Volumetric analysis on October 24


The situation is very confused. And when it is not clear what is happening locally, you should consider global trends. And this is the only way that we understand that the price is at minimum values, and the maximum contract volume is higher than the current price, which means we can indirectly assume that the downward movement is basic for us, and upward is corrective. In any case, until the price breaks through this maximum volume, breaking the mark of 1.1620, or has not accumulated the corresponding volume, and this takes time. From ideas it is possible to single out the probability of the appearance of impulse movement on the feet of other market participants, which, according to a number of brokers, are in the interval 1.1430-1.1413. This means that when updating 1.1430, you can quickly jump into the fall and confidently move towards 1.1413.


Gold rose in price, probably awarding those, who were not afraid and bought on the ideas of the review on Monday. Now we can say that this increase is most likely due to the political events. It's about Trump's statement about building up nuclear potential. Market consider it as tension and threat, therefore we see an increase of Gold prices which is considered as “haven asset”. But in reality it is very good that we saw growth. Growth is in the direction of the trend. Now it is possible to speak about sales only after a decline in the rate below 1215, which is unlikely. On the other hand, during the yesterday's American session the pullback took place a strong one, and it is better to make sure that there are initiative buyers. So, we are waiting for the pulse breakdown of 1234, after that we can consider purchases on a pullback and wait for targets 1237 and 1248. The first is intraday, the second is more positional. The appearance of prices below 1229 will tell us that there are no enterprising buyers, which means that while we forget about purchases, we are waiting for additional tips.


Oil fell, as expected, however we had concerns last day due to the macro economical data releases. Willingness to increase oil production by countries exporters dropped oil quotes. And this is the same as in the case of gold. Because it is a trend. Now the downward trend remains the main until the price is above 70.30. And the place where you can find good prices for sale is the range of 68.50-67.30. The fall target is at least 66.40, the update lows are likely to be around the corner.


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