gold

Technical Analysis – Gold creates bullish correction after hitting 1,160 in near term

Posted on August 20, 2018 at 9:01 am GMT

Gold prices edge higher today and are set to post the second bullish day in a row. In the previous week, the precious metal hit a fresh 19-month low of 1,160 before heading higher. Also, the price advanced above the 20-simple moving average (SMA) in the 4-hour chart and is currently approaching the 40-SMA, with the technical indicators showing some improvement as well; the Relative Strength Index (RSI) climbed into positive territory, above the 50 level but not much, and the MACD oscillator continues the [..]

European Open Preview – Dollar rises with trade developments front and center

Posted on August 20, 2018 at 8:06 am GMT

Here are the latest developments in global markets: FOREX: The dollar was up by a bit less than 0.2% versus a basket of currencies on Monday. In the absence of major data releases, any updates on the Sino-US trade relationship, as well as any Turkey-related developments may act as the catalysts to steer the currency in either direction. STOCKS: The Dow Jones, S&P 500 and Nasdaq Composite finished Friday’s trading up by 0.4%, 0.3% and 0.1% respectively, with hopes for a more [..]

US Open Preview – Euro bounce fades; Canadian inflation prints pending

Posted on August 17, 2018 at 10:59 am GMT

Here are the latest developments in global markets: FOREX: The dollar index – which gauges the greenback’s strength against six major currencies – remained negative (-0.10%), though it pared most of its earlier losses, aided by a return of risk-off tones in markets. Dollar/yen moved down by 0.33% and held below the bearish cross of the 20- and 40-day simple moving averages (SMAs). In the euro area, the annual inflation rate was confirmed at 2.1% in July, above June’s 2.0%. Euro/dollar [..]

European Open Preview – Risk appetite recovers amid trade optimism; Canadian inflation eyed

Posted on August 17, 2018 at 7:36 am GMT

Here are the latest developments in global markets: FOREX: The US dollar index is lower by a modest 0.11% on Friday, extending some of the losses it recorded in the previous session, pressured by a recovery in broader risk sentiment. Likewise, the Japanese yen retreated across the board yesterday as well. Meanwhile, the British pound still hovers near its recent multi-month lows, largely unable to draw support from strong UK data yesterday, as the uncertainty stemming from the Brexit negotiations is casting [..]

European Open Preview – Hopes for US-China trade negotiations boost sentiment; Brexit talks and key data on the agenda

Posted on August 16, 2018 at 7:46 am GMT

Here are the latest developments in global markets: FOREX: The US dollar index is lower by a little over 0.2% on Thursday, pulling back after touching a new 13-month high in the previous session, aided by risk aversion and encouraging US retail sales prints. The Japanese yen is also on the retreat, after news that the US and China will hold another round of trade talks in late August curbed demand for haven assets. STOCKS: Wall Street closed in the red on Wednesday, as [..]

US Open Preview – Pound finds support as UK unemployment rate declines; Australian wage growth in focus

Posted on August 14, 2018 at 11:33 am GMT

Here are the latest developments in global markets: FOREX: The US dollar index, which measures the dollar’s strength against six major currencies, declined by 0.13%, while dollar/yen inched up by 0.23%, trading near the 111.00 psychological level. Euro/dollar started the day in the green but quickly dropped its gains and is down by 0.07% on the day despite an unexpected upward revision in Eurozone Q2 GDP growth estimates. Pound/dollar managed to rebound after the UK’s unemployment rate surprisingly fell to 4.0%, while analysts anticipated the rate to stand [..]

European Open Preview – Risk aversion fades as Turkey jitters take back seat; UK employment data in focus

Posted on August 14, 2018 at 7:40 am GMT

Here are the latest developments in global markets: FOREX: The US dollar index is nearly 0.2% lower on Tuesday, looking set to extend the modest losses it recorded yesterday. The safe-haven Japanese yen is also on the back foot, as the risk-aversion emanating from Turkey subsided somewhat, for now at least. Conversely, the euro and pound are a little higher, attempting to recover some of their latest losses. The Turkish lira – which has been at the epicenter of attention lately – [..]

US Open Preview – Euro holds at 13-month lows despite Turkish central bank measures; Chinese industrial production in focus

Posted on August 13, 2018 at 11:55 am GMT

Here are the latest developments in global markets: FOREX: The US dollar index was little changed on Monday (+0.07%), while dollar/yen headed lower by 0.50%, completing a six-week low at 110.10 as political tensions between the US and Turkey enhanced interest for safer assets. Euro/dollar remained negative, last seen at 1.1385 (-0.23%) after it opened with a gap down today following Friday’s strong sell-off. The pair posted a 13-month trough as a slide in the Turkish lira sparked fears that Turkish borrowers could fail to submit loan payments [..]

Technical Analysis – Gold trades around 17-month low in short term trading range

Posted on August 13, 2018 at 8:53 am GMT

Gold prices have been developing within a sideways channel over the last ten days with upper boundary the 1217 resistance level, and lower boundary the 1204 support level. It is worth mentioning that the price recorded a fresh 17-month low of 1203.55 earlier on Monday. The technical structure enhances the argument that the outlook is entirely negative at the moment. Looking at momentum oscillators in the 4-hour chart, they suggest further declines may be on the cards in the short-term. The RSI is approaching the threshold [..]

Is gold becoming increasingly vulnerable to a “short squeeze”? – Commodity News

Posted on August 10, 2018 at 11:41 am GMT

Gold prices continue to hover just above their 17-month lows, as a strong US currency is casting a long shadow on the dollar-denominated metal. The safe-haven now rests at a crucial technical crossroads, with a break in either side of its latest range likely to provide short-term direction. More broadly, bearish sentiment on gold appears to be at extreme levels, which may render prices vulnerable to a “short squeeze” – implying that any piece of gold-friendly news could lead to [..]

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