- Analytics
- News and Tools
- Market News
Analytics, News, and Forecasts for CFD Markets: raw news — 18-10-2018.
| Raw materials | Closing price | % change |
| Oil | $68.75 | -1.43% |
| Gold | $1,229.10 | +0.14% |
Oil continues to decline, and it is now down by 10 per cent from its October highs, effectively entering correction territory. It was trading at 0.7 per cent lower on Thursday and was seen near 69.60 USD, where the 100-day moving average stands.
This is the main support for today's trading and if it is removed, the bearish trend could be confirmed with the next target at 67.20 USD, where the 200-day moving average converged with previous lows.
Oil has also broken below the short-term bullish trend line, which confirmed the bearish bias for the near term.
The resistance is located at 71.00 USD today and if the price jumps above this level, we could see a retest of the broken trend line at 72.00 USD. However, if the price breaks below the mentioned 100-day average, stop losses could be hit, which may quickly send oil lower.
Disclaimer:
Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses
The bullion is currently having trouble breaching the 100-day moving average, which is currently near 1,225 USD. So far, all attempts to push the price up have been unsuccessful and each time the price jumped above this level, gold was sold-off and declined back below 1,225 USD.
The commodity was trading at 1,220 USD during the London session on Thursday and it was down by 0.15 per cent.
The Dollar resumed its uptrend and now seems to be gaining against the Euro and the Yen - which might be considered negative for gold. Therefore, as long as the price remains below the 100-day average at 1,225 USD, the outlook seems neutral.
Bulls need to push the price beyond this level to attack the current swing highs at 1,232 USD. The next target for bulls might be at 1,240 USD, where previous strong support of swing lows is located.
On the downside, the intraday support might be at Friday's lows at 1,216 USD and if this does not hold, we could see further decline toward the key zone near 1,210 USD, where previous highs converged with the broken trend line of the consolidation triangle.
If the price remains above, bulls could still be at an advantage, however, gold needs to push above 1,232 USD to confirm the bullish bias.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
