gold

Daily Market Comment – Virus acceleration and politics upset markets

Posted on July 10, 2020 at 9:00 am GMT

Wall Street loses altitude, dollar regains ground on US virus spike, Biden remarks But Nasdaq defies gravity, hits new records on relentless ‘defensive tech’ demand In the bigger picture, most charts have gone nowhere for a month now – blame the Fed? Flood of distressing news overpowers stimulus hopes Risk aversion made a comeback on Thursday as a flurry of alarming headlines led investors to cut their exposure to riskier assets, in fear that the avalanche of stimulus globally may [..]

Fear gauge and gold are still flashing red; are stocks finally taking note? – Special Report

Posted on July 9, 2020 at 1:02 pm GMT

The resurgence in coronavirus cases appears to have put a pause on the relentless risk rally that has propelled global stocks to recoup almost 80% of the March crash. But as stocks drift sideways while investors re-evaluate the prospect of a V-shaped recovery, the bulls still seem to have the upper hand. A resumption of the uptrend looks like a stronger possibility than a downside correction judging by the market sentiment and technical indicators. However, the markets’ two best barometers [..]

Daily Market Comment – Nasdaq and gold take to the skies, dollar tanks

Posted on July 9, 2020 at 9:04 am GMT

Stocks and commodity currencies grind higher without much news Sinking dollar lifts all FX boats, pound and loonie capitalize the most Gold rally keeps rolling – has bullion changed roles with the dollar? Weekly US jobless claims today to reveal initial impact of re-closures Investors stick to crisis playbook, buy tech shares and gold News flow was rather limited on Wednesday, helping global markets to stay in a good mood since ‘no news is good news’ these days, with such [..]

Technical Analysis – Gold trades around almost 9-year peak near 1,800

Posted on July 8, 2020 at 7:13 am GMT

Gold surged to an almost nine-year peak of 1,797 on Tuesday’s session, retaining the strong bullish structure. Currently, the price is holding well above the simple moving averages (SMAs) and the Ichimoku cloud in the 4-hour chart. However, looking at the short-term technical indicators, the RSI is moving sideways slightly below the 70 level, while the MACD, still above its trigger line, is losing momentum, suggesting a possible downside retracement. If the yellow metal has a successful attempt above the [..]

Technical Analysis – Gold eyes key levels for fresh direction; bias skewed to the upside

Posted on July 6, 2020 at 8:04 am GMT

Gold opened with weak momentum on Monday in the daily chart, hovering slightly below the new almost eight-year peak registered last week. Nevertheless, the short-term bias is still skewed to the upside. Although frail, the RSI is holding comfortably above its 50 neutral level, while the MACD, despite stabilizing, remains within the positive area and marginally above its red signal line. Meanwhile, the price itself continues to trade above the upward-sloping 20-day simple moving average (SMA) and within the upper bullish Bollinger [..]

Daily Market Comment – Dollar stumbles ahead of NFP; vaccine hopes shore up equities

Posted on July 2, 2020 at 8:30 am GMT

Dollar torn between upbeat data and US virus spike; NFP may decide fate Positive vaccine news helps breathe life into flagging stock market rally Gold retreats from highs as markets dismiss US-China tensions Dollar looks shaky as jobs report awaited Markets were mostly in risk-on mode on Thursday as the combination of positive economic indicators and potential coronavirus vaccines kept alive hopes of a strong recovery from the pandemic. But with US markets closed on Friday for Independence Day celebrations, [..]

Daily Market Comment – Gold soars on virus risks, softer dollar; US data awaited

Posted on July 1, 2020 at 8:41 am GMT

Gold extends bull run amid growing virus fears and US-China tensions; softer dollar helps too Stocks mostly positive as global recovery appears on track, but rally showing some signs of fatigue Markets await US ISM manufacturing and jobs data for direction Gold sets sights on $1800/oz as pandemic here to stay The safe-haven gold was scaling fresh 7½-year highs above $1785/oz on Wednesday even as investors maintained the view that the economic recovery from the pandemic will be a V-shaped [..]

Technical Analysis – Gold’s strength prevails; defeats all obstacles

Posted on July 1, 2020 at 8:14 am GMT

Gold’s brake pads seem to have no effect on the triumphing bullish structure, which has hiked to an almost 8 year high of 1,788. The commodity’s overwhelming climb is tackling the 1,788 mark, that being the 123.6% Fibonacci extension of the down leg from 1,765 to 1,670. The pickup in positive momentum is also reflected in the strengthening Ichimoku lines. Glancing at the short-term oscillators, they too aid an improving picture suggesting upcoming advances. The MACD is in the positive [..]

Daily Market Comment – Virus concerns cast aside as upbeat data boosts sentiment

Posted on June 30, 2020 at 8:38 am GMT

Stocks rebound as risk aversion eases on positive data from China and the US But virus worries linger as Australia and the UK impose local lockdowns Dollar heads higher, eyes Powell testimony and more US data Pound hammered by Brexit and virus woes Risk appetite improves on recovery optimism Hopes for a V-shaped recovery were bolstered after encouraging data out of the United States and China over the past 24 hours showed that the growth revival remains on track in [..]

Daily Market Comment – Virus resurgence haunts stocks but dollar edges lower

Posted on June 29, 2020 at 8:30 am GMT

Markets start week in risk-off mode as virus surge halts reopening plans in the US Stocks slip, but less cautious mood in FX markets as dollar and yen pull back Pound bounces off lows as Brexit talks enter intensive phase Virus fears keep Wall Street on the back foot Worries that the world could be in the midst of a second Covid-19 outbreak continued to weigh heavily on market sentiment as the second quarter almost draws to a close. Stocks [..]

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