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Key Economic Data

EURUSD

The EURUSD slumped to a new low for the year on the back of further US Dollar strength. The pair fell below 1.2200 and eventually held up at 1.2165 with several unsuccessful attempts to move back above 1.2200. The US Dollar made progress against most of its peers rising across the board. The USDJPY climbed above 120 reaching as high as 120.85 while the AUDUSD sunk below 0.8100 for the first time in 4 1/2 year while a move below 0.8050 will push the pair to a 5 1/2 year low. The USDCHF moved up toward the 0.99 level and is targeting parity while the GBPUSD fell below 1.5500 for the first time since September 2013. Crude Oil has been in spotlight following the sharp declines seen in the market over recent months and yesterday was no exception with the pair fluctuating as much as 5% in the course of the day setting a daily range between $55.01 and $57.50. The big news in the market yesterday was the big beat in the US GDP data that revealed the US economy expanded by 5% at an annualized rate for the third quarter. Today is a Bank Holiday in Germany while in the US Unemployment Claims and Crude Oil Inventories make up the economic data schedule for the day.

EURUSD Support areas include 1.2165, 1.2150, 1.2100, 1.2000, 1.1970. Resistance levels above are at 1.2300, 1.2380, 1.2402, 1.2444, 1.2500.

EURUSD 5 Minute Chart

EURUSD

EURUSD 1 Hour Chart

EURUSD

EURUSD Pivot Point Table

EURUSD Levels
Resistance 1 1.2200
Resistance 2 1.2210
Resistance 3 1.2226
Pivot 1.2184
Support 1 1.2174
Support 2 1.2158
Support 3 1.2148

Gold

Gold declined yesterday as the US Dollar rose and traders speculated that Russia is selling Gold to support the Ruble. Gold fell to $1170 before rising once more to $1185, the price then subsequently declined to $1173 as has since risen to $1180. The first low was at $1170 followed by a higher low at $1173 indicating the possibility of a near term upside correction. In order to confirm the set-up Gold must rise above $1185 without declining below $1173 or at least not declining below $1170. The $1170 level has served as a support in a previous upswing that reached $1238. The current range lies between $1130- $1238 an ounce and the price is now poised at the mid-point with just a few trading days to go before year-end. Gold opened the year at $1205 and is currently set for a second consecutive losing year after having advanced for 14 consecutive years prior to this. The $25 advance required to return to break-even amounts to 2% for Gold for which every $11.8 at the present price accounts for 1% of the value of the precious metal. Gold has soared this year when priced in Euros, Yen, CHF, GBP, AUD, CAD, Ruble and other currencies.

Gold Support areas include $1165, $1150, $1145, $1130, $1115, $1100. Resistance levels above are at $1180, $1195, $1200, $1210, $1221, $223.50, $1230, $1238, $1245, $1250.

Gold 5 Minute Chart

Gold

Gold 1 Hour Chart

Gold

Gold Pivot Point Table

Gold Levels
Resistance 1 1181.57
Resistance 2 1183.21
Resistance 3 1185.93
Pivot 1178.85
Support 1 1177.26
Support 2 1174.48
Support 3 1172.84