Gold in euros may have peaked after the metal declined to less than the 55-day moving average for the first time in a year, according to a report from Commerzbank AG’s technical analyst Karen Jones .
The yen’s decline to the weakest level in four years versus the euro as the Bank of Japan commits to unprecedented stimulus may have set it up for a rally, trading patterns suggest.
Aluminum may extend its biggest monthly increase in a year and climb 5.4 percent to $2,333 a metric ton, Commerzbank AG’s technical analyst Karen Jones said, citing trading patterns.
The pound may weaken more than 3 percent to a two-year low against the dollar after it failed to strengthen above a key level of so-called resistance, Commerzbank AG said, citing trading patterns.
The pound’s advance to an eight- month high is seen at risk in trading patterns that suggest economic data that beat forecasts fail to reflect a fundamental shift in the U.K.’s prospects.
The euro may decline to $1.2190 should it fall below a key support level against the dollar, Commerzbank AG said, citing technical indicators.
The euro may drop to its June 2010 low against the pound if it fails to strengthen above a key resistance level, Commerzbank AG said, citing trading patterns.
The euro has peaked against the dollar for now and is set to drop more than 6 percent in the first quarter alone, trading patterns suggest, as the European Central Bank’s monetary policy diverges from that of the U.S.
"We suspect that the market may be topping."
- Karen Jones on Jan 11, 2015