gold

Technical Analysis – Gold bulls pause rally at fresh 6-year highs

Posted on July 22, 2019 at 8:22 am GMT

Gold spiked to a fresh six-year high of 1,453 on Friday after closing above the 50% Fibonacci of the three-year old downleg from 1,796 to 1,046, but the market could not sustain the gains, with the price pulling back near the Fibonacci level. Meanwhile in momentum indicators, the MACD failed to pierce its red signal line last week, while the RSI continues to fluctuate sideways in the bullish area, both suggesting a neutral-to-bearish bias for the short-term. The slowdown in the 20-day simple [..]

Technical Analysis – Gold drops after flying to more than 2-year high

Posted on July 19, 2019 at 11:22 am GMT

Gold advanced to a more than two-year high of 1,452.87 earlier today, but quickly reversed lower near the previous highs of 1,438. The technical indicators seem to be overstretched in the daily timeframe as the RSI is reversing lower after it touched the 70 level, while the MACD has found obstacle at the trigger line. If the price successfully surpasses the two-year high (1,452.87), it could prove a trigger point for another bullish round towards the 1,475 mark, registered on [..]

Daily Market Comment – Cautious Fed remarks take the wheels off dollar

Posted on July 19, 2019 at 8:00 am GMT

Dovish remarks by key Fed officials push greenback lower WTI crude oil at four-week low amid mixed signals in US-Iran conflict Canadian retail sales and more Fed-speak dominate the agenda today Fed’s Williams argues for preventive easing, sends dollar reeling The greenback continues to attract all the attention, after two influential Fed officials fueled market expectations for an aggressive 50 basis points (bp) rate cut at the upcoming policy meeting. The move started after New York Fed President Williams [..]

Daily Market Comment – Pullback in dollar lifts all boats; risk aversion creeps back

Posted on July 18, 2019 at 8:14 am GMT

Dollar retreats as trade concerns fuel Fed rate cut bets Stocks drop, safe havens gain amid risk aversion Aussie climbs after employment data UK retail sales due as pound recovers some losses Dollar grinds lower as July rate cut bets mount The world’s reserve currency retreated almost across the board on Wednesday and continues to surrender ground today, falling in tandem with longer-term US interest rates as worrisome trade signals prompted traders to boost bets for aggressive Fed rate cuts. [..]

Daily Market Comment – US retail sales & Powell’s remarks to set the tone

Posted on July 16, 2019 at 8:36 am GMT

US retail sales and remarks by Powell top the agenda today UK jobs data may be watched as Brexit news flow remains limited Kiwi ticks up, despite lingering RBNZ rate-cut speculation EU Commission chief awaits Parliamentary confirmation Dollar looks to US retail sales and Powell’s remarks The greenback recovered some ground to start the week, in the absence of any noteworthy US news to drive the price action. That may change today though, with the release of the nation’s retail [..]

Technical Analysis – GOLD loses steam, after rallying out of long-term trading range

Posted on July 12, 2019 at 12:42 pm GMT

Gold lost steam in the last weeks, after a rally that began at the beginning of June. Price moved sideways after the break above the upper boundary of the three-year and five-month trading range, of 1366, and is currently trading between the short-term simple moving averages (SMAs) of the 14- and 21-day SMAs. Momentum indicators suggest a short-term neutral bias, as the MACD and RSI flatten out in positive areas. The Chikou span is pointing up and above the price, [..]

Daily Market Comment – Dollar see-saws on data; euro edges up despite ECB stimulus hint

Posted on July 12, 2019 at 8:11 am GMT

US dollar firms again on stronger-than-expected data, which tempers bets of 50-bps rate cut Euro edges higher even though ECB minutes signal more stimulus Oil climbs to 1½-month highs on rising Middle East tensions and Gulf of Mexico shutdown Dollar fluctuates as markets undecided on 50-bps cut Just as markets were reconsidering the likelihood of a large 50 basis points cut by the Federal Reserve this month, stronger-than-anticipated data out of the United States dampened those expectations. Core inflation, according [..]

Daily Market Comment – Dollar weaker after Powell flags rate cut; US stocks hit all-time highs

Posted on July 11, 2019 at 8:27 am GMT

Fed Chair Jerome Powell and FOMC minutes bolster case for a July rate reduction US dollar slips after Powell’s remarks, reversing NFP-driven gains Euro rebounds, eyes ECB minutes; pound and loonie up too US stocks hit record highs but Bitcoin plunges Powell testimony all but confirms rate cut in July Markets were in buoyant mood on Thursday as Fed Chairman Jerome Powell gave his strongest indication yet that the Federal Reserve will slash interest rates at the July 30-31 meeting. [..]

Technical Analysis – Gold develops in consolidation area; indicators signal bullish move

Posted on July 8, 2019 at 8:20 am GMT

Gold prices have been trading within a congestion area over the last two weeks with the 1,439 resistance as the upper boundary and the 1,382 support the lower boundary. Despite the sideways move, the technical indicators are suggesting an upside tendency in the 4-hour chart. The stochastic oscillator is moving higher and the RSI is sloping upwards approaching the 50 level. In the event of an upside reversal, the 20- and 40-period simple moving averages (SMAs) could be significant obstacles for the yellow metal at 1,407 and [..]

Daily Market Comment – Dollar surges after strong US jobs report but stocks slide

Posted on July 8, 2019 at 8:06 am GMT

US dollar roars higher on surprise jump in US payrolls But stocks are sold off as investors trim expectations of aggressive Fed rate cuts Attention now turns to Powell’s semi-annual testimony in Congress for policy clues Strong US jobs report puts dollar back in the front foot The US dollar was trading close to Friday’s highs today when it surged on the back of a much better-than-expected nonfarm payrolls report. The US economy added 224k jobs in June, significantly higher [..]

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