Daily Market Review: 11th November 2014

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Binary Options Daily Market Review 11th November

Today’s Hot Asset: Gold

Gold

After gaining some upwards ground, gold retracted over 60% of its gain. This towed the price from $1,131/ounce to $1,178/ounce. Following this, the metal fell to $1,146/ounce but has been slowly recovering since. Physical demand is picking up and may be supporting the price. Focus should be put on the U.S. stock market as it is reaching new heights (S&P500 reversed above 2,040).

The movement is sideways. Support is found at 1,130 and resistance at 1,161.

Trend:  Sideways

EUR/USD

Although the USD experienced bearish sentiment, the EUR/USD began the week by rising up to 1.2500. The pair fell back down to 1.2410. After assessing labour data from the U.S, the overall trader conclusion was that the data remind strong. The unemployment rate was the lowest value since 2008 and the employment change remained high. Sideways movement is expected to continue today as the U.S. public holiday – Veteran’s day is being held. No economic data release will be available today, although the U.S. markets will be open.

The movement is sideways. Support is found at 1.2360 and resistance is at 1.2495.

Trend:  Sideways

GBP/USD

The GBP/USD was led by the U.S Dollar on Monday. As the market calculated Friday’s labour data, the pair first increased to 1.5915 in later hours it dropped back to 1.5840. The Greenback is now believed by many analysts to be overvalued and a price correction is expected. Over the last two weeks, the Dollar rose over 3, a fact that fuels speculation on the matter. No major economic data is set for release today and low volatility is expected. Technical trading is recommended with short term expirations.

The trend is sideways. Support is found at 1.5790 and resistance at 1.5920.

Trend:  Sideways

Crude Oil WTI

WTI Crude Oil fell once more and is pointing towards its support at 75.00. U.S.

High supply and demand should keep estimations for increase on crude stockpiles. The price is expected to continue its downward march. The current analysis agrees that the Organization of Petroleum Exporting Countries will not cut output and therefore, the price should not expressively increase.

Tomorrow, the American Petroleum Industry report should gain attention from traders. U.S. Crude Oil Inventories data is set for release on Thursday in will be on the market’s mind as well.

The trend is sideways. Support is found at 75.00 and resistance at 80.00

Trend:  Sideways

 

Disclaimer: The information in Market analysis should serve for informative purposes only. Binary Options Wire shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of forex pairs, commodities, stocks or indices.

 

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, also known among professionals under her nickname “Moneymaker”, is an experienced stock broker and Forex trader. Promoting and guiding new traders to the binary options market is Nancy''s way of saying "thank you" to the industry that helped her realise her dreams.

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