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British Pound/U.S. Dollar (^GBPUSD)
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British Pound/U.S. Dollar Futures Market News and Commentary

Dollar Falls and Gold Soars to Record High on Dovish Fed Comments

The dollar index (DXY00) on Friday fell by -0.23%.  On Friday, the dollar relinquished early gains and posted moderate losses on weak U.S. economic news and dovish Fed-speak.  The Nov U.S. ISM manufacturing index contracted more than expected, a dovish factor for Fed policy.  Losses in the dollar accelerated after Fed Chair Powell and Chicago Fed President Goolsbee signaled their support for the Fed to leave interest rates steady at the upcoming Dec 12-13 FOMC meeting.

Friday’s U.S. economic news was mixed for the dollar.  On the bearish side, the Nov ISM manufacturing index was unchanged at 46.7, weaker than expectations of an increase to 47.8 and the 13th consecutive month of contraction in manufacturing activity.  Conversely, Oct construction spending rose +0.6% m/m, stronger than expectations of +0.3% m/m.

Dovish Fed comments on Friday weighed on the dollar.  Fed Chair Powell signaled the Fed will leave interest rates steady at the Dec 12-13 FOMC meeting when he said... Read more

Commitment of Traders Positions as of Nov 28, 2023

View Chart Details
Commercials - Long / Short
118,253 (-11,153)
108,189 (+9,991)
Non-Commercials - Long / Short
61,296 (+17,996)
69,191 (-207)
Dealers / Intermediary - Long / Short
50,777 (-21,251)
22,954 (+5,498)
Asset / Manager - Long / Short
65,116 (+20,594)
90,441 (-6,472)
Leveraged Funds - Long / Short
53,346 (+6,776)
50,194 (+9,959)
Other Reportables - Long / Short
0 (unch)
3,481 (+75)

Price Performance

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Period Period Low Period High Performance
1-Month
1.21401 +4.69%
on 11/02/23
1.27329 -0.18%
on 11/29/23
+0.05581 (+4.59%)
since 11/01/23
3-Month
1.20371 +5.59%
on 10/04/23
1.27329 -0.18%
on 11/29/23
+0.01217 (+0.97%)
since 09/01/23
52-Week
1.18034 +7.68%
on 03/08/23
1.31427 -3.29%
on 07/14/23
+0.04559 (+3.72%)
since 12/01/22

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^USDMXN : 17.1854 (-1.17%)
Gold Fails to Soar Above $2,000 Once Again. What's Next?

Last week, I emphasized that silver’s outperformance was indicating a reversal. That’s exactly what we saw on Friday. Can you guess what’s next?

SLV : 23.33 (+0.86%)
GLD : 192.01 (+1.73%)
GDXJ : 39.44 (+2.36%)
UUP : 29.20 (-0.31%)
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Stocks Try to Break 52-Week Highs

PPI for the month of October was deflationary; however, retail sales indicate consumers are still spending. Stocks are attempting to break-out to 52-week highs.

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 40% Buy with a Average short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

The market is approaching overbought territory. Be watchful of a trend reversal.

See More Share

Key Turning Points

3rd Resistance Point 1.28474
2nd Resistance Point 1.27817
1st Resistance Point 1.27458
Last Price 1.27099
1st Support Level 1.26442
2nd Support Level 1.25785
3rd Support Level 1.25426

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52-Week High 1.31427
Last Price 1.27099
Fibonacci 61.8% 1.26311
Fibonacci 50% 1.24730
Fibonacci 38.2% 1.23150
52-Week Low 1.18034

See More

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