Forex and Gold analysis 06th December 2017

By | December 6, 2017

 

Forex analysis

Eur/Usd slipped last night on bad german numbers and good show by dollar basket , currently this fx pair is flirting with 1.1834 , a good base on daily chart stands at 1.1800 , once trader take hit and manage to hold below this major 1.1800 . Then expect further pressure in this forex pair upto 1.1750 – 1.1700 today .

A good hurdle on daily chart stands at 1.1880 , once traders cut through this level and manage to hold above our resistance then expect good recovery in this major forex pair upto 1.1920 – 1.1970 .

Eur/usd trend is weak for now .

Usd/Jpy trading at 112.22 it has tested 112.05 and currently trying to recover from the blow which it had early morning , a good base on daily chart stands at 111.90 , if traders take this base out and manage to sustain trade below our support today . Then expect good pressure in this fx pair upto 111.40 – 111 .

A good hurdle on daily chart stands at 112.55 , once traders cut through this level and manage to hold price above this resistance . Then expect good recovery in this forex pair upto 112.99 – 113.54 .

Usd/Jpy trend is flat to weak for now .

Gold analysis

Comex gold price trading at 1267$ yesterday it crashed badly and tested 1260$ , despite worse than expected ISM manufacturing numbers detailed report suggested that survey participants remained confident that economy and sector will continue to grow this year . Germany’s services number slipped which helped dollar to strengthen and pressured gold prices last night .

A good support on daily technical chart stands at 1258$ , if traders take this base out and manage to hold price below our support , then expect more pressure on this precious metal price upto 1250$ – 1242$ .

A good resistance on daily chart stands at 1277$ , if traders take this hurdle out and manage to hold price above our resistance today , then expect good recovery upto 1286$ – 1292$ in this major commodity prices .

Gold analysis conclusion : Comex gold ( xauusd ) trend is weak for now .

More will update to our trading signals subscribers .