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CentroFX 22112016 0

 

Daily Market News - 30.11.2016‏ by CentroFX

 

A big risk appetite today among the

 

Overwhelmed financial events.

There is no let up in the schedule Wednesday, with a heavy data schedule on both sides of the Atlantic. The European calendar gets underway at 07:00 GMT, with the release of the German wholesale sales, retail sales and ILO employment data. At the same time, the Bank of England will publish their latest bank stress test and Financial Stability Report. M French data at 07:45 GMT includes the French PPI and harmonized inflation data. The KOF Economic Barometer will be released at 08:00 GMT, with the Spanish retail sales released at the same time. At 08:30GMT, ECB Governing Council member Ewald Nowotny speaks at the Austrian Parliament, in Vienna.

 

Technical Overview.

Daily studies are slowly correcting from O/S levels which is adding support to the bullish case for a correction back to the $1.0759-1.0851 resistance region. Bulls need a close above $1.0685 to confirm an easing of bearish pressure and above $1.0851 to end bearish hopes and initially target $1.0952-79. Bears look for a close below $1.0563 to end correction talk and add weight to the case for a break of $1.0462 and focus on $1.0062-1.0208.

GOLD: Spot gold last up $2.05 at $1,190.50 per ounce, in a $1,195.00 to $1,187.95 range so far this morning in Asia, with the market ignoring the slight bid in the US dollar for now and is perhaps seeing some short covering ahead of the OPEC meeting later today. Last week, gold managed to slice through old lows from mid Feb/late May, as well as an old peak from last October, in the $1,190-$1,200 area, which acted as initial support. Gold bottomed at $1,171.18 Friday, seen at the peak of US dollar strength. The next level to watch would be the Feb 8 lows near $1,164.30. Gold will need to regain a toehold back above $1,200 for even modest upward momentum to mount. Gold peaked at $1,337.38 on Nov 9 as initial US election results were made known.

 

Sourcewww.centrofx.com

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