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10/06/21 10:53
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GOLD OUTLOOK U.S. rates, dollar and geopolitics sustain gold. $1850 in focus! IG client sentiment: Mixed. XAU/USD FUNDAMENTAL BACKDROP Gold is in a great space at the moment with almost all supporting markers favoring the yellow metal. U.S. 10-year TIPS (see graphic below) has plateaued giving added impetus to gold upside because of the reduced cost of holding gold – traditionally an inverse relationship. U.S. 10-YEAR TIPS BREAKEVEN RATE Source: Refinitiv From the dollar perspective, we have seen a drop off in the USD frenzy of late due to a combination of factors including a more hawkish ECB, an overstretched dollar and an easing in the Chinese economy (COVID-19). Finally, talks around an impending Russian oil embargo may come sooner than expected according to German Finance Minister Lindner who anticipates a concrete decision by the week’s end. While President Joe Biden’s address regarding intervention should China invade Taiwan has added to bullions safe haven allure. On the economic calendar there are a few dollar influencing releases today including PMI’s and housing sales – look out for changes in interest rate markets! Later this evening , we look forward to Fed Chair Jerome Powell’s speech for guidance on the U.S. economy and the Fed’s outlook. ECONOMIC CALENDAR Source: DailyFX Economic Calendar TECHNICAL ANALYSIS GOLD PRICE DAILY CHART Chart prepared by Warren Venketas, IG Technically, gold price action has confirmed its place above the 1850.00 psychological level after yesterday’s daily candle close above this resistance zone. I would be hesitant to favor a long preference just yet, leaving today’s candle close that much more important. This close coincides with the 200-day SMA (grey), and a strong push higher could establish the indicator as support going forward. Resistance levels: 1900.00 50-day EMA (blue)/100-day EMA (yellow) Support levels: 1850.00/200-day SMA 1832.51 (23.6% Fibonacci) 1800.00 IG CLIENT SENTIMENT: CAUTIOUS IGCS shows retail traders are currently distinctly LONG on gold, with 86% of traders currently holding long positions (as of this writing). At DailyFX we typically take a contrarian view to crowd sentiment however, due to recent changes in long and short positioning we arrive at a mixed disposition. May 24, 2022 | DailyFX Warren Venketas, Analyst -
BTC/USD TECHNICAL OUTLOOK: Trading around big support under 30k The longer it trades here the more bearish it looks On May 12 BTC/USD sank through a big macro level of support and reversed powerfully for the day to close back above it. This was initially viewed as a positive, at least in the near-term. However, if BTC continues to tread water around 28600 the more likely it is to break. Whenever you see price sit at a level after a large move, whether it be on the downside or topside, the more likely it is that the level is about to break and a continuation of the trend develop. Given the significance of the support level at hand, a level that runs back to the beginning of 2021, and given the powerful reversal that came on the break earlier in the month, a breakdown here is seen as likely to send BTC/USD much lower. Overall, the outlook for BTC/USD has been a bearish one, and with risk assets in general rolling downhill, it appears likely we see cryptos continue to get pummeled. At some point the hard selling is anticipated to turn into a drift lower as residual selling and a lack of buying interest see prices deflate at a persistent rate. But the latter behavior isn’t expected until more pain is experienced. A break below 28600 will have the cycle low at 25401 in focus. A breakdown beneath that point is seen as having the 2017 high in play at 19666. This would be another significant point to watch BTC try and hold. It may hold initially, but more downside from there is anticipated as the selling turns from aggressive to a long slow drift. For now, while the outlook is bearish we must respect support as support until broken. If we see BTC/USD pop hard from here that won’t get it out of the woods, but does save it for the time-being. Turning things around is going to require a significant shift in sentiment that doesn’t appear to be anywhere on the horizon. BTC/USD DAILY CHART BTC/USD Chart by TradingView Resources for Forex Traders Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex. ---Written by Paul Robinson, Market Analyst. DailyFX | 24th May 2022
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POUND STERLING (GBP) ANALYSIS UK PMI (Flash) data for May revealed the slowest rise in business activity since the global recovery Services sector strained by the fastest rise in operating expenses since the index began Tracking the chart response for GBP/USD, EUR/GBO and GBP/JPY HIGHLIGHTS OF THE S&P GLOBAL UK PMI (FLASH) REPORT FOR MAY 2022: UK private sector firms signalled a sharp slowdown in business activity growth during May as escalating inflationary pressures and heightened geopolitical uncertainty acted as constraints on customer demand. Latest data indicated the fastest rise in operating expenses since this index began in 1998 The report showed the slowest rise in business activity since the current phase of recovery began in March 2021 The actual figure represents a 6.4 index point drop – 4th largest monthly decline on record Customize and filter live economic data via our DaliyFX economic calendar MARKET REACTION ACROSS SELECTED STERLING CROSSES In the aftermath of the negative surprise, the already weakened pound lost ground to the US dollar. Over a long term horizon, the pound has weakened against the dollar as the Fed accelerated rate hiking plans to combat inflation. GBP/USD 5-Minute Chart Source: TradingView, prepared by Richard Snow Over the shorter term, a much softer dollar has allowed the pound to recover some of its losses, but the shocking PMI release has halted the recent sterling appreciation. 1.2400 becomes a level of interest if it is to halt further bearish price action. GBP/USD Daily Chart Source: TradingView, prepared by Richard Snow The euro has emerged as a surprising beneficiary of the sterling sell-off given. However, euro sentiment has turned hawkish recently as a number of ECB officials have communicated a preference for a July rate hike – with one member in particular not ruling out a 50 bps hike. In addition, the Bank of England foresees an economic contraction on the horizon for the UK while the ECB has played down recessionary risks for the region as despite struggling to distance themselves from Russian oil and gas purchases. 0.8595/0.8600 remains a key level if the recent EUR/GBP rise is to continue. EUR/GBP Daily Chart Source: TradingView, prepared by Richard Snow The GBP/JPY chart declined by around 200 pips, or around 1.25%, in the aftermath of the PMI print. GBP/JPY 5-Minute Chart Source: TradingView, prepared by Richard Snow --- Written by Richard Snow for DailyFX.com. 24th May 2022
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Question
The_Flash
There seems to be an issue with the web platform over the last 2 days for not just myself but for others on here.
Believe me, I have tried everything that has been suggested in all the other threads dating back for months.
I have just gone to another family member's house and used their computer and the same thing happens. When you log in, the charts are just blank. When you click the tear-out button they open and are blank.
Flash works perfectly on every other site and I have an old CFD account with another provider and charts are working fine there.
I have uninstalled/reinstalled, Flash, Shockwave Player, java, Chrome... nothing works. I also did this on the second computer at the other location and same thing. Not working.
I have allowed Flash plugins to work for the IG website and settings are to always allow it to run flash. There is also an exception in settings to always allow this site to run flash.
There is another thread where they are saying this is a known issue for Telstra customers in WA. Well I'm an Optus customer in Melbourne.
There is no way 2 different computers at two different locations, plus a couple of others users here experiencing the same thing is just a coincidence. There is a problem with my account and/or the IG website.
I've tried all three browsers IE, Firefox, Chrome with all settings set to allow flash to always play on both my computer and my family member's. Please don't say it's a computer/setting issue. Something bigger is stopping a few of us on here from using charts.
I'm only posting this because I saw the other users experiencing the same thing. I'm sure there are more who just can't be bothered or even know about the "community". I only signed up today for this issue to let you guys know.
I need this fixed shortly or will have to move to another provider. Flash works fine everywhere else. Please look into your website.
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