gold

Daily Market Comment – Dollar slips, stocks rally as world awaits next US president

Posted on November 3, 2020 at 9:58 am GMT

Few signs of market jitters on Election Day despite uncertainty about outcome Strong manufacturing data help ease virus fears, stocks bounce back Dollar retreats from highs, aussie shrugs off rate cut to turn higher Biden still in the lead, Trump talks legal action Americans go to the polls today to vote for the next president of the United States following a chaotic election campaign amidst a global pandemic. Most final polls ahead of the election put Democratic candidate Joe Biden [..]

Daily Market Comment – Upbeat China PMI lifts mood but dollar holds firm

Posted on November 2, 2020 at 9:42 am GMT

Stocks edge up as Chinese manufacturing rebound gathers pace in October But dollar maintains gains as US election and Fed meeting lurk around the corner Pound slips as England back in lockdown, aussie down ahead of RBA Calm before the storm? Equities got off to a somewhat positive start on Monday as stronger-than-expected manufacturing PMI data out of China provided investors with some respite from the doom and gloom of the pandemic. A quickening in Chinese manufacturing activity in October [..]

Technical Analysis – Gold fades below capping MAs; sideways tone remains

Posted on October 29, 2020 at 3:58 pm GMT

Gold was recently redirected downwards by its congested simple moving averages (SMAs), neutralising the gradual one-month incline from 1,848. The fairly sideways demeanour of the SMAs over the last month, endorses the commodity’s neutral tone between the boundaries of 1,845 and 1,933. The short-term oscillators convey opposing signals in directional momentum. The MACD is declining below its red trigger line in the negative region, while the downward sloping RSI is flirting with the 30 mark. The stochastic oscillator maintains a [..]

Daily Market Comment – Stocks tank, yen shines amid lockdown blues; ECB coming up

Posted on October 29, 2020 at 10:09 am GMT

Panic selling in equities as France and Germany announce new virus-fighting measures Yen and dollar surge amid the turmoil, commodity FX and gold hammered Markets have stabilized on Thursday, but the calm seems fragile Today: ECB policy decision, German inflation, US third-quarter GDP Equities fall apart, haven currencies shine Global markets buckled under the weight of the new shutdowns in Europe yesterday, with the newfound uncertainty around the US election making matters worse. The straw that finally broke the camel’s [..]

Technical Analysis – Gold in wait-and-see mode ahead of US election; bears eye 1,900

Posted on October 26, 2020 at 8:44 am GMT

Gold completed another indecisive week, maintaining a horizontal trajectory within the 1,848-1,930 area as the final countdown to the US election nears an end, the stimulus confusion remains intact, and vaccine hopes rise. The technical indicators justify the sideways move in the price, with the RSI remaining muted around its 50 neutral mark and the MACD stabilizing between its zero and signal lines. On the downside, the 1,900 level is a crucial barrier to watch, especially in the weekly chart [..]

Daily Market Comment – Stimulus deal moves closer; stocks cheer but dollar sags

Posted on October 21, 2020 at 8:58 am GMT

Talks continue on virus relief bill as Trump backs large stimulus Stocks rise but gains contained amid doubts about Republican support Dollar slumps to one-month low as euro soars, gold catches a bid too Markets anxiously await a stimulus deal Growing optimism that a bipartisan deal on a new coronavirus aid package in the United States is within reach lifted equities on Wednesday while investors dumped the safe-haven US dollar. Talks between House Speaker Nancy Pelosi and Treasury Secretary Steven [..]

Technical Analysis – Gold ranges between 50 and 100 SMAs; momentum feeble

Posted on October 19, 2020 at 8:15 am GMT

Gold seems to be adopting a sideways pattern after retreating under the Ichimoku cloud. The guiding and constricting 50- and 100-day simple moving averages (SMAs), as well as the horizontal Ichimoku lines, further back the suspended picture of the commodity. The short-term oscillators suggest a frozen state of directional momentum. The MACD, in the negative region, is holding above its red signal line but slightly below its zero mark, while the RSI is zig zagging around its neutral threshold. A [..]

Technical Analysis – Gold recoups some losses, holding above 100-SMA

Posted on October 14, 2020 at 10:08 am GMT

Gold prices bounced off the 23.6% Fibonacci retracement level of the down leg from 2,015 to 1,848 at 1,887, moving above the 100-period simple moving average (SMA). The technical indicators are endorsing the upside movement of the last couple of sessions. The RSI is standing near the neutral level of 50, while the stochastic is moving higher after the bullish cross within the %K and %D lines. An extension to the upside could take the precious metal until the 40-period [..]

Daily Market Comment – Art of the Deal sends equities higher, torpedoes dollar

Posted on October 12, 2020 at 11:38 am GMT

White House bumps stimulus offer to $1.8 trillion, stock market cheers Kudlow hints this offer could be raised further, keeping optimism alive Dollar slides amid renewed deficit concerns, gold capitalizes ECB chief economist prepares the ground for more easing Markets cheerful as stimulus negotiations resume In an epic reversal after pulling out of the stimulus talks last week, Donald Trump came back to the negotiating table on Friday with a counteroffer of $1.8 trillion, sparking hopes that a deal is [..]

Technical Analysis – Gold flirts with 23.6% Fibonacci; holds in bearish move

Posted on October 12, 2020 at 6:43 am GMT

Gold has found immediate resistance at the 23.6% Fibonacci retracement level of the up leg from 1,454 to 2,074.89 at 1,927 and the 40-day simple moving average (SMA). The downside correction over the last two months is now being confirmed by the weak momentum in the MACD oscillator and the downward slope in the RSI. However, if there is a significant step above the 23.6% Fibonacci, the door could open for the 1,972 barrier and the 2,015 hurdle. Moving higher, [..]

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