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Precious metals resume the selling off

FXstreet.com (Barcelona) - Gold has continued the downside move trading last at $1568 in the spot market, off recent fresh 3-week lows at $1563, down -1.81% for the week so far, while Silver is still barely holding above the $27 handle, fresh 7-month lows. According to 2ndSkiesForex founder Chris Capre, for Silver: “Next up is $26.50 and $26.21 which are just above the 2012 lows, thus threatening a serious downside move and the bulls likely parked there,” the analyst notes, adding: “Any corrective rallies towards $27.87 can be used for potential sell signals to rejoin the trend.”

For Gregory McKenna, GlobalFX CEO and former Head of Currency Strategy at the NAB and Westpac, Gold's “Support is $1,570 and a break of this level would open up a further $20 fall – we also respect trendlines unless or until they break,” he notes, adding: “Silver is gone – $26.15 support and if that breaks its down toward $22.70,” he points out.

Forex Flash: Long CNY, CNH, PHP on outright basis - ANZ

According to Khoon Goh, Senior FX Strategist at ANZ, they stay constructive on currencies with positive local factors, thus "we are long CNY, CNH and PHP on an outright basis" he says.
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Forex: EUR/USD gets ADP & ISM as starter; ECB and NFP await

The Euro, was again victim of negative headlines out of Europe, with four main themes at the fore. Firstly, the resignation from Cyprus finance minister, which adds to the continuous political deadlock in Italy, a country without the ability to properly implement any significant economic reform until a new government is formed. Then we also had PMI figures in both Spain and France indicating further contraction, and lastly, EU jobless rate remains depressed at 12%.
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