gold

Technical Analysis – Gold recoups some losses; SMAs act as strong resistance

Posted on October 7, 2020 at 7:04 am GMT

Gold is recouping some of the losses it posted on Tuesday, hitting the 23.6% Fibonacci retracement level of the down leg from 2,015 to 1,848 at 1,887. The technical indicators seem to be mixed, as the RSI is sloping upwards in the bearish area, while the MACD is still holding beneath its trigger and zero lines with weak momentum. If the positive bias continues above the 23.6% Fibo, the price could first meet the 40-period simple moving average (SMA) at 1,896.50, before the 20-period SMA at [..]

Daily Market Comment – Equities recover as Trump keeps stimulus hopes alive

Posted on October 5, 2020 at 10:40 am GMT

Sentiment recovers on signs that stimulus deal is still in play Stocks rebound alongside crude oil, Japanese yen and gold retreat Markets to stay focused on ultimate game of ‘Deal or No Deal’ Coming up: ISM non-manufacturing and RBA policy decision Markets take solace from signs stimulus is coming Global markets opened on a cheerful note on Monday, emboldened by hopes that a relief package deal can still be brokered in America and that President Trump’s health is improving. The [..]

Technical Analysis – Gold short-term bias skewed to the downside; long-term uptrend intact

Posted on October 5, 2020 at 7:39 am GMT

Gold opened on the negative side on Monday, unable to remove the barrier around the 38.2% Fibonacci of the 1,670-2,079 upleg and stretch into the 1,900 zone. The 20-day simple moving average (SMA) also happens to be in the neighbourhood, adding extra importance to the region. In the short-term picture, the metal pierced the previous low from August 12, marginally though, before bouncing up, while the 20- and the 50-day SMAs have recently posted a bearish cross, creating speculation that the downward direction may be extended. [..]

Daily Market Comment – Markets tank as Trump tests positive for covid, nonfarm payrolls coming up

Posted on October 2, 2020 at 8:55 am GMT

Equities sink, dollar jumps as President Trump gets coronavirus How does this affect election dynamics? Is Biden bad for markets? Sterling trades like a pinball machine amid conflicting Brexit headlines US jobs report is the main event today, European inflation data too Trump throws markets into disarray Global markets are tanking on Friday after US President Trump confirmed he has tested positive for covid-19, injecting another dose of uncertainty into election dynamics. Wall Street futures were already flashing red because [..]

Technical Analysis – Gold fades from restrictive line to 100-day SMA

Posted on September 28, 2020 at 8:25 am GMT

Gold has found some footing on the 100-day simple moving average (SMA), after deflecting off a preventive line drawn from the all-time high of 2,074 and dropping below the Ichimoku cloud. The paused bearish Ichimoku lines transmit weakness in negative momentum, while all SMAs maintain a bullish tone. That said, the MACD and the RSI reflect the stall in downwards price action, while the stochastics aim to improve. The MACD has eased in bearish territory, while the RSI floats above [..]

Technical Analysis – Gold’s bearish drive accelerates; downward risks grow

Posted on September 23, 2020 at 7:40 am GMT

Gold is gaining negative momentum beneath the simple moving averages (SMAs) and the Ichimoku cloud, as reflected in the declining Ichimoku lines. The commodities’ recent break out of the sideways market is also receiving backing from the evolving bearish tone in the SMAs. The short-term oscillators further convey the descent in the precious metal. The MACD, in the negative region, is weakening below its red trigger line, while the RSI has dipped into oversold territory. Additionally, the descending stochastic lines [..]

Technical Analysis – Gold maintains weak bias in near term; broader trend is bullish

Posted on September 21, 2020 at 6:55 am GMT

Gold prices have been underperforming in the past month, hovering around the 20- and 40-day simple moving averages (SMAs) and slightly above the Ichimoku cloud. When looking at the bigger picture the price has a clear upside tendency despite the latest sideways movement after the pullback on the all-time high of 2,074.89. In the daily timeframe, momentum is too weak to provide a sustained move higher. The RSI is moving horizontally marginally above the 50 level, while the MACD is [..]

Daily Market Comment – Investors heartbroken after Fed fires a blank, BoE next

Posted on September 17, 2020 at 10:21 am GMT

Fed commits to inflation overshooting regime, but delivers no new measures Dollar grinds higher, stocks in agony as investors expected heavier artillery Yet, this is probably not a game changer in the bigger picture Attention now turns to the Bank of England decision today Fed takes a small step back, markets throw a tantrum It was another eventful FOMC meeting. The Fed officially embraced its new inflation overshoot regime, albeit not unanimously. The vote was 8-2, with Kaplan and Kashkari [..]

Technical Analysis – Gold’s next action could occur outside the triangle

Posted on September 14, 2020 at 7:45 am GMT

Gold opened with weak momentum on Monday, showing little interest to exit the one-month old horizontal trajectory that is taking place within the 1,900-2,000 area. Although not very clear, the sideways move seems to be completing a symmetrical triangle, where any clear break below or above it could determine the next direction in the market. Meanwhile the momentum indicators are reflecting a neutral-to-bearish short-term risk as the RSI continues to hover around its 50 neutral mark, while the Ichimoku indicators ( [..]

Daily Market Comment – Tesla leads Nasdaq slump as tech rout deepens; dollar up

Posted on September 9, 2020 at 9:02 am GMT

Tech selloff broadens, hitting global equities; Wall Street plunges for third straight day AstraZeneca’s vaccine trial setback adds to negative mood Dollar and yen rise on growing risk aversion, but gold still directionless Pound extends slide as Brexit troubles weigh; loonie looks to BoC for support Is this the end of the tech rally? Equity markets were reeling on Wednesday from a third consecutive day of declines on Wall Street yesterday as big-name tech stocks suffered another major selling episode. [..]

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