Without much stimulus recently, USD is consolidating near 102. The S&P 500 fell down by 0.3%. Oil also created a new low this year. With the Chinese Spring Festival approaching, gold and silver keep rising. The near-term support for gold is near 1176 and resistance 1200. The factors that is greatly influential for Gold in 2017 include the expectation for interest rate hike, Trump’s monetary policy and U.K’s measure on Brexit.
So far USD is still strong. It is reported that hedge funds have already bought in more USD, which is another positive news for it. Obama will deliver his farewell speech today at 2:00(GMT). Will he make summary of the economy situation or make some comments then?
5:00(GMT) Japan Coincident Indicator (MoM) (Nov); Leading Index; Leading Index (MoM) (Nov)
9:30(GMT) U.K. Construction Output (MoM) (Nov); Construction Output (YoY) (Nov); Industrial Production (MoM) (Nov); Industrial Production (YoY) (Nov); Manufacturing Production (MoM) (Nov); Manufacturing Production (YoY) (Nov); Trade Balance (Nov)
15:00(GMT) U.K. NIESR GDP Estimate
15:30(GMT) U.S. Crude Oil Inventories; Cushing Crude Oil Inventories; EIA Weekly Distillates Stocks
According to the 60-minute chart, candlesticks has been below MAs. MACD is increasing below the zero line, indicating strong bearish momentum. We are therefore mainly put option buyers at every high.
Resistance:1.06254 1.05769 Support: 1.05103 1.04829
According to the 60-minute chart, candlesticks overlaps the short-term MAs. It is now at box-consolidation. If it breaks through the range, trade with the trend.
Resistance:1.21919 1.22495 Support:1.21089 1.20577
According to the 60-minute chart, candlesticks is possible to overlap MAs, signaling it will be mainly at consolidation in short term. We are therefore mainly call option buyers at every low and put at every high.
Resistance:116.348 117.507 Support:115.597 115.175
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