EURUSD traded into resistance as early polls closed, tanked to its lowest since 7/24 and then ended the day unchanged. So 2020. Bottom line, resistance was hit so I favor the short side. Weakness below 1.1700 (most recent high volume level and support in August and October) would warrant taking a shot.
Gold extended its losses in early trading on Wednesday, before rebounding sharply. The yellow metal fell by over 5% on Tuesday, marking its worst day in 7 years.
After some back and fill, silver blew through 26. The recent parabolic move could run into a ceiling near 33.80. This is based on a parallel related to the 1971-2001 trendline. This parallel crosses highs in 1974, 1987, and 2008.
Silver climbed to its highest levels since April 2013 in early trading on Wednesday, while gold rose to new record highs above $2,000 an ounce. The move comes after July’s 34% rally, marking silver’s largest monthly gain since December 1979.
Gold traded lower early on Thursday, as investor mood was buoyed by the dovish stance of the Federal Reserve. On Wednesday, the Fed committed to leave interest rates near zero and pledged to use all its tools to support an economic recovery.
No change to the 7/7 comments and ‘view’ of reversal risk in the Nasdaq. I’m simply pointing out that NQ made another 8 hour volume reversal today.
Scandinavian Capital Markets asked a panel of trading experts the following questions: Can you share your outlook on the market for the coming months and where you would look for opportunities?