{"id":96491,"date":"2016-10-07T06:51:05","date_gmt":"2016-10-07T10:51:05","guid":{"rendered":"http:\/\/countingpips.com\/?p=96491"},"modified":"2016-10-07T06:51:05","modified_gmt":"2016-10-07T10:51:05","slug":"morning-call-market-overview-for-07-10-2016","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/10\/morning-call-market-overview-for-07-10-2016\/","title":{"rendered":"Morning Call. Market Overview for 07.10.2016"},"content":{"rendered":"
October 7, 2016<\/div>
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Article By RoboForex.com<\/u><\/a><\/strong><\/p>\n

The Big Picture<\/h2>\n

The price of Gold has dropped 4.7% this week, leading\u00a0 largest loss of the year so far.\u00a0 Gold dropped under the important support at 1300 USD and so reaching pre-Brexit levels. Historically rising interest rates have not been a good environment for the yellow metal, as it does not give pay interest. Recent good US economic data has schon the US economy to be robust, in turn cementing investor opinion of an impeding interest rate increase by the Fed. Additionally hedge funds have built up long positions of 291904 contracts, which is the highest amount ever held. In comparison, hedge funds held 19102 at the end of last year.<\/p>\n

DAX<\/h2>\n

The DAX is in a sideways trend.\u00a0 Resistance is at 10820, support at 10250.<\/p>\n

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Euro \/ USD<\/h2>\n

The Euro is in a large sideways trend against the Dollar. Support is at 1.0822, resistance at 1.1429.<\/p>\n

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USD \/ JPY<\/h2>\n

The USD is in an upward trend.<\/p>\n

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Gold<\/h2>\n

Gold is in a downward trend.<\/p>

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Free Reports:<\/p><\/div>\r\n

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<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

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<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

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WTI Oil<\/h2>\n

WTI Oil is trending sideways . Resistance is at 50.66USD and support at 42.72 USD.<\/p>\n

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Overnight:<\/h2>\n

The Dax closed slightly lower on Thursday, losing 0.16%. Investors were sidelined ahead of\u00a0 today\u00b4s important jobs data. Positive prices were seen in single stocks, Osram rising 10.36% to 59.95 EUR on speculation that a Chinese investor will offer 70 EUR in a takeover. Bilfinger rose 5.68% on the back of a large order from the Norwegian gas and\u00a0 oil industry. Apple\u00b4s supplier\u00a0 Dialog Semiconductor released good turnover figures, leading to a gain of 7.34% and to speculation that Apple\u00b4s quarterly numbers might also be strong. US markets were largely unchanged. The USD trades up against the Euro and slightly weaker against the Yen. Gold and WTI Oil are unchanged.<\/p>\n

Economic Data:<\/h2>\n