{"TechnicalAnalysis":{"title":"Risk off Sentiment Sends Gold and Yen Higher","content":"Investors continued to shun risk assets on Thursday amid a mix of global themes. The stalemate in the US and China talks alongside rumors that the US could blacklist more Chinese firms set the tone for the day. On the economic front, US flash manufacturing and services PMI from Markit came out weaker while new home sales grew just 673,000 from a revised print of 723,000 previously.\r\n\r\n[shortcode-variables slug=\"risk-management-downopen-account\"]\r\n

Sterling Holds Declines as PM May Stands on Shaky Ground<\/strong><\/h2>\r\nDevelopments in the UK related to Brexit saw Prime minister May inching closer to a potential resignation. This follows the latest Brexit plans<\/a> tabled in the Parliament. The new set of Brexit plans raised more criticism. Lawmakers demanded that May clarifies by today on when she will resign as the Prime Minister.\r\n

GBPUSD Bounces Off Lower Support<\/strong><\/h3>\r\nThe currency pair posted a modest rebound as price tested the lows of 1.2606. However, GBPUSD will need to clear the upper resistance as 1.2716 in order to confirm the upside shift in the bias. For the moment, we expect the cable to maintain a sideways range within these levels. Consolidation at the current range could mean that the bias could shift in any direction leading to the next leg of the trend.\r\n\r\n\"gbpusd\r\n

Crude Oil Slips as Inventories Rise<\/strong><\/h2>\r\nWTI crude oil prices fell over 5% on the day on Thursday. The declines came after the US Energy Information Administration\u2019s weekly inventory report. US stockpiles of crude oil rose to the highest levels since July 2017. The US crude oil production grew by 100,000 barrels, rising close to the record levels of 12.3 million.\r\n

Oil Needs a Firm Test of 57.50 Support<\/strong><\/h3>\r\nOil prices briefly tested the 57.50 level of support on Thursday. But price quickly retraced to pullback modestly on the day. We could expect to see the bounce offering some near term gains. However, the price will need to establish firm support near the 57.50 level. As long as this support holds, WTI crude oil prices could drift sideways with the recently breached support at 60.33 likely to turn to resistance.\r\n\r\n\"forex\r\n

Gold Briefly Gains on Risk off Sentiment<\/strong><\/h2>\r\nThe precious metal rose 0.77% on the day as the risk-off sentiment in the markets saw investors rushing to safe haven assets. Equity markets fell with the Dow Jones easing 1.6% during trading. Tech stocks fell, dragging the NASDAQ lower as more and more companies backed away from Huawei<\/a>.\r\n

Is XAUUSD Turning Bearish?<\/strong><\/h3>\r\nThe rally in the gold prices stalled at the 1285 handle as the resistance level is being tested currently. The Stochastics oscillator is pointing to a bearish divergence. This also coincides with a potential right shoulder being formed off the head and shoulders pattern. A successful retracement off the 1285 handle will see XAUUSD testing the support at 1270 which marks the neckline support. A subsequent breakdown below this level will trigger declines to the 124 \u2013 1250 handle.\r\n\r\n\"xauusd\"\r\n\r\n[shortcode-variables slug=\"tradinggold\"]","date":"2019-05-24 08:59:53","link":"https:\/\/www.orbex.com\/blog\/?p=83127","image":"https:\/\/www.orbex.com\/blog\/wp-content\/uploads\/2019\/01\/Intraday-Technical-Analysis.png","category_url":"https:\/\/www.orbex.com\/blog\/en\/category\/technical-analysis"},"FundamentalAnalysis":{"title":"Gold Prices End The Week Higher on Soft USD & Weak Risk Appetite","content":"

Gold<\/strong><\/h2>\r\nThe yellow metal has enjoyed a better week against the US dollar as the greenback has weakened once again.<\/strong> Following on from the prior FOMC meeting minutes, where some members raised the prospect of a rate hike in the remaining months of the year, bulls were quietly hoping for more of that discussion.\r\n\r\n[shortcode-variables slug=\"gold-will-fare\"]\r\n\r\nHowever, USD was sold sharply as the meeting minutes<\/a> failed to provide any indication that a rate hike will be coming in 2019.<\/strong>\u00a0The minutes showed that \u201cIn light of recent, softer inflation readings,<\/strong> some viewed the downside risks to inflation as having increased\u201d.\u00a0 In terms of the outlook for future rate adjustments, the minutes concluded that \u201ca patient approach to determining future adjustments<\/strong> to the target range for the federal funds rate would likely remain appropriate for some time.\u201d\r\n\r\nOn the other hand, the minutes were good news for gold buyers. It looks as though unless things dramatically improve, we are unlikely to see a rate hike in the coming months.<\/strong>\u00a0Furthermore, looking further out towards October, the market is increasing its pricing for a rate cut.\r\n

Technical Perspective<\/strong><\/h2>\r\n\"xauusd<\/a>\r\n\r\nAfter breaking out above the short term bearish channel top at the start of the week, gold prices have since reversed lower. Prices are trading back inside the bear channel and back beneath the key 1280.58 level. However, into the final sessions of the week, we are once again sitting just atop 1280.58. This level continues to be a key pivot for gold.\r\n\r\nWhile above here, the focus remains on an eventual break higher as the current bear channel can be viewed as a bull flag to the initial drive higher at the start of the year. If we break back below the 1280.58 level, however, we are looking to 1265.96 which has capped the recent sell-off. A break of that region will put focus on a run down to 1250.58 next.\r\n

Silver<\/strong><\/h2>\r\nSilver prices have been much stronger this week also. This comes following three straight weeks of declines,<\/strong>\u00a0as a weaker US dollar and softer risk appetite have helped lift demand. Risk assets traded heavily lower this week. Concerns around the escalating US\/China trade war once again came back into central focus<\/strong>.\r\n\r\nFollowing China\u2019s retaliatory 25% tariffs on $60 billion of US goods, the market this week reacted to news of the US banning US companies from dealing with Chinese tech firm Huawei<\/a>.\u00a0 While the two sides continue to try and deliver a trade deal, the market is not displaying much optimism. Both\u00a0equity and oil prices have collapsed lower,<\/strong> allowing gold and silver to trade higher on safe haven flows.\r\n

Technical Perspective<\/strong><\/h2>\r\n\"xauusd\"<\/a>\r\n\r\nSilver is now sitting just above the 14.3321 support, having broken down fully through the 14.9161 level. This level now offers resistance should the market retest. Ahead of that level, we also have bearish trend line resistance from recent highs which has been framing the move lower. Below the 14.3321 level, the next key support will be the 14.0352 zone. This is a major long term level for silver and poses the risk of a much deeper move lower if broken.\r\n\r\n[shortcode-variables slug=\"risk-management-downopen-account\"]","date":"2019-05-24 11:30:21","link":"https:\/\/www.orbex.com\/blog\/?p=83170","image":"https:\/\/www.orbex.com\/blog\/wp-content\/uploads\/2018\/10\/gold-5-750x430-1.png","category_url":"https:\/\/www.orbex.com\/blog\/en\/category\/fundamental-analysis"},"Webinars":{"title":"\u201cTrading Like A Banker\u201d Webinar Series Debut!","content":"Orbex is proud to bring to our loyal traders a webinar series like no other!\r\n\r\nOur Head of Investment Research, Stavros Tousios, has put together a comprehensive webinar series that dives deep into the intricacies of how bankers trade!\r\n\r\nWith over 5 years of expertise analyzing the FX markets, Stavros specializes in core institutional trading strategies. And it\u2019s time for him to share his knowledge with you!\r\n\r\n[shortcode-variables slug=\"tradingcommunity\"]\r\n\r\nThe aim of the series is to give our live traders access to exclusive insights into how the big players handle the markets.\r\n\r\nFind out how banks track money, how they trade trending markets and even how their advanced banking strategy works.\r\n\r\nThis series is EVERYTHING you need to better understand the financial markets & start trading like a banker yourself!\r\n

So let\u2019s kick it off with Episode 1: Real Supply and Demand Levels<\/h2>\r\nThis episode revolutionizes what you\u2019ve heard about support and resistance levels dictating when big money comes in and out.\r\n\r\nStavros will be revealing why standard support & resistance levels may not necessarily be where prices will pause, reverse or penetrate.\r\n\r\n\r\n\r\nAttendance is EXCLUSIVE to our LIVE Orbex traders \u2013 and registration is required!\r\n

So...\r\nRegister Now<\/strong><\/a>\r\n<\/span>And don\u2019t miss our biggest webinar debut yet!<\/h3>\r\n ","date":"2019-05-29","link":"https:\/\/www.orbex.com\/blog\/?p=82404","image":"https:\/\/www.orbex.com\/blog\/wp-content\/uploads\/2019\/05\/Blog-Post-1.png","category_url":"https:\/\/www.orbex.com\/blog\/en\/category\/forex-library\/webinars"}}