ActivTrades’ Market Analysts have prepared for LeapRate their daily commentary on traditional markets for October 11, 2019. See details below:
FOREX
Yesterday the Pound had its best day in 7 months, gaining almost 2%. On Friday the positive sentiment is continuing and Sterling is already up by more than 0.1%. The markets are reacting to widely reported rumours, that emerged after a meeting between the Irish and British Prime Ministers.
These are rumours of a deal between the UK and the EU being within sight, to establish a mutually acceptable solution for a post-brexit Irish border. The Irish backstop issue has been the main obstacle to an agreement being reached between the 2 sides; this is why, even though there are no details or official statements about this potential deal, the Pound is finding support as hopes rise that a hard Brexit can be avoided.
Ricardo Evangelista – Senior Analyst, ActivTrades
GOLD
The long dance of gold around the key level of $1,500 is continuing, with prices still in a lateral trading range and without a clear direction. Investors are now waiting for further market movers, while prices are compressed between $1,480 and $1,520.
Looking at the charts, it is interesting to see the 3 recent highs declining. If there was a break out of this dynamic bearish trendline we would have a positive signal, confirming the strength of the bullish movement seen in the last few months.
Gold chart
Carlo Alberto De Casa – Chief Analyst, ActivTrades