There once was a fisherman from a small Mediterranean coastal village in Malta. He sailed out one day and had great luck, catching 300 pounds of bass and rock cod. That evening he sold the fish to a fish broker in exchange for hard currency. The next morning the broker, in turn, sold the fish…
The previous EUR/USD analysis went exactly as expected and EUR/USD is challenging 1.2000 zone. Month’s end fixing and additional yearly profit taking could also spur a new wave of sellers later in the day. Bullish rejections could happen within 1.1950-60 zone and 1.1900-10 while we may see sellers within 1.2007-1.2027. However, if the price proceeds upwards without…
Earlier this month, Litecoin founder Charlie Lee sold (or donated) all of his Litecoin. And the thing you have to understand about Charlie’s decision is that it had nothing to do with this chart which shows that Litecoin’s recent gains have outpaced those logged by Bitcoin and Ethereum: No, Charlie wasn’t cashing out at the…
Is the long gold consolidation coming to the end of the yellow brick road? So why the gold price up swing? TRUMP tax cuts, while US spending and debt explodes. 2017Q1 war with north Korea. Europe is staying together after BREXIT. Trump wants a weaker $USD. Higher US interest rates are expected after US tax…
The Year-End number for the Shanghai share index is 3239.5. A closing above this number will keep the market in a consolidation mode. Resistance stands at 3478.01 and support going into 2018 will reside at 2444.0. A closing below 3478.01 will warn that we may see a retest of support. In the case of Hong…
WTI Crude Oil The WTI Crude Oil market rallied a bit during the trading session on Thursday, testing the $60 level. If we can break above the $60 level, the market should continue to go towards the $62.50 level, which is a bit of a target. I think if we break down from here, there’s…
Bonanza Creek Energy (BCEI) announced that it has agreed to terminate its previously announced agreement to merge with SandRidge Energy (SD). After consultation with SandRidge’s largest shareholders, SandRidge’s board concluded that it would not receive approval for the transaction at its planned special meeting. An agreement between Bonanza Creek and SandRidge was then reached to…
Euro/dollar, the world’s most popular currency pair, has suffered long spells of low volatility during 2017. Yet in the final week, as many traders are on holiday, it is making a remarkable move to the upside, rising on natural flows, something we haven’t seen for quite some time. The pair is trading at 1.1982 at the…
This year, the cable has struggled to recover from the losses it received following the Brexit vote in 2016. The chart has managed to move from a low of 1.1867 to the current price of 1.3463 with the main challenge being the recent flash election called by Theresa May. Nonetheless, the pair has gained by…
Gold prices rose for a sixth consecutive session on Thursday, hitting the highest level since November 29, as the dollar’s weakness persisted. XAU/USD reached the $1296-$1294 area as expected after the market broke through the resistance at $1288. Gold prices climbed nearly 5% since the market bounced up from the support at $1236, the confluence of…
