gold

Technical Analysis – Gold maintains bearish bias below 1,300 in near term

Posted on April 15, 2019 at 6:54 am GMT

Gold remains under pressure and the risk is still to the downside as prices continue to drift lower from the 23.6% Fibonacci retracement level of the upleg from 1160 to 1346.61 around 1302 and beneath the 20- and 40-simple moving averages (SMAs) in the daily timeframe. The short-term technical indicators are bearish and point to more weakness in the market. The RSI indicator is moving slightly lower in negative territory, while the stochastic oscillator entered the oversold zone. The next target is the April [..]

European Open Preview – Earnings season kicks off; dollar struggles to advance

Posted on April 12, 2019 at 6:41 am GMT

US earnings season commences with JPMorgan & Wells Fargo Dollar advances alongside US yields, but pares gains Yen retreats ahead of US-Japan trade talks, gold follows Earnings season kicks off with major US banks US equity markets closed practically flat yesterday, though the Nasdaq Composite (-0.22%) did post some losses, with traders appearing reluctant to take on new positions ahead of what promises to be a stormy earnings season. US banking behemoths JPMorgan Chase and Wells Fargo will report their [..]

European Open Preview – Draghi briefly sinks euro; Brexit delayed again

Posted on April 11, 2019 at 8:08 am GMT

ECB’s Draghi hints at more stimulus, but euro tumbles only modestly and recovers quickly Dollar pulls back after disappointing US CPI data, looks to Fed speakers today EU grants Brexit extension – Varadkar’s remarks indicate way forward Euro tumbles as Draghi hints at more stimulus, but only modestly As expected, the European Central Bank (ECB) kept both its policy and forward guidance unchanged yesterday. President Draghi maintained a cautious tone, highlighting that incoming data remain weak, especially in the manufacturing [..]

European Open Preview – US proposes tariffs on EU, but markets remain calm

Posted on April 9, 2019 at 8:09 am GMT

US officially proposes tariffs on EU, but market reaction minimal so far Euro advances, looks to ECB meeting tomorrow In Brexit, May will meet Merkel and Macron today ahead of EU summit Lighthizer recommends tariffs on EU – new chapter in trade war? The main story overnight was that the US Trade Representative, Robert Lighthizer, proposed introducing tariffs on a list of 11$bn worth of EU products in retaliation to EU aircraft subsidies. This is the clearest sign yet that [..]

Technical Analysis – Gold advances near 1,300; indicators look positive

Posted on April 8, 2019 at 7:03 am GMT

Gold is extending its gains today and is currently trading near the 1297 resistance level. The price has also increased distance above the bullish cross of the 20- and 40-simple moving averages (SMAs), indicating that the recent upside move might hold for longer. Momentum signals are bullish as well as the red Tenkan-sen line, which is above the blue Kijun-sen line, looks to be heading north, while the RSI has reversed higher after surpassing its 50 neutral mark last week. Also, the stochastic oscillator [..]

European Open Preview – Pound climbs as May warms up to Corbyn; stocks jump

Posted on April 3, 2019 at 8:03 am GMT

Encouraging trade signals lift risk sentiment; high-level talks resume today Sterling climbs as May warms up to Corbyn to break deadlock Dollar pulls back ahead of ADP report and ISM non-manufacturing PMI Risk appetite boosted by hopes for trade breakthrough After a relatively uneventful session on Tuesday, during which major US stock indices such as the S&P 500 closed flat, risk sentiment was lifted overnight by some encouraging signs on the trade front. Reports suggest that top US and Chinese [..]

Technical Analysis – Gold loses ground below 1,300; outlook turns neutral in medium term

Posted on April 2, 2019 at 9:44 am GMT

Gold plummeted below 1300 over the previous week, while today the price is moving around the fresh one-month low around 1285. The March 7 support line seems to be acting as support near 1280.63, though, the risk remains neutral to slightly positive as the MACD is flattening around the trigger line, while the stochastic oscillator is ready for a bullish cross with the %K and %D lines. If the market corrects higher, the bullish action may pause initially near the [..]

European Open Preview – Stocks, dollar rip higher as growth fears ease

Posted on April 2, 2019 at 8:17 am GMT

Rebound in Chinese PMIs fuels rally in global stocks, dollar advances Pound outperforms as ‘soft’ Brexit outcomes or long extension seem likely Aussie drops after RBA recalibrates language Stocks and dollar cruise higher as China-induced rally lingers Global equity markets started the second quarter on a strong footing, after a decent set of PMI data out of China during the weekend calmed some nerves around the global growth outlook, amplifying the appeal of riskier assets. Wall Street shares rallied, with [..]

European Open Preview – Pound plunges as May makes final push for her deal; dollar holds firm as trade talks eyed

Posted on March 29, 2019 at 9:25 am GMT

Sterling is in freefall again after Prime Minister May decides to put her deal to a third vote, but without the political deceleration on a future relationship Dollar holds near highs despite lower GDP revision as Treasury yields recover Stocks bounce back as bond rally eases and on optimism of US-China trade deal MPs to vote again on Withdrawal Agreement minus the political declaration British prime minister, Theresa May, made a last-ditch attempt to get her Brexit deal through Parliament. [..]

European Open Preview – Dollar edges up as Treasury yields stabilize; Kiwi slumps as RBNZ hints at rate cut

Posted on March 27, 2019 at 9:17 am GMT

Dollar firmer despite weak US data as Treasury rally eases New Zealand dollar nosedives after RBNZ says rate cut more likely than a hike Pound choppy ahead of crucial indicative votes on Brexit in Parliament Steadier Treasury yields help dollar regain some footing The US dollar edged higher against a basket of currencies on Wednesday, extending Tuesday’s gains, as steadier Treasury yields alleviated the recent selling pressure, especially against the yen. The dollar index rose to a 2-week high of [..]

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