Rosen's Daily Commentary

[rosentray]

Gold is trading to the downside today going as low as $1,211 and currently priced at $1,1221. Have in mind that the latest US GDP data is scheduled for later today and that could create market volatility. Also, two hours after GDP data we have a speech from the FED Chair Janet Yellen.

 

[rosentray]

The EUR/USD fell below 1.11 in the early trading hours today and was quick to recover currently trading at 1.1137 close to the high of the day at 1.1143. After Yellen's statements that the FED is going to raise the interest rates gradually, market participants favored the US dollar causing a sell off in the pair.

 

[rosentray]

Gold fell below $1,200 for the first time since April and is now trading above the psychological level at $1,1207. High of the day is $1,210. First support is seen at $1,200 while first resistance is seen at $1,212.

 

[rosentray]

The EUR/USD is having a tough time today consolidating towards the level of 1.1150. Low volumes are a sign of tension building so you might want to be careful in the coming days as a sharp move might be coming.

 

[rosentray]

The USD/JPY is faced with resistance as bulls have to take over the 111.40 level in order for the bullish trend to continue. Until then, bears might attempt to bring price down below 110 and then even lower.

 

[rosentray]

Gold is slightly to unchanged in today's session after going below $1,199 yesterday morning. Market sentiment continues to be bearish with improving US economy that might boost the US dollar further.

 

[rosentray]

GBP/USD is in a high volatility situation today after making a high of 1.4729 and a low of 1.4568. GBP/USD is currently trading at 1.4643 as bears and bulls are having a fight who is going to bid more. Until one of the two levels is broken, it is best to stay neutral.

 

[rosentray]

The EUR/USD marks a somewhat positive day today up about 30 pips to currently trade at 1.1160. Market sentiment remains to be bearish with the latest commentary from FED Chair Janet Yellen to raise rates gradually. First resistance is seen at 1.12, first support is seen at 1.11.

 

[rosentray]

The USD/CAD is trading slightly to the upside in today's session. The pair reached a high of 1.3130 and now bulls are faced with the challenge to beat the last high of 1.3195.

 

[rosentray]

Gold is seeing low volume trading gravitating around $1,213. Bulls need to break the lofty target of $1,230 in order for market participants to begin changing their sentiment.