Archives of “November 11, 2019” day

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Gold trades to the lowest level since August 5th

  
Analysis, Gold / Silver

Gold reverses and trades lower on the day

The price of gold was up earlier in the day. The price extended to a high of $1466.50. That was above the Friday close at $1459.00.
Gold reverses and trades lower on the day
However, the price action has reversed and  the precious metal is down testing the old July high at $1453.09. Below that is the 38.2% retracement of the move up from the May low. That level comes in at $1446.04.
The price on Thursday last week fell below the 100 day MA (blue line currently at $1477.20). It will take a move back above that MA to solicit reversal of the recent tilt to the downside.  That potential would be helped if the 38.2% retracement can hold support.  For now, however, the sellers are still more in control.

Alibaba sets a singles day record of 268.4B yuan

  
Analysis, US Market

The biggest shopping it day of the year on Alibaba

For those who may be interested. the Alibaba’s Singles Day is over and it set a record with sales of 268.4B yuan. That corresponds roughly to about 38 billion of sales.
The huge day has not helped the ADRs in the US. Alibaba shares are trading at 184.18, down -$2.98 on the day.
The US market in general still remains in the red for the day:
  • The S&P index is down -10.17 points or -0.33% at 3082.91. The high reached 3084.91. The low extended to 3075.82.
  • The NASDAQ index is down -24.4 points or -0.29% at 8450.81. The high reached a 84589. The low extended to 8425.48
  • The Dow is trading down -110 points or -0.40% at 27571.50. The hi reached 27602.50. The low extended to 27517.67

If it’s any consolation for Alibaba, Amazon (a comparable) is also trading lower. It stock price is down $-13.38 or -0.75% at $1772.50.

Cable races towards 1.29 handle on Farage election remarks

  
Analysis, Forex

Cable rises to a session high of 1.2898

Cable H1 11-11

Nigel Farage just gave Johnson a helping hand in the election as he stands down candidates for his Brexit Party to potentially avoid a hung parliament.
While he continues to criticise Johnson’s deal in general, he says that he welcomes the overall plan to not extend the transition period and argues that “this is more like the Brexit we voted for” – in a bit of a boost to the Tories’ election prospects.
Cable has raced higher from 1.2830 to just under 1.2900 and is settling around 1.2870-80 levels currently.
It’s not a formal pact between the two but in essence what Farage is getting at here is that he doesn’t need clear changes to the withdrawal agreement but only certain promises surrounding the political declaration.
The U-turn from his election strategy announced two weeks ago will be a boost to the Tories come 12 December with a majority parliament now possibly achievable.
For cable, keep an eye on the 200-hour MA (blue line) @ 1.2880 now. If buyers can hold a break above that and the 1.2900 level, the momentum could stay more bullish in the coming weeks if the Tories continue to do well in the voting intention polls.

Nigel Farage: We won’t contest the 317 Tory seats won in 2017

  
  Analysis
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The pound continues to extend gains as Farage speaks

  • Brexit Party will fight Labour candidates in election
  • Says that efforts to build a Leave alliance has come to nought
This is some sort of pact – even though not by virtue of name – with the Tories and that will play into Johnson’s advantage of potentially securing a majority parliament. The fact that he is standing down candidates is helping the pound get a lift here.

Brexit – ICYMI, Moody’s has placed the UK on negative credit outlook

  
Analysis, Economy

Moody’s has ratcheted lower the UK’s credit outlook to negative from its previous rating of stable

The rating agency cited Brexit “paralysis”, making policymaking less predictable
  • “The increasing inertia and, at times, paralysis that has characterised the Brexit-era policymaking process has illustrated how the capability and predictability that has traditionally distinguished the UK’s institutional framework has diminished”
On the bright side, the agency said the UK’s decline in “institutional strength” is “likely to survive Brexit”
Moody’s UK rating of Aa2 remains unchanged (same level as S&P and Fitch on the country). Same rating as France, but below Germany’s AAA.
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