gold

Technical Analysis – Gold’s positive signals grow, rekindling ascent

Posted on June 1, 2020 at 7:29 am GMT

Gold is nearing the upper Bollinger band that is currently situated at the swing high of 1,754. This occurred after buyers took the upper hand around 1,692 – that being the 23.6% Fibonacci retracement of the up leg from 1,455.17 to the 91-month high of 1,765.03. Further aiding a bullish picture are the positively charged simple moving averages (SMAs) and the increased gradient of the 50-day SMA. Additionally, the short-term oscillators reflect some strengthening in positive momentum. The MACD in [..]

Daily Market Comment – Stocks ease off ahead of Trump’s Hong Kong decision; dollar skids after Fed comments

Posted on May 29, 2020 at 8:18 am GMT

Stocks drift lower, yen edges up as markets await Trump’s response over Hong Kong But dollar hits 2½-month low on soaring euro and Fed hints of yield curve control Powell speech and US spending data also eyed later today Sino-US relations under strain Markets are bracing themselves for US President Trump’s press conference expected later today for his decision on what actions to take against China over Hong Kong. The Chinese parliament yesterday passed the controversial national security bill, which [..]

Daily Market Comment – Caution sets in after Trump signals Hong Kong action

Posted on May 27, 2020 at 8:41 am GMT

Dollar firms as Trump hints at end-of-week response against China over Hong Kong But stocks mixed as US-China tensions fail to dent recovery optimism EU divisions resurface, put a brake on euro’s advances US preps Hong Kong sanctions: only Asia takes note Asian stocks were under pressure on Wednesday as US President Donald Trump gave his clearest signal yet that his administration is planning a response to China’s tightening of its grip on Hong Kong. In a White House press [..]

Technical Analysis – Gold heads lower, hitting 2-week low

Posted on May 27, 2020 at 8:19 am GMT

Technical Analysis – Gold heads lower, hitting 2-week low Gold prices are heading lower in the very short-term, penetrating the 100-period simple moving average (SMA) on the 4-hour chart and challenging a new two-week low of 1,705. According to the technical indicators, the RSI is pointing slightly up near the oversold zone, while the MACD is falling below the trigger and zero lines. In case of steeper decrease the price could move towards the 50.0% Fibonacci retracement level of the [..]

Daily Market Comment – Recovery hopes pull stocks higher as US-China row put aside

Posted on May 26, 2020 at 8:38 am GMT

Growth optimism drives equities higher as outlook brightens on lockdown easing Dollar slips on risk-on mood, pound and aussie shine But gold supported by lingering US-China tensions Stocks buoyed by economic reopening Global equities extended yesterday’s strong gains with Asian indices adding between 1-3% on Tuesday and European and US futures surging by 2%. The recovery theme continues to support risk assets as more businesses around the world are given the green light to reopen, fuelling hopes of a sustainable [..]

Daily Market Comment – No panic but Hong Kong tensions keep markets on edge

Posted on May 25, 2020 at 8:59 am GMT

US threatens sanctions on China over Hong Kong security bill as tensions simmer But optimism from reopening of economies keeps risk aversion in check Euro and pound on the backfoot again as policy easing and political risks weigh US anger at China mounts; new cold war looming? US-China relations continued to sink to new lows as the US Senate rushed through legislation that would place tougher trading rules on Chinese-listed companies on American stock exchanges and after the White House [..]

Technical Analysis – Gold takes a breather after reaching a 91-month peak

Posted on May 25, 2020 at 7:08 am GMT

Gold appears to have somewhat weakened after plotting a fresh more than 7½-year high, stalling above the mid-Bollinger band at 1,716. Though the short-term oscillators back a very short-term weakness in the price, the simple moving averages (SMAs) still maintain their strong positive charge, dictating a bigger positive bearing. The MACD is still in the positive region but has dipped below its red signal line, while the RSI points down, hovering above the 50 threshold. The stochastics also back the [..]

Week Ahead – US-China feud to stay under spotlight as data takes a backseat

Posted on May 22, 2020 at 12:04 pm GMT

Virus recovery hopes have gotten a boost after preliminary PMI readings for May rebounded more strongly than expected, underscoring the market optimism. But with economic releases set to quieten down in the coming week, Washington’s increasingly hostile language against China threatens to upset the dubious risk-on theme. Any panic-driven sell-off in risk assets could be accentuated from another anticipated plunge in personal consumption and durable goods orders in the US, which will be the main data highlights of the next [..]

Daily Market Comment – Nasdaq charges higher, pound feels heat of negative rates

Posted on May 21, 2020 at 10:42 am GMT

Stocks defy economic gravity; Nasdaq closes in on record highs But markets more cautious Thursday, after Trump’s twitter storm vs China Pound rebound falters as BoE Governor doesn’t rule out negative rates Dollar finds its footing ahead of speeches by Fed’s top echelon Nasdaq approaches all-time high, but futures retreat Close your eyes and you wouldn’t know we are in the middle of a deep recession. At least not by looking at the Nasdaq 100 (+2%), which closed less than [..]

Technical Analysis – Gold continues the upside rally above SMAs

Posted on May 20, 2020 at 9:21 am GMT

Gold prices are moving towards the latest high – being the seven-and-a-half-year high of 1,765 – continuing the upside move after the bounce off the 1,725 support level. The price holds above the mid-Bollinger band and the RSI keeps rising above the 50 level. Also, the MACD oscillator is trying to create a bullish cross with its trigger line in the positive area, suggesting more gains in the very short-term. If the price continues the upside tendency, it could hit [..]

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