Gold, Silver, WTI Crude
Gold Spot bottomed exactly at better support at 1781/78. Longs need stops below1775.
Silver Spot dipped to strong support at 2620/10 but overran to 2595 before a bounce.
WTI Crude JUNE Future bottomed exactly at support at 6075/65 for a bounce to the first target of 6165/85.
Daily analysis
Gold holding strong support at 1781/78 targets 1788/90 with minor resistance at1794/96 but eventually we should test strong 100-day moving average resistance at1803/05. A high for the week could be seen here so it is worth profit taking on longs. However, a break above 1806 signals further gains to 1815.
Good support at 1781/78 again today. Longs need stops below 1775. Next downside target & buying opportunity at 1765/61. Longs need stops below 1757.
Silver holding strong support at 2610/00 targets 2650/60, perhaps as far as 2685/95 into next week. A break above 2705 is the next buy signal.
Strong support at 2610/00 but below 2590 can target strong support at 2560/50. Longs need stops below 2740.
WTI Crude bounced from support at 6075/65 hits the first target of 6170/90. Above here can target strong resistance at 6265/75. Strong resistance again at 6380/6400.A break above 6435 targets 6480/85 with strong resistance at 6535/65.
First support at 6075/65. A break lower targets 6020/00. Longs need stops below5980.
Chart
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
AUD/USD remains vulnerable near 26-month low amid bullish USD
AUD/USD holds steady above the 0.6200 mark on Friday, though it remains close to its lowest level since October 2022 touched the previous day. The USD hovers near a two-year top on the back of the Fed's hawkish signal and a weaker risk tone. Furthermore, the RBA's dovish shift, concerns about China's economic recovery and trade war fears undermine the Aussie.
USD/JPY advances to a five-week high, around 158.00 neighborhood
USD/JPY hit a five-month top on Friday in the wake of the Fed's hawkish outlook and the BoJ's decision to keep interest rates steady. Bulls largely shrugged off data showing that Japan's National CPI rose in November, which bodes well for an additional interest rate hike by the BoJ.
Gold price oscillates in a range below $2,600 amid mixed cues
Gold price consolidates below the $2,600 mark following the previous day's good two-way price move and remains close to over a one-month low. The Fed signaled a cautious path of policy easing next year, which remains supportive of elevated US bond yields and assists the USD in standing firm near a two-year high.
Bitcoin's trajectory shows similarities with previous cycles as long-term holders book profits of $2.1 billion
Glassnode's Week on Chain report revealed the similarities between the current Bitcoin uptrend and previous cycles amid changing market conditions. Meanwhile, long-term investors began distributing their tokens at the $100K level, culminating in a new all-time high of $2.1 billion in realized profits.
Bank of England stays on hold, but a dovish front is building
Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.