forward to this week's events, a lot of major news coming out!

 

[rosentray]

EUR/USD has been consolidating around 1.06 for the past few days. It seems that nothing is strong enough to drive the market participants in either directions. The pair made a high of 1.06289 today and is now back towards the 1.06 level.

If the price continues to consolidate we might see a loss of interest and a bearish takeover with first short-term target at 1.0522. Lower than that we might be heading towards parity, given that the Trump administration continues to boost market expectations.

On the other hand, if we get bad economic data this week from the US, Euro bulls will use the opportunity to push price higher to a possible first target at 1.0680.

 

[rosentray]

Gold could not overcome the 200SMA and is now back below $1,260. Trend on the short-term might be turning into bearish.

 

[rosentray]

Gold price fell below $1,250 today in the early European trading hours after the Federal Reserve raised expectations for a March US interest hike rate. Gold reacted bearishly to the statement and fell to a low of $1,242 earlier today.

Now the precious metal is trading at $1,245 as market sentiment is turning from bullish to bearish.

Technically speaking, Gold was not able to overcome the 200SMA and the falling has been going on since Monday when it reached $1,263.

Major bear target on the short-term is seen at $1,230, while the bulls target the levels around $1,260 and above in order for them to continue on their path.

 

[rosentray]

EUR/USD slides to a low of 1.0525 as FED states that a March rate hike is on the table. The pair is now slightly higher at 1.0544.

 

[rosentray]

GBP/JPY has been going up and down for the past few weeks with price fluctuating between 138 and 142 for a Pound. The pair is now trading at 140.26 and appears to be caught in a narrow range between the support and resistance levels on the short-term.

First and immediate support is seen at 138.80 which is also a double bottom, second support line is seen at 136.40 and third level rests at 135. On the other hand, the resistance levels are R1: 141.00, R2: 142.75, R3: 145.00.

The future of the UK remains unclear as major political events are yet to unfold. They will serve as an indicator for future performance and will shape the expectations of the market participants.

If PM Shinzo Abe decides it's again time to devaluate the Yen, then GBP/JPY will continue on it's way up.

 

[rosentray]

EUR/USD is again depreciated and going towards 1.05 level. If that level is breached, major bear target is seen at 1.0340 and immediate support at 1.0480.

 

[rosentray]

EUR/USD is trading relatively unchanged today gravitating towards 1.0520 in anticipation of the latest ISM Non-Manufacturing Composite data scheduled for later today. Another important market mover will be FED Chair Yellen's speech on the Economic Outlook.

 

[rosentray]

Gold and Silver are both down this week putting an end to their strong bull rallies. Both the precious metal suffered the sell off due to a possible rate hike in March. Gold is now trading at $1,227 while Silver is trading at $17.68.