Gold is trading at 1,762 level, holding right above an immediate support level of 1,760. Above this, the precious metal gold can lead the XAU/USD prices towards 1,773 and 1,778 while support continues to hold around 1,760 and 1,753. Let’s wait for a breakout before taking any gold trade, but stay tunned for trading signals. Good luck! EUR/USD and GBP/USD may continue to slide as US-EU trade war worries fuel risk aversion across global financial markets. Another increase in coronavirus cases and news of easier banking regulation left the market struggling for direction throughout Thursday’s session. At least five food trucks will be on hand, as will vendors selling local produce, arts, crafts, antiques, collectibles and more from 9 a.m. to 3 p.m. Good morning, afternoon and evening all. Any charts, technical
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By Eamonn Sheridan Total crypto market cap erased $6.2 billion from its value since Monday morning and now stands at $261.5 billion. Top ten coins are all in red for the last 24 hours with Ether (ETH) and Cardano (ADA) as worst performers with 6.4 and 5.8 percent of losses respectively. At the…
Good morning, fellas.
The yellow metal gold closed at $1763.90 after placing a high of $1768.96 and a low of $1754.45, while the overall movement of gold remained flat throughout the day. Gold prices drifted sideways on Thursday on the back of increased coronavirus cases and mounting economic tolls, which kept the investors on edge. The gold prices fell from the last session’s 7.5 years high level on Thursday and started moving in the consolidation phase.
Gold prices remained flat mostly the day as it was unable to find a substantial move towards any direction as mixed sentiments were present in the market. Gold was well supported by the increasing number of infectious cases in the United States and worldwide.
Besides, the yellow metal gold was under pressure at the same time from the economic concerns, which were supported by positive data from across the world but was also under pressure due to potential lockdown, given the rising fears of the second wave of coronavirus. However, the market was taking into account that what kind of consequences the second wave of coronavirus could have on the economy, and the uncertainty behind this kept the gold prices on the upper edge on Thursday.
On the data front, the US’s releases were also mixed, which kept investors confused and caused a consolidated move in gold prices. At 17:30 GMT, the Core Durable Goods Orders for May surged to 4.0% against the expected 2.1% and supported the US dollar. The Durable Goods Orders for May exceeded the expectations of 10.3% and came in as 15.8% and helped the US dollar. However, the Final GDP for the quarter remained flat at -5.0%.
The Unemployment Claims last week were reported as 1.480M against the forecasted 1.320M and weighed on the US dollar. The Goods Trade Balance from the US for May also showed a deficit of 74.3B against the anticipated deficit by 68.0B and weighed heavily on the US dollar. The US’s mixed data also added in the flat movement of gold prices on Thursday as the durable goods order was against gold, but unemployment claims and goods trade balance was in support of gold prices on Thursday.
On the other hand, the US-China dispute was again intensified after the comments of White House Advisor, Peter Navarro, on Wednesday, who said that if American lobsters’ purchase commitments were not met, then the United States Trade Representative will impose reciprocal tariffs on China seafood industry. The commitment was made in the phase-one trade deal by China to purchase $150M worth of American lobsters. This statement from Navarro also added strength in gold prices as it was a threat to escalate the US-China tussles.
Daily Technical Levels
Pivot Point: 1771.43
GOLD is trading at 1,762 level, holding right above an immediate support level of 1,760. Above this, the precious metal gold can lead the XAU/USD prices towards 1,773 and 1,778 while support continues to hold around 1,760 and 1,753. Let’s wait for a breakout before taking any gold trade, but stay tunned for trading signals. Good luck!
GBP/USD, EUR/USD Rates at the Mercy of US Trade Talks
- Canada’s downgraded credit rating may fuel further upside for USD/CAD
- EUR/USD plunged after US announced the possibility of new tariffs on EU exports
- GBP/USD bearish engulfing at key resistance could spell further downside
Equity markets sank during Asia-Pacific trade as coronavirus concerns, escalating geopolitical tensions and a downgraded global growth forecast from the International Monetary Fund (IMF) soured investor sentiment.
The return of risk aversion saw S&P 500 futures decline alongside the ASX 200, as Australian Covid-19 cases spiked to the highest number since April, with the local currency following the benchmark index lower.
The US Dollar shot higher against its North American counterpart, as Canada’s credit rating was downgraded in response to the recent surge in government debt.
Looking forward, US durable goods orders and first quarter GDP growth data headline the economic docket, with worse-than-expected figures possibly intensifying the risk averse response seen over the last week of trade.
Source – TradingView
The US Dollar may continue to recover against its North American counterpart, fuelled by the recent surge in risk aversion and a one notch downgrade to Canada’s AAA credit rating.
Citing the spike in emergency spending “to counteract a sharp fall in output”, ratings agency Fitch expects government debt to GDP to surge from 88.3% last year to 115% in 2020, “as parts of the economy were shuttered to contain the spread of the coronavirus”
The USD/CAD exchange rate moved higher off the news, slicing through resistance at the 200-day moving average (1.3578) to test the 2018 high (1.3665).
Despite remaining contained within a descending channel, technical indicators suggest a move higher may be on the cards, with bullish divergence on the RSI reinforced by the recovery of the momentum indicator from the yearly extremes.
Convergence of the 50-MA (1.3720) and channel resistance remains a significant hurdle for buyers to overcome. A close above this pivotal resistance level could signal a resumption of the primary uptrend, with key regions of interest falling at the 1.38-handle and 50% Fibonacci (1.3810).
Source – TradingView
EUR/USD plunged after US President Donald Trump announced the possible imposition of $3.1 billion new tariffs on exports from the European Union, as trade negotiations between two of the world’s largest economies continues to stall.
A formation of a Bearish Engulfing candle at the pivotal 78.6% Fibonacci (1.1312) underscores the downward pressure escalating geopolitical tensions could have on the proxy for global growth, as price retreated to support at the January high (1.1240).
Despite this steep decline EUR/USD continues to track within a potential Bull Flag continuation pattern, as price remains constructive above key support at the 61.8% Fibonacci (1.1167).
However, technical studies suggest that further downside could be on the horizon, with both the RSI and momentum indicators snapping their respective uptrends.
Selling pressure may intensify should price clear support at the 61.8% Fibonacci (1.1167), possibly carving a path for a decline back to the 200-day moving average (1.1065) and April high (1.1039).
Source – TradingView
After slicing through its 12-week uptrend earlier this week, GBP/USD looks poised for further downside, after the formation of a Bearish Engulfing candle at 38.2% Fibonacci resistance (1.2548).
Failure to hold above the 50-day moving average (1.2460) suggests a push back to the May low (1.2075) may be on the cards if sellers can overcome initial support at the 23.6% Fibonacci (1.2355) and June low (1.2320).
Selling pressure may intensify should the RSI snap its constructive 3-month trend, with the momentum indicator suggesting increasing bearish bias as it continues to strengthen to the downside.
Source – TradingView
— Written by Daniel Moss
Follow me on Twitter @DanielGMoss
Author: Daniel Moss
Here’s what happened to the stock market on Thursday
Traders work on the floor of the New York Stock Exchange (NYSE) on March 17, 2020 in New York City.
Spencer Platt | Getty Images
The Dow gained 299.66 points, or 1.18%, to close at 25,745.60. The S&P 500 climbed 1.10% to 3,083.76. The Nasdaq Composite advanced by 1.09% to 10,017.00 Another increase in coronavirus cases and news of easier banking regulation left the market struggling for direction throughout Thursday’s session.
Florida reported on Thursday 5,004 additional coronavirus cases. That’s slightly down from the state’s single-day record of 5,508, which was reported Wednesday. In Arizona, cases jumped by 5.1%, topping the state’s seven-day average of 2.3%. Meanwhile, Texas Gov. Greg Abbott said the state would pause its reopening plans given the recent spike in cases and hospitalizations. This recent uptick comes after the U.S. suffered its single-biggest daily coronavirus cases surge on record. Concerns over the the coronavirus pushed the Dow down more than 200 points earlier in the day. Stocks recovered to close higher in the final hour of trading.
Personal income data and consumer sentiment numbers are set for release Friday.
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Author: Fred Imbert
Uptown Pensacola Market debuts Saturday featuring food trucks, vendors and more
- Uptown Pensacola Market will hold its first weekly market Saturday at 7201 N. Ninth Ave.
- Between 15-17 vendors will set up shop in front of Trader Bo’s, Green with Envy and Uptown Market.
- The event will run from 9 a.m. until 3 p.m.
- At least five food trucks will be on hand, as will vendors selling produce, arts, crafts and more.
The head of three adjoined Pensacola businesses in the uptown area is helping to fill the outdoor market void left open by Palafox Market’s indefinite absence.
Bo Jones, who owns Trader Bo’s, Uptown Market and Green with Envy, and his staff have organized the first Uptown Pensacola Market, which will run Saturday between 9 a.m. and 3 p.m. in the Dunmire Village shopping plaza at 7201 N. Ninth Ave.
Between 15-17 vendors will safely space themselves out in the parking lot of the three aforementioned storefronts. Half a dozen food trucks will be in attendance, as will vendors selling locally-grown produce, arts, crafts, antiques, collectibles and more.
“Since we opened Green with Envy and Uptown Market we started getting more and more local vendors wanting to come in that couldn’t actually come into the store for retail purposes, so this is about trying to give them an outlet,” Jones said Thursday. “A place to sell their product.”
Confirmed food trucks include Hot Spot Barbecue, the Po Boy Shack, Joe’s Caribe, Wacked Out Weiner and Sneaky Tiki Shaved Ice. Additionally, there will be a truck selling fresh-cut flowers.
“All these businesses and individuals are local, as local as possible,” Jones said. “(There will be) farmers here, painters, craft makers. Support the community, that’s what we’re trying to do.”
Saturday’s Uptown Pensacola Market will be a weekly event, Jones said. Its emergence should fill a void for shoppers longing for Palafox Market’s return downtown, something Pensacola is unlikely to see until August at the earliest.
More on Palafox Market:Palafox Market likely won’t return in July as COVID cases increase, large events banned
New market:First Drive-N-Shop Market with Palafox Market vendors planned for Sunday at SCI building
Lissa Dees, executive director of the Downtown Improvement Board, gave an update on the market during the board’s regular meeting Wednesday and said that because of a rise in cases of the coronavirus in the area, and a ban on large gatherings, the market likely won’t come back next month.
“Quite a few vendors that are normally at Palafox Market reached out to us, and some will be here Saturday,” Jones said. “I reached out to Palafox Market and said, ‘Hey, I know you’re in a conflict right now so feel free to send us your vendors. At least let’s get them back to working.'”
Jones said he and his vendors are conscious of COVID-19’s lingering impact and said he will have hand sanitizer available at all three stores. He also asked customers to consider wearing a mask.
“We’re wanting to start it off kind of small just to be cautious of everything going on,” added Jones, who said he’s taken down the information of interested vendors but is turning some away, at least for this week, in order to properly distance trucks and kiosks Saturday.
Jones expects the size of the market to grow as the weeks go on.
Parking both in front of and behind the three storefronts is free Saturday.
Customers also have a drive-thru option outside the Studer Community Institute building from 10 a.m. to 1 p.m. Saturday. The address is 220 W. Garden St. The SCI market was in the planning stages prior to COVID and is expected to continue.
More on the three host businesses
Uptown Market: Sells “unique, local, specialty food, beverages, prepared meals, and related accessories and accents. To make your gathering, your gift, or your home something truly expressive.”
New business:Trader Bo’s Local Finds is third store to open in Uptown Shopping
Trader Bo’s: “A storefront that gives local artists that create pottery, woodworking, glass, furniture, & other unique crafts a pleasant environment to make a name for their brand while giving customers a shop for finds that are a cut above the rest.”
Green with Envy: “Brings a variety of orchid arrangements, tropical arrangements, plants, unique solid aluminum patio furniture, planters, urns, hanging baskets, wall art, garden art, candles, unique gifts, glazed planters, terra cotta planters, birdbaths” and much more.
Jake Newby can be reached at [email protected] or 850-435-8538.
Trade ideas thread – Friday 26 June 2020
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Bitcoin and Ether Market Update June 25, 2020
Total crypto market cap erased $6.2 billion from its value since Monday morning and now stands at $261.5 billion. Top ten coins are all in red for the last 24 hours with Ether (ETH) and Cardano (ADA) as worst performers with 6.4 and 5.8 percent of losses respectively. At the time of writing Bitcoin (BTC) is trading at $9,151 on the Bitstamp daily chart, while ETH is hovering around $231 and Ripple’s XRP fell to $0.181.
Bitcoin formed a red candle to $9,277 on Sunday, June 21, and erased all of its gains from the previous day ending the seven days below the 50-day EMA. Still, it remained flat for the week.
The BTC/USD pair opened the new trading period by jumping all the way up to $9,700. It successfully surpassed both the horizontal resistance at $9,500 and the diagonal downtrend visible on lower timeframe charts. It also added 4.5 percent to its value in its best session since June 1.
On Tuesday, June 23, the leading cryptocurrency was rejected around the already-mentioned level and made a short pullback down to $9,630, still keeping the price above the support areas.
The mid-week session on Wednesday was a bad one for bulls. The declining volumes on 24-hour basis, which were close to $16 billion compared to $20-$22 as an average for the previous two weeks, in combination with a bearish divergence visible on the relative strength index (RSI), resulted in a drop to $9,300 or a 3.6 percent correction.
BTC continues to slide in the early hours of trading on Thursday, June 25 nearing $9,150 at the time of writing. The current level is seen as a minor support above $9,000. Next target down would be the long-term downtrend line, now situated at $8,900.
The Ethereum Project token ETH continued to slide on Sunday, June 21 and ended the week at $227 with a 1.7 percent loss on a seven-day basis.
The Ether started trading on Monday by making a huge green candle to $243. The move resulted in a 7 percent increase as bulls were even able to push the price up to $247 during intraday – above both the horizontal resistance and the mid-term downtrend line.
On Tuesday, June 23, the ETH/USD pair remained relatively stable, registering a small decline to $242.
On the third trading day of the workweek however, the leading altcoin started to lose positions. It fell down to $234 and erased 3.3 percent of its value in a very volatile session during which it was moving in the $250-$230 range. Still, buyers managed to find stability in the $230 support line and avoided further decrease.
As of the time of writing, the ETH is trading at $232 after falling as low as $226 in the early morning.
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Author: Georgi Hristov