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Gold Update, EUR/USD, and GBP/USD Forex Market Analysis – November 17th 2015

We had a very interesting move in gold yesterday. As I mentioned in yesterday’s market commentary, I still expect a further push down in gold and silver eventually. As a result I’m currently sitting on the sidelines and waiting. We did however have a daily chart stop run of the daily chart lows in gold. This stop run did produce a short term push up on the uncertainty over the weekend but was quickly sold into and closed bullish. At this point if you are looking to trade the daily chart stop run I would be waiting for confirmation with a convincingly bullish close on the daily. Without that and we are probably headed lower sooner than expected which is ok with me. The lower the prices the better in my opinion.

Major Support Breaking On EUR/USD

The EUR/USD is officially again breaking fresh lows and pushing into prices not seen since the early part of 2015. Whenever we push into fresh prices we know we will not have manipulation points in that area. Without previous price action to condense liquidity we have no way of knowing where it is likely to be located. Therefore we will just have upper manipulation points from which I will look to see the short term trend continuation occur from. 

EUR/USD Chart - November 17th 2015

Extremely Tight GBP/USD Range 

The Pound is finally starting to break out of the previous range. Normally a ranging market is one of most personal favorite market conditions as it offers us many opportunities. This current range has however offered very little given the lack of interaction with the outside of the range. At this point, I don’t have a lower manipulation point listed for the Pound from which I would consider a stop run long. The previous price action in this area leaves little clues as to where the liquidity may be located and therefore I would rather not use a point I’m not confident in. We do have at least one upper manipulation point I would consider a stop run short from. I have an additional level listed (red level) on the chart that is a possibility if we see a further push down first. If you are a member be sure to watch the daily market preview video as I walk through exactly what I need to see happen in order to use this level. 

GBP/USD Chart - November 17th 2015

Forex News For November 17th 2015

UK CPI y/y 4:30 AM Eastern: UK CPI is a big market mover and has had good continued follow through beyond the spike in the direction of the news. This month .1 is the expected number.

US CPI m/m 8:30 AM Eastern: US CPI has definitely been a good market move but continued follow through in the direction of the spike is very hit and miss. This month both the month numbers are expected at .2


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