Bearish sentiment is brewing while US markets closed . The Australian, UK and Europe stock markets took a dip Thursday while the US market is closed for the Thanksgiving holiday as medium term investors continue to take profit in the wake of tension that is brewing in the middle east between Iran and Israel. Iran was reported to maneuver more than 1,000 light and semi-heavy lifts vessels in the Straits of Hormuz as a display of strength against Israel.
Crude took a dip to close below $45/barrel on profit taking, after 8 days of rising streak; while gold remain well bid above $1,800/oz as investors remain cautious of any further escalation in the conflict.
This is evident in the short-term account that saw Yen, Swiss and Dollar at the helm of demand while CAD came back to demand in the medium term while being supported by Swiss. Swiss took the lead from Yen in the long term accounts. We are yet to see how the US react to the recent development. (no update to the sentiment index as the US market is closed)
OUR PICK – Flat, No New Pick
We have no new pick for the holidays due to thin markets. There are no new analytics for Thursday as US markets is closed. Happy Thanksgiving to traders in the Norfolk Island, Brazil and the US.
Disclaimer:
This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities. Opinions expressed are of the authors and not necessarily of MFM Securities Limited or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.