gold

Technical Analysis – Gold claims fresh highs; bearish divergence warns of retracement

Posted on August 3, 2020 at 7:32 am GMT

Gold inched to a fresh record high of 1,989 on Monday before pulling slightly back as rising infection cases and a turbulent budget debate in the US shifted more funds towards safe havens. The yellow metal has been in the green over the past eight weeks, building its two-year-old uptrend above its simple moving averages (SMAs). While the positive trajectory keeps the bias positive, some caution should be warranted as a bearish divergence seems to be forming between the price [..]

Daily Market Comment – Dollar resumes slide; stocks struggle but tech bucks the trend

Posted on July 31, 2020 at 8:55 am GMT

Dollar slumps again as US economy crashes, heads for fiscal cliff Euro, pound and aussie catapult higher but yen’s jump raises eyebrows European and Asian shares skid but big tech earnings lift Nasdaq Dollar on track for worst month in decade The US dollar is headed for its worst monthly performance in nearly 10 years as economic and political woes in America increasingly undermine the world’s reserve currency just as the outlook elsewhere brightens somewhat. The US economy collapsed by [..]

Daily Market Comment – Fed soothes stimulus anxiety; dollar pares losses

Posted on July 30, 2020 at 8:53 am GMT

Fed tight lipped on new forward guidance but reaffirms pledge on easy policy Stocks buoyed but cautious ahead of tech earnings, US GDP and jobs data Dollar falls on Powell remarks, then bounces back; gold slips Fed maintains course, ups pressure on Congress The Federal Reserve left monetary policy unchanged on Wednesday but warned of a “slowing in the pace of the recovery”. Having already implemented a full range of tools in its fight against the coronavirus, the Fed’s decision [..]

Technical Analysis – Gold advances suppressed by all-time high

Posted on July 29, 2020 at 9:22 am GMT

Gold maintains a horizontal trajectory pressed below the all-time high of 1,981 but is still in a strong bullish mode in the long-term picture. A paused state of directional momentum is reflected in the Ichimoku lines as the price rests near the red Tenkan-sen line. The mixed signals in the short-term oscillators further reflect the stall in the price. The MACD has barely inched below its red trigger line in the positive region, while the RSI is improving its movement near the overbought zone. If buyers [..]

Daily Market Comment – Tough stimulus talks weigh on markets; dovish Fed might help

Posted on July 29, 2020 at 8:32 am GMT

Dollar finds support from stalled stimulus talks amid splits in Congress Stocks struggle on poor earnings, stimulus delay; gold pauses rally Fed might bring some cheer if it reinforces dovish message Fiscal cliff worries mount as talks drag on Fears that the United States could be headed for a fiscal cliff undermined investor sentiment on Wednesday as Congress was no closer to reaching a deal on a new virus relief bill. An agreement before the month-end deadline is looking increasingly [..]

Daily Market Comment – Dollar selloff eases; gold pulls back after setting fresh record

Posted on July 28, 2020 at 8:52 am GMT

Dollar crawls higher as Republicans finally unveil new stimulus proposal Gold touches $1,980/oz before pulling back, eyes dovish Fed Wall Street turns positive ahead of key earnings, likes weaker dollar Dollar attempts to end losing streak There was some respite for the US dollar on Tuesday as the heavy selling that has sunk the currency to more than two-year lows eased a little. The dollar index fell for the seventh straight session on Monday as signs of a faltering recovery [..]

Daily Market Comment – Gold reaches for the sky, euro soars too as dollar sags

Posted on July 27, 2020 at 8:51 am GMT

Uncertainty about US outlook pushes dollar to 22-month low, lifting gold and euro Precious metal hits all-time high as Sino-US tensions boost haven demand Stocks steadier after selloff; earnings and FOMC meeting in focus US virus cases could be slowing but dollar still rattled The US dollar plumbed fresh lows on Monday, slumping to the lowest in nearly two years against a basket of currencies, as investors shunned the world’s number one reserve currency in favour of the traditional safety [..]

Technical Analysis – Gold shines at a new record high after 9 years

Posted on July 27, 2020 at 7:36 am GMT

Gold stretched its unstoppable rally to uncharted territory on Monday and to a new top of 1,944 after easily surpassing the 2011 record high of 1,920. A downside correction or some consolidation would not be a big surprise in the short-term as the market is trading well into the overbought zone according to the rising RSI and the Stochastics which have already registered a bearish cross above 80. In this case, the 1,900 round number could immediately add footing under the price, deterring any [..]

Daily Market Comment – Concerns the US recovery is stalling ripple through markets

Posted on July 24, 2020 at 8:47 am GMT

Investors push the ‘risk off’ button amid faltering US recovery and monopoly probes into big tech Stocks pull back alongside commodity currencies, yen and gold climb But dollar can’t catch a break – strong euro and Fed expectations in play? Overall, this seems like a correction, not a trend reversal Risk aversion makes a rare comeback Global markets finally took note of the many risks around them on Thursday, amidst clearer signs that the US recovery is stalling, seething US-China [..]

Daily Market Comment – Euro takes no prisoners, dollar falls apart

Posted on July 23, 2020 at 9:03 am GMT

Dollar slide accelerates despite escalating US-China tussle, euro takes flight Markets generally in a cheerful mood, helped by signs Congress is moving closer to a compromise Gold trades like a rocket amid tanking dollar, geopolitical unrest, and stimulus hopes Euro unchained The currency market continues to be dominated by the resurgent euro, which has been liberated from its fiscal shackles after EU leaders took a step closer towards risk sharing this week. Since FX is a zero-sum game in the [..]

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