gold

Daily Market Comment – Dollar slips as no stimulus deal in sight yet; Gold pares losses

Posted on August 13, 2020 at 8:34 am GMT

US Treasury yields fall back as Washington no closer to reaching stimulus deal Dollar retreats, helping gold recover some losses; stocks subdued US data, China trade talks on markets’ radar for the next few days Talks on virus relief bill stumble again The Trump administration and Democrats appear no closer to finding a compromise deal on a new virus relief package as the latest efforts to kick start the negotiations prove fruitless. Talks between the two sides have been at [..]

Daily Market Comment – Vaccine fever shakes markets, RBNZ shoots kiwi down

Posted on August 12, 2020 at 9:17 am GMT

Vaccine news catapult global yields higher, push stocks lower Gold falls without a parachute – has it peaked? Dollar inches higher amidst the turbulence, but Fed speakers are a risk RBNZ expands QE and opens door to negative rates, kiwi stumbles Putin says Russia has developed the first vaccine President Vladimir Putin unleashed mayhem in financial markets on Tuesday, after he announced to the world that Russia has developed the first successful coronavirus vaccine. Global bond yields erupted higher [..]

Technical Analysis – Gold sells off, correction extends to 200-MA

Posted on August 12, 2020 at 8:19 am GMT

Over the past few days, gold has aggressively corrected from its all-time high of 2,074.89 after failing to close above the 2,072 level, that being the 423.6% Fibonacci extension of the pullback from 1,765 to 1,670. The yellow metal plummeted below the Ichimoku cloud, taking out the 50- and 100-period simple moving averages (SMAs) in the process. However, the adjustment came to a halt at the 200-period SMA at 1,873, which happens to also be the 50.0% Fibonacci retracement of [..]

Daily Market Comment – US stocks flirt with record highs, gold retraces

Posted on August 11, 2020 at 8:57 am GMT

S&P 500 cruises towards all-time high as Trump floats capital gains tax cut Markets also take heart from ‘soft’ Chinese retaliation against US Gold pulls back as dollar and bond yields recover RBNZ meets overnight, might ‘talk down’ the kiwi more forcefully Wall Street sets its sights on new records Financial markets seem to have concluded that better days lie ahead for the global economy, with most asset classes trading in a buoyant manner this week. The S&P 500 is [..]

Daily Market Comment – Dollar gets a second wind after US payrolls, can it last?

Posted on August 10, 2020 at 10:44 am GMT

Decent US jobs report triggers a short squeeze in the dollar Is the reversing trend in European/American virus cases going to show up in euro/dollar? Trump signs executive orders to bypass Congress and provide more stimulus Muted market reaction to this – does it imply less stimulus overall? Dollar shorts get squeezed after payrolls The world’s reserve currency got a second wind on Friday, recovering some lost ground after a decent US employment report saw traders cover or trim some [..]

Technical Analysis – Gold’s stability may not be a worry above 2,000-1,939 zone

Posted on August 10, 2020 at 7:32 am GMT

Gold finished Friday’s session in the red after pulling slightly below its new record high of 2,079, but overall managed to add another constructive week for the ninth consecutive time. In the daily chart, technical signals remain cautiously bullish. The RSI hit a wall near its previous high in the overbought zone and reversed south, the Stochastics are also pointing downwards after printing a lower high, while the MACD, although above its red signal line, seems to be losing momentum. [..]

Daily Market Comment – Trump fans the geopolitical flames ahead of NFP

Posted on August 7, 2020 at 10:49 am GMT

Nonfarm payrolls to set the tone for markets, along with stimulus negotiations Trump fires another salvo at Beijing, bans transactions with Tencent, moves to delist Chinese firms Geopolitical worries keep dollar alive, Wall Street set to snap 5-day winning streak Nonfarm payrolls: A most uncertain one The main event today will be the US employment report for July. The consensus is for the US economy to have added another 1.6 million jobs, pushing the unemployment rate down to 10.5%, from [..]

Daily Market Comment – Bank of England lifts sterling; dollar battered but still standing

Posted on August 6, 2020 at 8:49 am GMT

Sterling jumps after BoE seems reluctant towards negative rates, upgrades forecasts Stocks climb, dollar resumes downfall as markets keep betting Congress will deliver Dollar testing a crucial support area again – tomorrow’s NFP may be pivotal Otherwise, the spotlight remains on whether Congress will reach a deal soon BoE strikes a more cheerful tone, pound listens The Bank of England (BoE) unanimously voted to keep its policy unchanged today and struck a fairly optimistic tone. Even though it acknowledged the [..]

Daily Market Comment – Nasdaq conquers new heights as US infections slow down

Posted on August 4, 2020 at 8:37 am GMT

Stocks gain altitude on slowing contagion and encouraging data Most currencies trade in wide ranges, but go nowhere Overall, market focus remains on Congress, where little progress is apparently being made Nasdaq hits new records as tech keeps the dream alive Positive sentiment dominated financial markets at the onset of the new week, with global stock indices and risk-sensitive commodities like oil edging higher, powered by a persistent slowdown in US infections and some encouraging manufacturing numbers. America reported fewer [..]

Daily Market Comment – Dollar shrugs off ratings downgrade, RBA in focus

Posted on August 3, 2020 at 8:29 am GMT

Dollar rebounds on profit-taking and short-covering, despite Fitch downgrade – is this a dead cat? Stocks remain near highs as tech giants fly, next big move depends on Congress Australia tightens lockdown in Victoria, telegraphing dovish shift by RBA overnight Dollar shows signs of life, but is it just flows? The world’s reserve currency staged a comeback on Friday and continues to lick its wounds at the start of the new week, shrugging off a credit ratings downgrade by Fitch. [..]

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