All Articles Tagged - gold

Daily Market Comment – Dollar gains more ground on stimulus hopes but stocks softer

Posted on February 4, 2021 at 9:56 am GMT

Dollar at fresh 2-month high as US yields rise further on stimulus expectations But Wall Street turns more cautious, Asian stocks wobble on Chinese liquidity worries Pound skids ahead of Bank of England decision, euro can’t catch a break Dollar strengthens further on rosy US outlook Rising optimism about the US economic outlook lifted the greenback to a fresh 2-month top on Thursday as investors bet that the American economy will outperform on the back of the Biden administration’s pledge [..]

Technical Analysis – Gold gets congested near tough resistance after positive gap

Posted on February 1, 2021 at 8:35 am GMT

Gold opened Monday’s session with a small positive gap, which settled the price slightly above its constraining simple moving averages (SMAs) and near the tough topline of the descending channel at 1,864. A decisive close above that resistance trendline is required to keep the bulls in play. However, the 38.2% Fibonacci retracement of the August downfall at 1,883 and the surface of the Ichimoku cloud are placed in the same location, increasing the difficulty of such a violation. The RSI [..]

Daily Market Comment – US stimulus delays cool sentiment

Posted on January 26, 2021 at 9:33 am GMT

Delays in Biden’s relief timeline keep animal spirits in check Euro/dollar retests key support region as Eurozone troubles grow Gold in a holding pattern, waiting for the next catalyst Have retail traders ‘broken’ the market’s plumbing? Volatility is back It’s been a hectic start to the new week. US stock markets took a sharp dive on Monday for no apparent reason, but quickly recouped those losses and still managed to close at record highs. It seems that an army of [..]

Technical Analysis – Gold edges sideways, confined by SMAs

Posted on January 25, 2021 at 9:05 am GMT

Gold is consolidating around its 200-day simple moving average (SMA), after recently collapsing from the resistance ceiling of 1,960-1,974, which has been curbing gains since early September 2019. The converging SMAs and their fairly reduced gradients are fuelling a more neutral demeanour in the commodity. The short-term oscillators are suggesting directional momentum has somewhat dried up but are leaning ever so slightly towards the downside. The MACD, marginally underneath zero, is merely below its red trigger line, while the RSI [..]

Technical Analysis – Gold meets 100-SMA again; neutral bias

Posted on January 20, 2021 at 3:06 pm GMT

Gold prices have been developing within a consolidation area over the last almost two-weeks with upper boundary the 1,863 resistance and the 100-period simple moving average (SMA) and lower boundary the 1,817 support level. However, the technical indicators are not supporting this horizontal trajectory, but they are showing mix signals. The stochastic is standing in the overbought zone but is pointing down and the RSI is heading north in the positive area. A successful climb above the 1,863 crucial level could take the yellow [..]

Daily Market Comment – Stocks climb, dollar slips as Yellen makes case for more stimulus

Posted on January 20, 2021 at 9:53 am GMT

Stocks power higher after Yellen calls for more big spending to fight pandemic Risk assets rally ahead of Biden inauguration as reflation trade boosted Dollar under renewed selling pressure, gold capitalizes Yellen talks up big spending Risk appetite was riding high on Wednesday after Treasury Secretary nominee Janet Yellen reignited hopes of more massive stimulus packages in the United States in her confirmation hearing yesterday. Yellen went out of her way to make the case for higher spending to counter [..]

Daily Market Comment – Strong China GDP can’t shake off virus blues, dollar firms

Posted on January 18, 2021 at 9:55 am GMT

Markets wrestle vaccine and stimulus optimism with worsening near-term gloom Upbeat Chinese GDP highlights global growth disparity as US retail sales sag Euro stuck in the doldrums, eyes Italian confidence votes China notches up positive full-year growth in 2020 As most major economies struggle under the weight of the pandemic, China is demonstrating to the world that a full recovery from the virus slump is possible. China’s gross domestic product (GDP) rose by an annual rate of 6.5% in the [..]

Technical Analysis – Gold is capped by 200-day SMA; holds in descending channel

Posted on January 18, 2021 at 8:01 am GMT

Gold prices are posting some gains, touching the 200-day simple moving average (SMA), which is acting as strong resistance in the short-term. In the broader picture, the price has been holding in a descending channel since the pullback from the record high of 2,074.89 on August 7. In terms of trend indicators, the Ichimoku lines are heading south alongside the 20- and 40-day SMAs. However, the %K line of the stochastic oscillator is posting a bullish crossover within the %D [..]

Technical Analysis – Gold struggles below 50.0% Fibonacci; flat in short-term

Posted on January 13, 2021 at 8:03 am GMT

Gold prices found significant resistance around the 50.0% Fibonacci retracement level of the upward wave from 1,764 to 1,959.32 at 1,862, holding marginally above the 20-period simple moving average in the 4-hour chart. According to the technical indicators, the stochastic is looking overbought, as the %K line jumped above the 80 level after a bullish cross with the %D line. Moreover, the RSI is flattening around the 50 level, confirming the recent neutral bias on price. Should the precious metal [..]

Daily Market Comment – Dollar and equities roar as Biden promises fresh stimulus

Posted on January 11, 2021 at 9:52 am GMT

President-elect Biden pledges new relief package worth ‘trillions’ Stocks hit new records, dollar comes back to life, gold purged Is the market now trading the ‘growth narrative’ instead of ‘reflation’? Reflation or growth trade? It matters for USD Hopes that the Biden administration will unleash a federal spending spree came to fruition late last week, after the incoming US President pledged a new relief package in the ‘trillions of dollars’ to revitalize the American economy. The details of this plan [..]

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