gold

Daily Market Comment – Fed fires blanks as emergency rate cut fails to calm markets

Posted on March 4, 2020 at 9:21 am GMT

Fed surprises with emergency 50-bps cut but markets continue to fear the worst US stocks stage turnaround after Joe Biden wins big on Super Tuesday Dollar slumps, yen and gold surge after Fed’s shock rate cut; is BoC next? Fed fails in attempt to soothe market panic The US Federal Reserve shocked markets by slashing its benchmark interest rate by 50 basis points in an emergency meeting on Tuesday as policymakers intervened to calm jittery traders. The decision came just [..]

Technical Analysis – Gold recoups lost ground but eyes turn to 1,662

Posted on March 4, 2020 at 8:06 am GMT

Gold recouped all the losses it made on Friday after stepping on the 50-day simple moving average (SMA), with the price returning to the 1,600 territory. The short-term risk is still on the upside as the RSI has rebounded near a descending trendline and back above its 50 neutral mark, though with the MACD remaining below its red signal line despite gaining momentum, and the red Tenkan-sen stabilizing slightly above the blue Kijun-sen, some caution should be warranted. Hence, traders [..]

Daily Market Comment – RBA cuts rates, G7 response awaited as virus panic grows

Posted on March 3, 2020 at 9:34 am GMT

RBA cuts rates, others expected to follow as virus cases show no sign of slowing G7 statement eyed as markets pin hopes on stimulus to combat outbreak Stocks bounce back on stimulus talk but doubts on commitment caps gains Yen and gold edge up, dollar mixed ahead of Super Tuesday RBA first to cut, others to follow? The Reserve Bank of Australia became the first major central bank to cut interest rates on Tuesday in response to the worsening outbreak [..]

Daily Market Comment – Dollar retreats, stocks in freefall as virus engulfs markets

Posted on February 27, 2020 at 10:14 am GMT

Virus concerns intensify, pushing dollar lower amid mounting expectations for Fed rate cuts Stocks crater, and risk aversion may linger ahead of Chinese PMIs Euro the big winner, capitalizing on dollar’s retreat and defensive inflows Global carnage deepens as virus spreads Worries about the coronavirus continue to plague markets, as every passing day makes it clearer that this crisis won’t blow over soon, and the disruptions initially on supply chains and then on demand could be the ‘black swan’ that [..]

Daily Market Comment – Stocks steadier but risk aversion still in play; dollar pressured by falling yields

Posted on February 25, 2020 at 9:35 am GMT

Stocks stage tepid rebound but virus fears continue to cast shadow over markets Dollar on the backfoot on rising Fed rate cut expectations; gold slips Aussie and kiwi pause slide as softer dollar provides some relief Markets calmer after stocks suffer biggest drop since 2016 Global stock markets stabilized on Tuesday after yesterday having their worst day since Britain voted to leave the European Union in June 2016. A report in China’s Global Times that a university professor has developed [..]

Daily Market Comment – Contagion fears intensify; stocks tumble, gold surges, dollar rebounds

Posted on February 24, 2020 at 9:38 am GMT

Jump in number of infections outside China sends panic across financial markets Stocks take a large hit; gold scales fresh 7-year high amid flight to safety Dollar’s gains more restrained as Fed rate cut bets rise after weak US data Concerns mount about virus impact after spike in global cases The number of confirmed coronavirus cases outside of China continued to multiply over the weekend, sending shivers across financial markets as investors were forced to reassess their view that the [..]

Technical Analysis – Gold at fresh 7-year high; strongly bullish on virus fears

Posted on February 24, 2020 at 7:40 am GMT

Gold surged to a fresh seven-year high earlier today, hitting the 1,679.65 level and continuing the sharp upside extension, posting a gap up. The market recorded four consecutive green days and opened the door for a long-term clear positive direction, following the penetration of the previous top of 1,612 on virus fears. From a technical viewpoint, the RSI indicator is holding in the overbought territory with strong momentum, and the MACD oscillator is heading north above trigger and zero lines. [..]

Daily Market Comment – Dollar and gold shine but yen subdued as virus cases spike again

Posted on February 21, 2020 at 9:23 am GMT

Flight to safety boosts dollar and gold, yen nurses losses as new virus cases jump again Risk aversion finally reaches equity markets as global stocks stumble All eyes on flash PMIs as virus outbreak shows no sign of abating Dollar holds firm; gold hits fresh 7-year highs The risk-off mood deepened on Friday as China reported another spike in new confirmed cases of the coronavirus, most of which were in two prisons in Hubei province. But investors were also spooked [..]

Daily Market Comment – Yen slumps, dollar reigns supreme as virus fears persist

Posted on February 20, 2020 at 9:24 am GMT

Yen tumbles on virus worries as investors seek safety elsewhere; dollar surges Virus spread slows but change in counting methodology casts doubt Aussie and kiwi extend slide on growth concerns Is yen losing its safe-haven status? The Japanese yen came under attack on all fronts on Wednesday, sending the safe-haven currency plunging against all its peers, even against the beleaguered euro and pound. The biggest beneficiary of the yen sell-off was the US dollar, which scaled a near 10-month peak, [..]

Daily Market Comment – Stocks rebound as new virus cases slow; dollar stands tall

Posted on February 19, 2020 at 9:23 am GMT

Equity markets bounce back from Tuesday’s slide amid slowdown in new coronavirus cases Stimulus hopes also help sentiment but gold still tops $1600 on heightened risks Unstoppable dollar scales fresh highs even as US yield curve inverts Stocks turn green again as investors focus on positives Risk appetite recovered somewhat on Wednesday following the knock from Apple’s profit warning yesterday, which elevated concerns about the impact from the coronavirus outbreak. The number of new confirmed cases of coronavirus in China [..]

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