gold

Technical Analysis – Gold range bound; foundation floor under pressure

Posted on November 23, 2020 at 9:49 am GMT

Gold recently has been tiptoeing around the base of a more than two-month sideways market, after plunging below the Ichimoku cloud and the 50- and 100-day simple moving averages (SMAs). The slipping 50-day SMA and the unclear bearing of the horizontal Ichimoku lines, are promoting consolidation in the yellow metal. The short-term oscillators reflect conflicting signals in directional momentum. The MACD, in the negative region, is holding below its red trigger line, while the stochastic %K line is pushing over [..]

With a vaccine on the horizon, what’s next for gold? – Special Report

Posted on November 19, 2020 at 10:15 am GMT

A combination of cheap money policies and runaway government spending propelled gold prices to new record highs earlier this year, but the metal has been trapped in a range for three months now, and the burning question is whether bullion’s best days are behind it now that a vaccine is on the radar. Maybe not. The ‘reflation’ trade could dominate next year, and central banks are unlikely to allow bond yields to move higher from here, setting the stage for [..]

Technical Analysis – Gold declines in a neutral picture in medium term

Posted on November 18, 2020 at 8:31 am GMT

Gold prices are in a declining mode after the selling move below the 1,900 psychological level on November 13. However, the technical indicators are suggesting an upside pullback in the short-term. The RSI is pointing up approaching the 50 level, while the stochastic created a bullish crossover within the %K and %D lines near the oversold zone. If the price ticks higher, immediate resistance could come from the 20-period simple moving average (SMA) at 1,887 ahead of the lower surface [..]

Biden’s Trumpism over US-China trade war – Special Report

Posted on November 17, 2020 at 4:07 pm GMT

Trump’s presidency opened several fronts of confrontation between the United States and other key global economic powers, instantly increasing volatility in the markets as traders love to trade. With Biden ready to pick up the torch now, questions are arising over whether he could raise the flag of peace and build stability. However, his recent political shift suggests that the “America first” nationalism may not be easily replaced, and some battles may not see a ceasefire soon. No majority, no control Without majority in the [..]

Technical Analysis – Gold lacks energy, trapped within a range

Posted on November 16, 2020 at 8:28 am GMT

Gold has barely recovered last week’s sharp downfall that drove the price towards September’s low of 1,848, lingering slightly below its 20- and 50-day simple moving averages (SMAs) and the Ichimoku cloud. The momentum indicators are currently painting a neutral-to-bearish picture for the short term as the RSI continues to lack direction and is marginally below its 50 neutral mark, while the MACD is also in a sideways move around its red signal line and within the negative area. A [..]

Daily Market Comment – Wall Street charges higher on vaccine news, but bond market ruins the party

Posted on November 10, 2020 at 12:55 pm GMT

US stock market hits new record after Pfizer vaccine announcement Crude oil and commodity currencies soar, yen crumbles alongside gold However, the party doesn’t last – stocks give up most gains, dollar reverses higher RBNZ meeting coming up, vaccine and stimulus news remain in focus Pfizer vaccine news catapult markets to new records Christmas came early for investors this year, with global equities charging higher and safe havens falling apart after drug maker Pfizer announced that the coronavirus vaccine it [..]

Technical Analysis – Gold tackles consolidation’s top frontier; drive frail

Posted on November 9, 2020 at 9:11 am GMT

Gold appears shackled as it is struggling to break above the cloud’s ceiling, which coincides with the roof of the two-and-a-half-month ranging market. In spite of the dwindling 50-day simple moving average (SMA), the SMAs defend the broader dictating bullish tone. The near-term gradual fading of the 50-day SMA and the directionless Ichimoku lines promote the commodity’s neutral demeanour. The short-term oscillators maintain a positive attitude despite flimsy sentiment. The MACD is above its red trigger line and the zero [..]

Daily Market Comment – Post-election rally eases as Biden advances in swing states

Posted on November 6, 2020 at 10:00 am GMT

White House race remains too close to call but Biden win becoming more likely Equity rally cools as markets give Washington gridlock a thumbs up Dollar steadies with Treasury yields as Fed keeps policy on hold NFP up next but US election and record virus cases to stay in focus Biden inches towards victory in knife-edge election The US presidential election remains an open race as counting enters day four, though the odds appear to be moving in favour of [..]

Technical Analysis – Gold gears up within 1,900 area; bullish but overbought

Posted on November 5, 2020 at 2:49 pm GMT

Gold switched to green on Thursday, speeding up within the 1,900 area, which barely could touch in the previous day. The precious metal is currently close to breaching the bar around 1,930, though the bulls seem to be running out of fuel as the RSI is approaching a key resistance zone slightly below its 70 overbought level, making a pullback in the price possible. The Stochastics are already above 80, further backing this view. Nevertheless, should the market find new [..]

Daily Market Comment – Biden leads as Trump begins legal fight; dollar eases, stocks surge

Posted on November 5, 2020 at 9:56 am GMT

Biden edges closer to the White House but faces legal battles as Trump not giving up Markets undaunted by election stalemate, see good and bad in all outcomes Dollar near lows as Treasury yields extend slide, stocks shine in post-election rally Pound lifted by fresh BoE stimulus; less room for surprises by the Fed World holds breath in tightest election race ever Democratic nominee Joe Biden was one state away from victory early on Wednesday as counting continued across the [..]

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