All Articles Tagged - gold

US Open Note – Euro capitalizes on battered dollar; Canada unveils new fiscal plan

Posted on April 19, 2021 at 12:56 pm GMT

Europe in green as dollar struggles The persisting weakness in US Treasury yields and some encouraging vaccine news in Europe left the dollar bruised on Monday. The vaccine success in the US and the optimistic outlook for the economy, although supportive to the greenback, have become old news for traders, while the stabilization in US Treasury yields suggests the Fed is likely becoming more successful in convincing markets that monetary policy will remain accommodative at current levels until substantial progress [..]

Technical Analysis – Gold recaptures its gloss; flickers green

Posted on April 19, 2021 at 9:46 am GMT

Gold seems to have reacquired some of its shine after the positive pivot at the 1,723 level. Surpassing the 1,759 upper frontier of the short-lived sideways market has resurrected the upside bias. The commodity’s recent climb is confirmed with bullish signals by a formed inverted hammer, followed by an engulfing bullish candle as the price steered clearly over the aforementioned 1,759 ceiling. The downward slopes of the 50- and 100-day simple moving averages (SMAs) have flattened out, reflecting opposing forces [..]

Daily Market Comment – Battle for the dollar keeps raging, stocks fly

Posted on April 19, 2021 at 8:27 am GMT

· Forex market at a crossroads, dollar breaks crucial support zones · Stocks set new records as earnings season gets underway · Canadian budget in focus today, BoC and ECB meetings later this week Dollar reversal underway? The battle for the US dollar is unfolding in the FX arena, with the reserve currency having just broken crucial support regions across several charts. Euro/dollar has powered above the decisive $1.20 zone, while dollar/yen crossed swords with the 108.40 support barrier and [..]

Daily Market Comment – Yields plunge, defy logic, after blowout data, but dollar steadies

Posted on April 16, 2021 at 9:06 am GMT

US economy firing on all cylinders as data keeps getting better But Treasury yields in surprise fall; dollar off lows as gold jumps to 7-week high Wall Street hits another record on upbeat earnings US recovery gathers steam but Treasuries in puzzling move The US economic outlook continued to brighten after retail sales surged almost 10% in March and jobless claims declined to a new post-pandemic low last week. The stellar data indicate America’s recovery is racing ahead of its [..]

US Open Note – US retail sales surprises but dollar remains firm

Posted on April 15, 2021 at 1:11 pm GMT

US retail sales’ number stronger than expected The spotlight of the day is the US retail sales of March, which surprisingly increased to 9.8% m/m, surpassing the predictions of 5.9%, versus a contraction of 3% in February. The retail sales control group advanced to 6.9% from -3.4% before. Initial jobless claims came out too – filings for unemployment benefits – declining to 576k in the week ending April 10 from 769k before, the lowest level since the start of the coronavirus crisis in March 2020. The greenback [..]

Daily Market Comment – Dollar succumbs to Powell’s dovish tune; stocks mixed

Posted on April 15, 2021 at 9:13 am GMT

Powell reiterates that rate hikes are a long way off, pressing down on yields Dollar skids again but upside risk from retail sales and jobless claims Banks kick off US earnings with a bang but only Dow Jones rises Most dovish Fed Chair ever strikes again The US dollar slid and the 10-year Treasury yield held near three-week lows as Fed Chair Jerome Powell went out of his way to dampen fears of pre-emptive action to stem rising inflation. Speaking [..]

Technical Analysis – Gold snags necessary footing for retest of range’s ceiling

Posted on April 14, 2021 at 2:03 pm GMT

Gold recently established some positive traction off the converged simple moving averages (SMAs) and the Ichimoku cloud’s upper surface, after failing to previously clear the resistance band of 1,756-1,760. Currently the SMAs do not confirm a commanding price direction, however, the rising 50-period SMA is aiding the latest positive sentiment in the commodity. Likewise the Ichimoku lines are unclear of price direction and are demonstrating a state of evaporated directional impetus. Nonetheless, the oscillators are conveying mixed signals in short-term [..]

US Open Note – Stocks soar; dollar continues to slip as US yields fall

Posted on April 14, 2021 at 12:30 pm GMT

US dollar back to losses A downside move in the US dollar and the significant climb in US stock futures are the major themes of the day. The question is if this recovery is being driven by the fall in US yields after the milder-than-feared US CPI data. The US dollar index is approaching the 91.60 level, while dollar/yen is in the process of completing the third straight negative day around 109.00. Futures tracking the S&P 500, Nasdaq 100 and Dow Jones were pointing to a slight [..]

US Open Note – Stocks consolidate at highs, gold adopts negative trajectory

Posted on April 13, 2021 at 12:25 pm GMT

Stocks composed and dollar strengthens heading for US inflation data Stocks are suspended around their highs as market jitters are apparent as we near the release of the upcoming US inflation figures. Treasury yields and inflation remain some of the key drivers for market sentiment and in diagnosing the recovery pace. Improving yields and their bolstering effect on the greenback could be enhanced should the US Consumer Price Index (CPI) for March – due to be released at 13:30 GMT [..]

Daily Market Comment – Dollar steady, stocks mixed ahead of US inflation data

Posted on April 13, 2021 at 8:54 am GMT

Dollar drifts sideways in choppy trading as investors brace for jump in US inflation Stocks lack direction as yields firm, US data, earnings awaited Pound extends gains but most majors stuck in tight ranges, gold slides again All eyes on US inflation With yesterday’s $96 billion Treasury auction passing uneventfully, investors have turned their attention to the latest reading of the consumer price index out of the United States later today. Expectations of a spike in US inflation have been [..]

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