gold

Technical Analysis – Gold maintains downside bias; 1-month uptrend at risk

Posted on August 7, 2017 at 8:04 am GMT

Gold maintains a bullish market structure on the 4-hour chart and is consolidating around a key level at 1257.62. This is the 23.6% Fibonacci retracement level of the rally from 1204.79 to 1274.09 (July 10 to August 1 uptrend). This level has provided both support and resistance in the past, as far back as mid-June. The market paused the rally at 1274.09 after becoming overextended as RSI reached overbought territory at 70. Consequently, gold prices declined from their peak. RSI [..]

Forex Market Review (Asian Session) – Dollar weakens on start of quiet week as other majors up; oil pressured

Posted on August 7, 2017 at 7:33 am GMT

Forex markets have started the week on a relatively quiet note regarding economic releases. During the Asian session, New Zealand inflation expectations and German industrial output in June were the main figures of interest. The dollar gave up on some of Friday’s gains against most majors, including the yen and the euro. The greenback weakened modestly against most majors during Asian trading, following its surge on Friday amid a better-than-expected jobs report. The report pointed to a healthy and growing labor market, as 209K new jobs were created last [..]

Forex Market Review (European Session) – Dollar’s weekly losses cut down by solid employment report

Posted on August 4, 2017 at 2:48 pm GMT

The July employment report provided much-needed relief to the beleaguered greenback on Friday, while the pound continued to lose ground on fears the Bank of England would keep rates near record lows for longer. The main highlight of the day was the July jobs numbers out of the United States. The market is keeping a close eye on US economic numbers as they will likely determine whether an additional Fed rate hike will take place by the end of the [..]

Forex Market Review (European Session) – Pound slumps after BoE lowers UK outlook; dollar slips on weak ISM

Posted on August 3, 2017 at 3:00 pm GMT

The pound was the worst performing major currency in forex markets during today’s European session as it tumbled after the Bank of England downgraded its growth and inflation forecasts. The euro was steady against the US dollar but surged against the pound, while the greenback came under pressure from a weak ISM PMI. The Bank of England decided to hold rates unchanged at 0.25% at the end of its two-day policy meeting today. But the 6-2 vote was less hawkish [..]

Forex Market Review (European Session) – Sterling at fresh 10½-month high ahead of BoE; dollar close to 15-month lows

Posted on August 2, 2017 at 3:04 pm GMT

Today’s European session was a rather quiet one in terms of data, with forex market participants focusing on the number of jobs added by the US private sector in the preceding month, July construction PMI numbers for the UK and June eurozone producer prices. The dollar remained close to the multi-month lows from previous sessions. In the US, the ADP report showed private employers adding 178,000 positions in the economy during July. This negatively compares to expectations for 185,000 additions, [..]

Forex Market Review (Asian Session) – Asian currencies weaken against dollar as euro, sterling firm up; oil under pressure

Posted on August 2, 2017 at 7:26 am GMT

As traders in Europe were about to start the day, the dollar managed to retrace some of its losses against Asian currencies. However, the dollar index was moderately down at 93.01 as the euro and sterling strengthened. A weak labor market drove the New Zealand dollar lower during the Asian session, as the figures curbed the possibility of a shift in the central bank’s neutral guidance on monetary policy. Change in employment fell 0.2% in the second quarter, faring worse than the expected 0.7% expansion and well [..]

Forex Market Review (European Session) – Dollar weakness unfolds; sterling gains on manufacturing rebound

Posted on August 1, 2017 at 2:51 pm GMT

Today’s busy schedule of economic data releases kept forex traders active, following significant dollar moves last night. The US currency retraced some of the losses against most of its peers during the early European trading, but those gains were short lived as the greenback’s weakness unfolded ahead of the construction spending and PMI data releases. The European session kicked off with a set of PMIs out of the eurozone and its member countries, followed by the eurozone GDP figures for [..]

Forex Market Review (European Session) – Dollar edges up in quiet trading; euro unmoved by flash CPI data

Posted on July 31, 2017 at 3:00 pm GMT

Major currencies were steady in European trading on Monday as risk aversion and central bank meetings later in the week kept investors on the sidelines despite some key data releases. The US dollar inched higher against most other currencies but was weaker against the Japanese yen. The euro saw a mixed response to flash inflation numbers out of the Eurozone, while the pound held near last week’s 10-month highs ahead of ‘Super Thursday’. Fresh geopolitical tensions gave rise to some [..]

Forex Market Review (European Session) – Dollar continues declining after robust growth; loonie eyes fresh high

Posted on July 28, 2017 at 3:05 pm GMT

Second quarter US GDP estimates dominated investors’ attention during today’s European session trading. Certain components within the data led to the dollar recording losses as the news became public, though those were short-lived. In other notable releases, Canadian growth figures for May were released today as well. The much-awaited preliminary US GDP estimates for the second quarter of the year showed the economy expanding at an annualized rate of 2.6%, as expected. First quarter growth was revised downwards to 1.2% [..]

Forex Market Review (Asian Session) – Positive eurozone data supports euro; dollar under pressure ahead of GDP figures

Posted on July 28, 2017 at 7:51 am GMT

As Asian traders were about to close the trading week, the dollar was pressured again, with the dollar index falling a tenth-of-a-percent to 93.76. The euro gained as a string of data came in as expected, leaving no room for disappointment. Economic data out of Japan signaled a sustainable growth in the second quarter, underpinning the Bank of Japan’s buoyant economic view. Japan’s economy expanded 1.0% annually in the first quarter, showing positive growth for more than a year. Analysts [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms