FOREXYARD: Forex News Blog | |
- AUD May See a Much Needed Recovery Today
- Silver in a Tight Range, Sees Support at $27.00 an ounce
- Gold Down but Steady in a Quiet Trading Day
| AUD May See a Much Needed Recovery Today Posted: 25 Nov 2010 02:32 AM PST
Following a bearish streak versus the CAD over the past few days, the AUD seems to be in the middle of a bullish correction. Forex traders are advised to take advantage of this knowledge by going long on AUD/CAD now. Below is the 8 hour chart of EUR/CAD. The technical indicators are the RSI and the Slow Stochastic - A breach of the lower Bollinger Band is evident on the chart (1), indicating the upward correction that has begun still has room to continue. |
| Silver in a Tight Range, Sees Support at $27.00 an ounce Posted: 25 Nov 2010 02:27 AM PST
Silver followed a similar pattern to Gold over the past two days, declining slightly from yesterday's New York closing price; spot silver is currently at $27.33, down 24 cents, having consolidated in a tight range this week. Silver has been benefiting from the strong rise in metals, particularly Gold, as investors seek protection from inflation, though recently it saw some downward pressure as industrial metals are experiencing a weaker trend. Today, U.S. markets will remain closed on Thanksgiving Holiday and Silver is likely to continue tracking Gold in its movements for the remainder of the week as no major economic indicators are expected. As with Gold, the major factor effecting Silver prices, is the uneasiness in the euro-zone; with the euro continuing to trade at a two week low any news from the region remain the most important factor to watch. |
| Gold Down but Steady in a Quiet Trading Day Posted: 25 Nov 2010 02:21 AM PST
Following a modest decline yesterday, as tensions between North and South Korea eased, Gold is trading steady today as U.S. markets will be closed for the Thanksgiving holiday. Gold and other precious metals saw some moderate profit taking over the last two days as eased global tensions reduced demand for the haven investment. Gold prices, however, are still supported by the continuous financial turmoil in the euro-zone. Gold for immediate delivery is currently trading around $1371 an ounce, down over a $1 since New York Closing levels. With U.S markets closed today in observance of Thanksgiving Day, not much is expected to happen. Nonetheless, Gold is mostly supported by euro-zone problems and with the euro still near a two week low, any news from the region remain the most important factor to watch. |
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