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GOLD:New BULLISH Setup FIBO 100% Extension as Target LONG !GOLD has turned sideways around $1,844.00 ( as predicted by us ) in the early European session after surpassing the $1,840.00 hurdle. The precious metal continues its struggle for breaking above the crucial resistance of $1,850.00. The gold price is expected to display a decisive move after the release of United States ISM Manufacturing PMI data. According to the estimates, the ISM Manufacturing PMI is expected to deepen further to 48.5 from November’s release of 49.0. Shrinking manufacturing activities in the United States are expected to deliver signals of further downside in the inflation projections, which could compel the Federal Reserve (Fed) to slow down the policy tightening measures. However, investors will get more clarity on the monetary policy outlook through Federal Open Market Committee (FOMC) minutes, which will release on Thursday. We Are looking for a new Bullish setup with the extension of 100% Fibonacci level from the last impulse as a target.
OANDA:XAUUSDLong
by FOREXN1
6
EUR/USD:BUY From Support Area For A LONG Continuation!EUR/USD inside a Bullish channel is making Higher-highs and Higher-lows with re-tests on the previous Support areas. Yesterday we shared our Idea about a new Bullish impulse meanwhile most traders were scared about the drop made by the re-open of the USA session market after a holiday pause. Today the US ISM Manufacturing PMI is seen dropping further to 48.5 The US manufacturing sector seems to be a contraction that is set to deepen further at the beginning of 2023, having shrunk for the first time in November after May 2020 when the economy began to recover from the Covid lockdown-induced downturn. In December, the headline ISM Manufacturing PMI is seen lower at 48.5 while the New Orders Index is expected to improve to 48.1 alongside the Employment Index at 49.1. The US ISM Prices Paid component is likely to continue its downtrend, foreseen at 42.5 in December when compared to the previous reading of 43.0. Despite expectations of a softer headline figure, an improvement in new orders could provide the much-needed respite to the US Dollar buyers at a time when the European demand for orders is seen dwindling, with the full impact of winter and the Russia-Ukraine war coming through. Even domestic demand and exports are expected to be badly hit due to the stubbornly-high inflation in the US economy. Our forecast is about a new Bullish impulse For EUR/USD.
Long
by FOREXN1
2
USD/JPY:SELL From Resistance Area - USD ISM Manufacturing SHORTUSD/JPY inside a Strong bearish channel is making Lower-highs and Lower-lows with re-tests on the previous Support areas. Today the US ISM Manufacturing PMI is seen dropping further to 48.5 The US manufacturing sector seems to be a contraction that is set to deepen further at the beginning of 2023, having shrunk for the first time in November after May 2020 when the economy began to recover from the Covid lockdown-induced downturn. In December, the headline ISM Manufacturing PMI is seen lower at 48.5 while the New Orders Index is expected to improve to 48.1 alongside the Employment Index at 49.1. The US ISM Prices Paid component is likely to continue its downtrend, foreseen at 42.5 in December when compared to the previous reading of 43.0. Despite expectations of a softer headline figure, an improvement in new orders could provide the much-needed respite to the US Dollar buyers at a time when the European demand for orders is seen dwindling, with the full impact of winter and the Russia-Ukraine war coming through. Even domestic demand and exports are expected to be badly hit due to the stubbornly-high inflation in the US economy. Our forecast is about a new Bearish impulse today.
Short
by FOREXN1
3
EUR/USD:SELL From Resistance Area For A SHORT SetupEUR/USD has lost its bullish momentum and retreated to the 1.0650 area after registering modest gains on Thursday. In the absence of high-impact macroeconomic data releases, investors are unlikely to commit to large positions on the last trading day of the year. Hence, EUR/USD should continue to fluctuate in its weekly range. The positive shift witnessed in the risk mood on Thursday made it difficult for the US Dollar to find demand and helped EUR/USD push higher. Bargain shopping ahead of the New Year holiday may have triggered the rally in Wall Street's main indexes as there were no apparent fundamental drivers that could have impacted the sentiment significantly. The price is still inside a bullish channel where a Divergence on the stochastic, in confluence with a resistance area can give the bearish impulse that we are looking for.
Short
by FOREXN1
6