SILVER TECHS: Fresh All-Time High
- RES 4: $56.862 2.618 proj of the Aug 20 - Sep 16 - 17 price swing
- RES 3: $56.153 2.500 proj of the Aug 20 - Sep 16 - 17 price swing
- RES 2: $55.444 2.382 proj of the Aug 20 - Sep 16 - 17 price swing
- RES 1: $55.262 - Intraday high
- PRICE: $55.011 @ 14:50 GMT Nov 28
- SUP 1: $50.817 - 20-day EMA
- SUP 2: $48.550/45.557 - 50-day EMA / Low Oct 28
- SUP 3: $41.135 - Low Sep 17
- SUP 4: $38.087 - Low Aug 27
Trend signals in Silver remain bullish - price has traded to a fresh all-time high today. This confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The move above $55.00 signals scope for a climb towards $55.444, a Fibonacci projection. On the downside, initial support lies at $50.817, the 20-day EMA. Support at the 50-day EMA lies at $48.550.
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BOC'S ROGERS SAYS CAD IS STILL PLAYING A SHOCK ABSORBER ROLE
- BOC'S ROGERS SAYS CAD IS STILL PLAYING A SHOCK ABSORBER ROLE
BOC: Macklem: "Our Job Is Never Done" But Current Rates "About Right"
The BOC press conference Q&A gets underway - asked why the BOC isn't providing more monetary stimulus (with rates now at the lower end of the neutral range) despite a weak economic outlook amid the US-Canada trade conflict, Gov Macklem says:
- "The role of monetary policy in the current situation is somewhat limited. What we're going through is not just a cyclical downturn... the fact that this is partly structural, and the fact that it's adding costs, limits the ability of or limits the role of monetary policy in boosting demand while keeping inflation low."
- Asked whether the BOC is signalling that its job is now done and it is now in the hands of fiscal authorities to help Canada in its structural economic transition, Macklem reiterates statement language about the new current policy rate:
- "our job is never done... there's still a fair amount of uncertainty...we're going to be assessing incoming data relative to this outlook that we have published and look, if the outlook changes materially, we're prepared to respond... our message today is that with the cut we've made today, and if things evolve broadly in line with this outlook, we think the current policy rate is about right to support the economy and maintain low inflation."
- Re next week's budget: "we will take on board the the new fiscal outlook, in our projections...let's see the budget first before we we get to that. "
GBPUSD TECHS: Clears The Bear Trigger
- RES 4: 1.3527 High Oct 1
- RES 3: 1.3471 High Oct 17 and a key short-term resistance
- RES 2: 1.3422 50-day EMA
- RES 1: 1.3377 20-day EMA
- PRICE: 1.3216 @ 14:46GMT Oct 29
- SUP 1: 1.3195 Intraday low
- SUP 2: 1.3142 Low Aug 1 and a key support
- SUP 3: 1.3041 Low Apr 14
- SUP 4: 1.2971 1.382 proj of the Sep 17 - 25 - Oct 1 price swing
A bear threat in GBPUSD remains present and this week’s sell-off strengthens this theme. The pair has breached 1.3249, the Oct 14 low and a bear trigger. The break confirms a resumption of the downtrend that started Sep 17. Note too that 1.3220 has been pierced, a 0.764 projection of the Sep 17 - 25 - Oct 1 price swing. This signals scope for a move towards key support at 1.3142, Aug 1 low. Initial resistance is 1.3377, the 20-day EMA.
