- 
- 
- 
Welcome,
Guest!
News
Forex Brokers
Trading Tools |
Global Market Wrap: Gold and Oil Advancing During Asian Session
0
votes
Gold and Oil Advancing During Asian Session Equity Futures: Dow +35.00. S&P +3.50. NASDAQ +6.00. Japanese Nikkei -50.00. German Dax +16.00 The stock market in Australia was seen advancing at the start of the new trading week. Meanwhile, the Japanese stock markets were closed on Monday for a bank holiday. With the exchange closed perhaps this will give the Nikkei an extra break. The index has spent the past four weeks in a pretty steep decline, losing nearly 1000 points in the process. There was no major news released during the session. Trade Plan of the Day: TheLFB Trade Plan is Eur/Usd, one of the six that are available to members on the major pairs each day, plus four Jpy based cross pairs, S&P futures, oil, gold, and the dollar index. The MSCI Asia Pacific Index has lost 0.59 points or 0.50 percent during the session. Overnight, the Japanese markets were closed for a bank holiday. The Australian S&P/Asx has advanced 26.10 points (0.56%) to 4,711.90. Crude oil was recently trading at $78.00 per barrel, higher by $0.53. The commodity found support near 76.90 and is trading near the neutral swing level at 77.60. Gold was recently trading higher by $14.20 to $1,161.00. The precious metal has jumped higher over the weekend and is finding resistance near 1170.
Gold is currently trading 15 dollars below its latest 1152 highs, where a Long blue wave V, of a larger red wave 5) top, may be in place. If this is the case then the market should trade lower over the coming sessions. A break through the lower support line of our trading channel will signal for a Short move towards the 1100 support zone (wave IV area). Any break of 1100 support will confirm a bearish reversal. The Eur/Usd pair made a strong retracement on Wednesday from the 1.4800 support region, near to wave B)/II) highs. The market however, is still trading below the 1.5000 philological level and 1.5062 yearly highs, which means that both scenarios presented below are valid. First scenario From this area, euro may start to trade higher again, through the 1.5062 zone, following the A), B), C) corrective count in red II/B shown on the 4 hour chart. To confirm this, the market needs to trade above the black wave B)/II) 1.5000 area, while the 1.4807 holds. Second scenario The market is still trapped in the bear channel, so move lower into the powerful short black wave III may easily follow through if the 1.4800 support zone fails to hold as support. Break of 1.4807 support will put 1.4630 zone in play.
Content Provided by
LFB Forex
Based in the US, London and Europe, TheLFB team is determined to make a difference in the lives of as many traders as possible through their market insights and professional approach. The team’s initial goals for new members include creating a sense of community while instilling confidence and a sense of well-being at the trading station. |
TheLFB-Forex.com
TheLFB Charting:
TheLFB Charting:
TheLFB Charting:
  |
|
|
|
