Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
GBP/USD: bullish "Pennant"
2019-11-11 • Updated
The price is consolidating between the levels 1.2911 – 1.2774. Also, we’ve got a “Pennant”, so the market is likely going to achieve the closest resistance at 1.2911 – 1.2945 in the short term. If we see a pullback from this area, there’ll be an opportunity to have a bearish correction in the direction of the nearest support at 1.2774 - 1.2727.
There’s a consolidation, which is taking place between the nearest resistance at 1.2865 and the 34 Moving Average. At the same time, we’ve got a “Pennant” pattern, so bulls are likely going to test the next resistance at 1.2900 – 1.2911. However, if a pullback from these levels be on the table, bears will probably try to reach the 55 Moving Average.
GBP/USD has managed to rise for the third trading day in a row including today’s Asian session, while the daily technical indicators are moving higher gradually.
As warned over the past few days, gold is not in a position to keep on rising. Yesterday gold managed to rise all the way to $1,916.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
Hey guys, this is the last full trading week in May, and many forward-looking individuals like myself are already preparing themselves to seize whatever opportunities June may have in store. On this note, I will review a few commodities that have satisfied my quest for swing-trading opportunities in the coming month. Follow me!
The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.