Rosen's Daily Commentary

[rosentray]

Gold opened higher in today's early trading hours before the European session. The precious metal has now reached a high of $1,235 as an intraday high and is now trading slightly below at $1,234. Main trend on the short-term remains bullish due to the green light given by the Fed. The rate hike turned out to be very beneficial for Gold, as well as Silver, and now the metals rally.

A correction might be expected around $1,243. If that level is taken over, the latest top at $1,262 becomes a target and also a mid-term resistance level. The bulls will need to push above the 200SMA that falls around $1,260 if they want to conquer higher levels.

Bears, on the other side, have a first target of $1,214, second target is seen at $1,190 and major bear target is expected at $1,145.

 

[rosentray]

EUR/USD is now trading higher at 1.0770 up from 1.0755 in the opening hours. The pair might be on its way to appreciation after the Fed raised the Interest rate last week. Major bull target is seen at 1.0836.

 

[rosentray]

EUR/USD continues to climb higher in today's session. The price is now trading at 1.0815 in the early minutes of the US session. First resistance can be expected at 1.0826.

 

[rosentray]

Gold is having a bullish day today going from $1,227 to $1,241 just minutes before the opening of the US session. As stocks open flat, the precious metal has the chance to rally to first bull target at $1,250. If market participants favor the move in Gold, we might even see an attempt to visit the upper trend line on the short-term at $1,270.

On the other hand, bears are expecting another high before they get the chance to sell at a higher point. First bear target is seen at $1,225, while major bear target rests at $1,192.

A lot of market experts and analysts are recommending to go away from the Gold market and invest in the US dollar and equities with the hopes of a continuation of the Trump wave. However, as we can see, the US dollar is currently going down, while Gold rallies.

 

[rosentray]

EUR/USD is now trading at resistance in the short-term as the pair seems to have reached the point of a turn around. The price is now 1.0805, a bit lower from yesterday's high of 1.0820. Main trend, however, still remains bullish until we can confirm that bears have taken over and reversed the trend.

Immediate resistance rests at 1.0830, which can either ignite the spark for more momentum in the bull camp or be an opportunity for bears to sell at higher levels. The 1.0830 level is seen as a double top so that gives an edge to bears.

On the long-term price is expected to fluctuate due to high volatility caused by the implementation of the policies of President Trump and the divergence between his outlook on taxes, reforms and overall economic development compared to the views of Fed's Chair Janet Yellen.

 

[rosentray]

USD/JPY reached a low below 111.30 thus piercing the double bottom that was expected by some traders at 111.50. The pair is now 111.33 as the USD looks very weak and vulnerable.

 

[rosentray]

EUR/USD is trading slightly lower today after it reached close to 1.0830 earlier this week. The pair is now 1.0775 and it appears that it may continue lower.

 

[rosentray]

AUD/USD continues to trade lower today. After the pair reached a high of 0.7750, the Australian dollar started to depreciate against its peer. Current market price 0.7625.

 

[rosentray]

EUR/USD is now trading at 1.0807, slightly higher than yesterday's levels. First res: 1.0830, first support: 1.0770.

 

[rosentray]

Gold entered into consolidation mode in the second half of the week. Price is now $1,244 and it appears that the precious metal will continue trading sideways until news stir the Gold market.