gold

Daily Market Comment – Can the ECB muster enough firepower to sink the euro?

Posted on December 10, 2020 at 10:06 am GMT

ECB decision the main event today, can policymakers over-deliver? Stock markets retreat from record highs as US stimulus talks stall Pound drops after top-level Brexit meeting yields no breakthrough Gold under pressure too, yet aussie dollar defies cautious mood ECB preview: Sinking the euro won’t be easy The spotlight will fall on the European Central Bank today, which is widely expected to deliver another easing package of around €500bn, likely complemented by more ultra-generous loans to banks. The bad news [..]

Technical Analysis – Gold edges south after bounce off 5-month low

Posted on December 9, 2020 at 7:29 am GMT

Gold prices rebounded from the five-month low of 1,764 at the end of November, taking the price above the short-term simple moving averages (SMAs), though, the metal is currently retreating. The RSI indicator is heading down after it touches the overbought territory, suggesting a downside pullback, while the stochastic oscillator is dipping, approaching the bearish zone. However, the red Tenkan-sen line is holding above the blue Kijun-sen line, indicating more gains. If there is an advance above the latest high, immediate resistance could come from [..]

Daily Market Comment – Investors on alert as California shuts down, gold glitters

Posted on December 8, 2020 at 10:28 am GMT

Markets revert to old pandemic playbook amid new US restrictions Nasdaq hits new highs, but other stock indices drop alongside oil Gold stages heroic comeback, bigger picture still encouraging Sterling on the back foot as PM Johnson heads to Brussels Big tech shines as pandemic concerns resurface A sense of caution has crept back into global markets, as investors try to balance the prospect of more government stimulus and central bank liquidity against the grim pandemic reality, with California announcing [..]

Technical Analysis – Gold’s gains appear to be an upward correction in a bear market

Posted on December 7, 2020 at 8:56 am GMT

Gold managed to close in the green for the first time after three weeks following the creation of a bullish hammer near a four-month low of 1,764 and the bounce back above its 200-day simple moving average (SMA). The recent row of bullish candles, however, appears to be an upside correction in the downward pattern that started from the record high of 2,079, while the bearish cross within the 20- and 50-day SMAs and the narrowing distance between the 20- and 200-day SMAs remain [..]

Daily Market Comment – Dollar sinks again on rising optimism but stock rally cools

Posted on December 3, 2020 at 10:03 am GMT

Dollar slide deepens as stimulus and vaccine hopes drive positive theme But vaccine-led rally may have run its course in equity markets as stocks mixed today Tense Brexit talks keep pound on edge, euro roars past $1.21 Oil slips ahead of OPEC+ decision; gold extends rebound The US dollar slipped further on Thursday, slumping to fresh 31-month lows against a basket of currencies, as investors dumped the world’s reserve currency in the face of increased optimism about the global economic [..]

Technical Analysis – Gold’s advances yet to conquer dominant bearish structure

Posted on December 2, 2020 at 10:06 am GMT

Gold is engaging the 1,825 level, in-line with the Ichimoku cloud’s lower surface, which happens to be the 61.8% Fibonacci retracement of the up leg from 1,670 to the all-time high of 2,074. Simultaneously thrusting above the 1,818 border coupled with the 50-period simple moving average (SMA), the bulls are still facing a commanding bearish structure, echoed within the falling slopes of the SMAs. The short-term oscillators are reflecting strengthening positive momentum. The MACD is some distance above its red [..]

Technical Analysis – Gold tumbles to 5-month low; holds in descending channel

Posted on November 30, 2020 at 8:06 am GMT

Gold prices plummeted to a fresh five-month low of 1,764.34 earlier today, reaching the 50.0% Fibonacci retracement level of the up leg from 1,451 to 2,074.89. Currently, the market is still developing within a downward sloping channel since it hit a record high at 2,074.89. According to the RSI, the negative momentum is continuing as it is holding in the oversold zone and is pointing south. However, the stochastic oscillator created a bullish crossover within its %K and %D lines [..]

Daily Market Comment – Dollar on the ropes, aussie unfazed by China tariffs

Posted on November 27, 2020 at 12:09 pm GMT

Greenback hovers near lows, markets quiet overall What’s the outlook for euro/dollar from here? China slaps tariffs on Australian wine, but aussie immune Crunch time in Brexit talks as EU negotiators travel to London All quiet on the FX front It was a relatively subdued session in global markets yesterday with US traders being away on holiday. Most stock indices closed flat and currency pairs generally traded in narrow ranges, with no real headlines to steer the price action and [..]

Technical Analysis – Gold bounces off 1,800; broader outlook is bearish

Posted on November 25, 2020 at 2:37 pm GMT

Gold prices rebounded off the 1,800 significant round number, which is a new four-month low, achieved on Wednesday. The yellow metal is currently approaching the red Tenkan-sen line around 1,818 and the momentum indicators are turning higher. The RSI is testing the 30 level, suggesting that an upward retracement is on cards, while the stochastic posted a bullish crossover in the oversold territory. In case the pair changes its short-term direction to the upside, the bulls will probably challenge the 1,818 immediate [..]

Daily Market Comment – Dollar comeback falters, gold gets burned

Posted on November 24, 2020 at 10:45 am GMT

US PMIs show economy firing up, dollar bounces but falls back Stocks power higher, yet the Fed remains a wild card Kiwi cheers potential changes to RBNZ mandate Gold burned by a stronger greenback and higher yields Strong PMIs send ripples across markets A perfect storm of encouraging news has engulfed global markets early this week, reawakening some animal spirits. The latest AstraZeneca vaccine isn’t as effective as its counterparts but is much cheaper and easier to store, the US [..]

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