Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
11 Jan 2017

Gold hits fresh 6-week high amid Brexit concerns, Trump news conference in focus

Gold inched higher and touched a fresh six week high during early European session on Wednesday. 

Currently hovering around immediate strong hurdle near $1190 region, 50-day SMA, renewed 'hard Brexit' concerns and uncertainty ahead of Donald Trump's first news conference was seen benefiting the precious metal's safe-haven appeal. 

The yellow metal tends to benefit as an alternative investment during times of economic and political uncertainty. Hence, Friday's corrective slide, in wake of upbeat jobs report from the US, turned out to a buying opportunity for bargain hunters amid increasing possibilities of a 'hard Brexit' and cautious sentiment surrounding the US equity markets. 

Meanwhile, a mildly positive sentiment surrounding the US Dollar was seen hindering further upside as a stronger greenback tends to weigh on dollar-denominated commodities - like gold. 

Investors on Wednesday eagerly await for details on Trump administration's proposed fiscal spending plans, which is expected to infuse a fresh bout of volatility in the greenback and eventually provide fresh impetus for gold prices.  

Technical levels to watch

A convincing break through 50-day SMA resistance should lift the commodity immediately towards $1197 (Nov. 28 high) ahead of $1200 psychological mark. A follow through buying interest has the potential to continue boosting the metal further towards $1215 resistance area (Nov. 23 high).

On the downside, $1186 level now becomes immediate support, which is followed by a support near $1180 region. On a sustained weakness below $1180 support is likely to accelerate the corrective slide towards $1170 horizontal support, en-route its next major support near $1160-58 region.

 

 

Jan 11, 2017

EUR/JPY could slip back to 121.15/119.45 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the cross could return to the 121.15/119.45 area. Key Quotes “EUR/JPY is side lin
Read more Previous
Jan 11, 2017

UK manufacturing production preview: What to expect of GBP/USD?

The UK industrial and manufacturing production data for the month of November are scheduled for release at 09.30 GMT in the European session ahead. I
Read more Next