gold

US Open Preview – Dollar index steady as trade deadline clocks down; ADP employment report in focus

Posted on September 6, 2018 at 11:36 am GMT

Here are the latest developments in global markets: FOREX: The pound continued the rally today that it posted yesterday on reports that Germany and the UK have dropped key Brexit demands after giving back some of them on Wednesday on new headlines that Germany has not changed position on Brexit. Pound/dollar rose by 0.26% above 1.2900, while euro/pound dropped by 0.29% below the 0.9000 round number. Furthermore, euro/dollar turned negative after it opened the day in the green, retreating by 0.06% to 1.1620 following disappointing German [..]

European Open Preview – Pound goes for a Brexit ride; fresh round of tariffs coming up?

Posted on September 6, 2018 at 7:45 am GMT

Here are the latest developments in global markets: FOREX: The US dollar is marginally lower (-0.07%) against a basket of six major currencies on Thursday, extending the losses it posted in the previous session. The British pound was in focus yesterday, having a volatile session that saw sizeable movements in both directions following some conflicting headlines on Brexit. Elsewhere, the Bank of Canada struck a slightly more cautious tone as it kept its policy unchanged. STOCKS: Wall Street had a mixed session on Wednesday, with [..]

US Open Preview – Pound holds bearish move despite upbeat Services PMI; loonie rebounds ahead of BoC rate decision

Posted on September 5, 2018 at 11:55 am GMT

Here are the latest developments in global markets: FOREX: The US dollar was moving sideways versus a basket of six major currencies on Wednesday as worries remain that the US President Donald Trump may soon restart a trade war with Beijing by imposing tariffs on more Chinese imports as early as tomorrow. Dollar/yen edged up by 0.12% but remained below its intraday high of 111.71. Turning to the euro area, the final German Markit services PMIfor the month of August was revised down to 55.0 compared to the 55.2 in the preliminary estimate, [..]

Technical Analysis – Gold looks neutral in the short-term, remains bearish in the medium-term

Posted on September 5, 2018 at 10:16 am GMT

Gold gained some ground on Wednesday after touching a near two-week low of 1,189.50 the previous day. The RSI is largely moving sideways in support of a neutral picture in the short-term. Given a move above the middle Bollinger line – a 20-day moving average line – at 1,195.91, additional resistance to advances may come around the 1.200 mark which may hold psychological significance. Further above, the focus would shift to the area around the current level of the 50-day [..]

European Open Preview – Greenback reclaims ground; Bank of Canada rate decision due

Posted on September 5, 2018 at 7:48 am GMT

Here are the latest developments in global markets: FOREX: The US dollar is little changed against a basket of six major currencies on Wednesday, holding onto the gains it recorded in the previous session. Staying in North America, the Canadian dollar was a major underperformer yesterday, touching a one-and-a-half-month low against the greenback ahead of the Bank of Canada’s policy decision later today (1400 GMT). EM currencies also came under broad selling pressure, weighed on by news that South Africa had entered [..]

US Open Preview – Dollar enjoys gains in a cloudy trade environment; pound down ahead of Carney’s testimony

Posted on September 4, 2018 at 12:01 pm GMT

Here are the latest developments in global markets: FOREX: The US dollar index traded 0.42% higher on Monday, posting a 10-day high, while dollar/yen advanced by 0.30% despite heightened global trade risks; the dollar remained resilient and the buying interest continued on the back of investors optimism in the US economy. In Eurozone, producer prices beat expectations, rising by 4.0% y/y in July from 3.6% before. However, euro/dollar failed to gain on the data, falling by 0.52% to 1.1560. Pound/dollar extended losses to reach [..]

European Open Preview – Dollar bounces; BoE testimonies and US ISM manufacturing in focus

Posted on September 4, 2018 at 7:47 am GMT

Here are the latest developments in global markets: FOREX: The greenback is higher across the board on Tuesday, with the dollar index advancing by 0.15% in the absence of any major new developments. The aussie jumped overnight after the RBA struck a less-cautious tone than many expected, erasing losses it posted earlier in the session after Australia’s current account data for Q2 disappointed. Earlier on Monday, the British pound came under renewed selling interest, following a miss in the UK manufacturing PMI. STOCKS: Wall [..]

US Open Preview – Pound extends downside; aussie bounces ahead of RBA rate decision

Posted on September 3, 2018 at 11:46 am GMT

Here are the latest developments in global markets: FOREX: Sterling opened with a gap down on Monday’s Asian session after EU chief Brexit negotiator Michel Barnier said he strictly opposes the UK’s offer on future EU-UK trade relations. Pound/dollar, which has come off from a 1-month high last week, recorded the fifth red month in a row. Today, the pair dipped by 0.64% and slipped below the 1.2900 handle, increasing negative momentum after the UK manufacturing PMI clocked in at 52.8 in August, [..]

Technical Analysis – Gold retouches 1200 key level; upward correction in near term

Posted on September 3, 2018 at 8:23 am GMT

Gold has found significant support on the 23.6% Fibonacci retracement level of the downleg from 1309 to 1160, around 1195, while it started an upward correction after the rebound on 19-month low of 1160. The technical indicators in the 4-hour chart are holding near its neutral levels. The RSI is moving north below the 50 level but the MACD has dropped below its trigger line. If price action jumps above the 20- and 40-simple moving averages (SMAs), there is scope to test the 1214.15 [..]

European Open Preview – Sterling gaps down amid Brexit rhetoric; UK manufacturing PMI due with trade angst in the background

Posted on September 3, 2018 at 7:45 am GMT

Here are the latest developments in global markets: FOREX: The dollar was nearly flat against a basket of six major currencies on Monday (-0.03%), after posting considerable gains in the previous session. Meanwhile, the British pound opened with a negative gap following some not-so-encouraging Brexit signals over the weekend from both the EU and the UK. STOCKS: Wall Street closed mixed on Friday, as trade negotiations between the US and Canada ended without an accord. The S&P 500 was practically flat (+0.01%), the Dow Jones [..]

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