All Articles Tagged - gold

US Open Note – Dollar lacks direction amid market calm; US stocks freeze

Posted on April 12, 2021 at 1:00 pm GMT

Dollar flattens in absence of data today; pound rises A calm day is on the table as dollar/yen is stable around 109.35 and the US dollar index is moving horizontally and marginally below the 200-day simple moving average (SMA) as the US data in the next days may drive the greenback even higher. The US Congress is starting to work on the infrastructure package with President Biden meeting centrist lawmakers from both parties. It is noteworthy that the US fiscal stimulus will be [..]

Daily Market Comment – Firm start for dollar after upbeat Powell; stocks cautious ahead of earnings

Posted on April 12, 2021 at 9:13 am GMT

Dollar edges up after uptick in US producer prices and a more positive Powell But yields ease slightly ahead of huge Treasury auctions Equities weighed by earnings caution and fears of China policy tightening Dollar tries to put bad week behind it It was a relatively calm start to the week in FX markets, but the momentum seems to be clearly behind the US dollar following a jump in US producer prices on Friday as well as Fed Chair Powell [..]

Technical Analysis – Gold takes a breath around SMAs; still bearish in long term

Posted on April 12, 2021 at 6:39 am GMT

The gold price has been trading within a downward sloping channel over the last eight months, after the market reached the record high of 2,074.89. Currently, the rebound off the 1,676 support is helping the yellow metal to hold within the channel and around the short-term moving averages. From the technical perspective, the stochastic is heading south, following the bearish cross within the %K and %D lines, while the RSI is pointing down near the neutral threshold of 50. In [..]

Daily Market Comment – US equities continue to rampage as Powell reassures

Posted on April 9, 2021 at 8:32 am GMT

Dollar headed for losing week as Fed rate hike bets cool Stock market party continues to rage, gold attempts comeback ECB minutes cheer up the euro, sterling loses its shine ‘Opposite week’ in currencies It’s been an eventful week for currency markets, with the trends that dominated earlier in the year going into reverse. In the first quarter, investors became confident the Fed would raise interest rates by next year already thanks to a rosier economic outlook, resulting in a [..]

US Open Note – Dollar drives on a slippery road as euro fights key resistance

Posted on April 8, 2021 at 1:07 pm GMT

Risk-on weighs on dollar Reduced appetite for safety kept the dollar pinned on the downside during the European trading hours as the FOMC meeting minutes reiterated late on Wednesday what markets already know about the progressive recovery in the US economy and the Fed’s commitment to keeping policy super accommodative until it sees sustainable growth. As usual, the minutes also highlighted that any upside inflation pressures this year will likely be transitory and interest rates will not rise before 2024. [..]

Technical Analysis – Gold falls near 100-period SMA in neutral mode

Posted on April 7, 2021 at 8:54 am GMT

The gold price has reversed back down again after finding resistance around the 1,747 mark, holding marginally above the 100-period simple moving average (SMA). The price has been moving within a consolidation area with the 1,755 barrier as upper boundary and the 1,676 support as lower boundary; a range that has held since February 26. Momentum indicators are pointing to a negative bias in the short term with the RSI just below 70 and the stochastic oscillator easing from bullish territory and it has posted a bearish cross within the [..]

US Open Note – European stocks in cheerful mode; dollar is still the king despite pullback

Posted on April 6, 2021 at 1:15 pm GMT

European indices hit record highs, but economic outlook still bleak The European equities had a pleasant start after a long weekend on Tuesday, rushing to catch up with the rally in US rivals, sending the STOXX 600 and the German DAX 30 to fresh record highs early on Tuesday. The stock rally emerged after a barrage of US data provided evidence that the recovery in the biggest economy of the world is picking up steam, while news that some Democrats favor [..]

US Open Note – Dollar’s bullish trend is your friend; pound at 2-week highs

Posted on April 5, 2021 at 1:07 pm GMT

Dollar’s bullish run could see more extensions Stock and bond trading will resume at normal hours today in the US, as European traders will remain out of the office to celebrate Easter Monday. Following the stellar NFP release on Friday, the ISM non-Manufacturing PMI for March will probably extend its upward trajectory comfortably within the expansion area at 14:00 GMT, backing the progress outlined by the Markit PMI readings, which will also see their final revision a few minutes before [..]

Technical Analysis – Gold’s double bottom not enough for an outlook reversal

Posted on April 5, 2021 at 7:36 am GMT

Gold has created a potential double bottom pattern around 1,676, raising hopes that a bullish trend reversal could be in progress. Traders, however, should be cautious as the blue Kijun-sen line continues to cap upside corrections, while the RSI seems to be struggling to crawl above its 50 neutral mark despite its rebound off the oversold area. The MACD keeps hovering above its red signal line and within the negative region, backing that narrative too. A confirmation of the bullish structure could come above the 1,745 neckline, [..]

US Open Note – NFP skyrockets, showing strong recovery in US; dollar turns green

Posted on April 2, 2021 at 1:00 pm GMT

Nonfarm payrolls surge by 916k; unemployment rate plunges Today’s nonfarm payrolls report is the biggest and only event of the day in the absence of any other data due to most markets being closed for Good Friday, with forex being the only notable market open. The report generated some volatility in the greenback after several months of muted impact. The US economy added 916k jobs in March from February’s job growth of 379k, beating expectations of a 660k increase, the strongest employment growth in seven months. The unemployment rate ticked [..]

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