16.11.201509:55 Forex Analysis & Reviews: Global macro overview for 16/11/2015

Long-term review

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Global macro overview for 16/11/2015:

Attacks in Paris sparked sell-offs in the Asian stocks and pushed the gold upward due to the global risk aversion. These events are likely to have a short-lived effect in the markets, but in the long-term they are more likely to re-ignite the political risks. Particularly, a double whammy took Japan's Nikkei 225 index down to its lowest level in about a week. Apart from the deadly attacks in Paris, traders also sitting on the sidelines after preliminary figures for Japan's gross domestic product in the third quarter, which showed the world's third-largest economy slipping back into recession. Elsewhere in the region, equity markets were in a sea of red after Monday's opening bell.

Gold spiked higher due to a "flight to safety" flows and now it is trading just below the technical resistance at the level of 1098. In case of a sustained bullish breakout, the next resistance is seen at the level of 1104.

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