gold

Technical Analysis – Gold tests 9-year high of 1,878; strongly positive

Posted on July 23, 2020 at 8:35 am GMT

Gold prices are flirting with the nine-year high of 1,878 again, endorsing the strong bullish structure. The RSI indicator is pointing north in the overbought territory, while the MACD is extending its upside movement above its trigger and zero lines in the short-term timeframe. Furthermore, the simple moving averages (SMAs) and the Ichimoku indicators are following the price action up. If the yellow metal strengthens its six-week bullish structure above the multi-year high of 1,878, it could touch the September 2011 high of 1,920. This [..]

Daily Market Comment – US dollar clubbed as euro cruises higher, gold glitters

Posted on July 22, 2020 at 12:17 pm GMT

Euro ascends after landmark EU deal, mostly to the detriment of the dollar Sinking dollar lifts all other boats – pound, commodity currencies, gold But some discouraging signals from the US Senate upset stocks Euro takes to the skies Global markets remained in a risk-on mood after the marathon-like negotiations between EU leaders finally bore fruit yesterday, resulting in a deal that will see substantial sums being funneled into the economies most devastated by the crisis. Even though the deal [..]

Technical Analysis – Gold moves horizontally slightly below 9-year high

Posted on July 20, 2020 at 7:23 am GMT

Gold prices are in a horizontal move after they reached a nine-year peak near 1,817 and remaining above the 20- and 40-day simple moving averages (SMAs). The MACD oscillator is moving sideways above the zero line but it fell beneath the trigger line, while the RSI indicator is flattening slightly below the overbought zone. If the yellow metal extends its four-month bullish structure above the multi-year high of 1,817, it could touch the 161.8% Fibonacci extension level of the down [..]

Daily Market Comment – Dollar edges up, stocks slip as recovery doubts set in

Posted on July 16, 2020 at 8:51 am GMT

China’s GDP bounces back but signs of uneven recovery dampen sentiment White House’s tough line on China also a drag on risk assets Euro softer ahead of ECB; Stocks eye US earnings and retail sales for direction China returns to growth but weak spending worries markets As far as V-shaped recoveries go, China’s economic recuperation from the coronavirus couldn’t look more V-shaped. Gross domestic product (GDP) jumped by 11.5% over the quarter to June after collapsing by almost 10% in [..]

Technical Analysis – Gold moves sideways after extreme rally to 9-year top

Posted on July 15, 2020 at 1:13 pm GMT

Gold prices continued the extreme bullish rally that started on March 20, posting a new nine-year peak of 1,817.89. But the commodity may see an overbought market as the RSI is turning lower, while the MACD is developing near the trigger line at the moment, signalling that the price is heading sideways in the very short-term. The 20- and 40-period simple moving averages (SMAs) and the Ichimoku lines are endorsing a horizontal move. More increases could find resistance at the [..]

Daily Market Comment – Euro surges, stocks bounce back amid fresh vaccine hopes

Posted on July 15, 2020 at 8:33 am GMT

Vaccine hopes boost risk assets; Wall Street selloff is over before it even began Euro and aussie charge ahead; pound and loonie try to catch up Oil holds its nerve as OPEC+ set to ease production cuts Mixed earnings overshadowed by promising vaccine results Global equities were back in bullish mode on Wednesday after a brief wobble earlier in the week had some investors worried that this could be the start of a long overdue correction in the markets. However, [..]

Daily Market Comment – Wall Street stumbles as US-China tensions brew, virus cases surge

Posted on July 14, 2020 at 8:46 am GMT

Nasdaq falters as more US states roll back reopenings amid record new infections Sino-US tensions also upset stocks, but dollar and gold hold steady Markets braced for busy week as earnings, data and central bank meetings coming up Tech stocks in rare selloff Shares on Wall Street slipped late into the session on Monday as a persistent surge in new coronavirus cases across the United States unnerved investors. The tech-heavy Nasdaq Composite had been trading in record territory before reversing [..]

Daily Market Comment – Stocks creep higher as terrible earnings loom; dollar slips further

Posted on July 13, 2020 at 8:50 am GMT

Stocks braced for disastrous earnings, but low bar sets stage for profit beats Dollar extends downward trajectory despite worrisome virus numbers Gold capitalizes on weaker greenback, but euro turns more cautious Worst earnings season ever? Equity markets were in a surprisingly chirpy mood on Monday, with little sign of distress ahead of what is expected to be the worst earnings season in at least 12 years. Banks will be the primary focus this week, with Citigroup, JP Morgan and Wells [..]

Technical Analysis – Gold seems unstoppable, positive direction intact

Posted on July 13, 2020 at 7:46 am GMT

Gold maintains a healthy bullish bearing despite having slightly pulled back after plotting a fresh more than 8½-year high of 1,817.89. The pair’s retreat from the upper Bollinger band is also reflected in the stochastic oscillator, which displays some weakening in positive momentum, as the %K line completed a bearish crossover of the %D line, dipping from the overbought region. Nevertheless, the predominant positive charge in the simple moving averages (SMAs) suggests a well-defined course northwards. Moreover, the MACD and [..]

Is the ‘party’ in gold just getting started? – Special Report

Posted on July 10, 2020 at 12:46 pm GMT

Gold prices keep rising, powered by a trifecta of uncertainty among investors, runaway government spending, and rock bottom interest rates for years to come. Even though the metal has already come a long way, there’s not much to stop it from grinding even higher to new record highs. Any more stimulus from the Fed for instance, like an introduction of yield curve control, could sink the dollar and turbocharge bullion. The main downside risk is a successful virus vaccine. Central [..]

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