Friday's Economic Calendar
US GDP Number: The U.S. will release the reading of third-quarter gross domestic product today with forecasts for a growth of 2.1%. As ongoing trade conflicts dampen global growth, strong domestic consumption has kept the U.S. economy resilient.
Canada Retail Sales Data: The Canada Retail Sales are expected to come out at 0.5% m/m in October, while core retail sales are expected to rise to 0.3% from 0.2%. A higher than expected reading should be taken as positive for the Canadian dollar.
US Michigan Consumer Sentiment: US Michigan Consumer Sentiment for December will be another important release today. The Index is expected to rise to 89.7 from 88.9 in the previous number.
Technical Analysis
GOLD: The Gold Price jumped up above the main level of 1478. If the yellow metal's price stays above 1478, on a four hourly basis, the upward movement may continue and we will see the daily resistance level at 1492. On the downside, if the price moves down below 1478, the next support level will be at 1466.
Support: 1478 - 1453 - 1440
Resistance: 1492 - 1509 - 1524
EUR/USD: Ahead of US GDP Number, focus on the support level of 1.1114 in the EUR/USD pair. If the price stays above 1.1114, on a four hourly basis, we will follow 1.1165 as a daily resistance level. In contrast, if the price drops below 1.1114, we will see the next support level at 1.1052
Support : 1.1114 - 1.1052 - 1.0979
Resistance : 1.1165 - 1.1237 - 1.1307
USD/CAD: The USD/CAD pair moved up above the 1.3123 key support level. Ahead of Canada Retail Sales data, if the pair stays above 1.3123 on a four hourly basis, the daily resistance level can be seen at 1.3181. On the other hand, If the price drops below 1.3123, we will see the support level at 1.3071.
Support: 1.3123 - 1.3071 - 1.3009
Resistance: 1.3181 - 1.3233 - 1.3287
GBP/USD: Keep your eye on the UK GDP number today. The GBP/USD pair is now trading below the 1.3046 main resistance level. If the pair stays below 1.3046 on a daily basis, the support level can be seen at 1.2947. On the other hand, if the price goes beyond 1.3046, the next resistance level will be at 1.3136.
Support: 1.2947 - 1.2838 - 1.2768
Resistance: 1.3046 - 1.3136 - 1.3231
SILVER: The Silver price moved up above the 16.94 daily support level. In the event that the rise continues above 16.94, we will see resistance levels at 17.30 and 17.65. On the downside, if the price drops below 16.94, the next support level can be found at 15.67
Support: 16.94 - 16.67 - 16.28
Resistance: 17.30 - 17.65 - 17.93
EUR/JPY: The EUR/JPY pair is now trading below the 121.59 main resistance level. If the currency stays below 121.59 on a four hourly basis, we will watch the support level at 120.75. On the other hand, If the pair rises above 121.59, the next resistance level is holding at 122.37.
Support: 120.75 - 120.13 - 119.49
Resistance: 121.59 - 122.37 - 123.14
EUR/GBP: The EUR/GBP pair moved up above the 0.8488 daily support level. If the upward movement continues, we will see the daily resistance level at 0.8629. On the other hand, if the price drops below 0.8488, the next support level will be at 0.8316.
Support: 0.8488 - 0.8316
Resistance: 0.8629 - 0.8739 - 0.8796
BRENT OIL: The Brent Oil price extended gains yesterday above the daily support level of 65.95. If the rise continues, the resistance level can be seen at 67.29. On the other hand, if the price drops below 65.95, the next support level will be located at 64.73.
Support: 65.95 - 64.73 - 63.13
Resistance: 67.29 - 68.90 - 68.90