All Articles Tagged - gold

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 8:23 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 develops in symmetrical triangle; lacks clear direction

Posted on September 16, 2020 at 6:58 am GMT

Gold prices have been trading within a triangle formation in the short term with a break outside it likely to determine the next trend direction. Looking at momentum oscillators on the 4-hout chart, they suggest further sideways moves may be on the cards. The RSI is pointing south above its neutral 50 line, detecting negative momentum, while the MACD lies below its trigger line with horizontal movement above its zero level. Currently, the precious metal stands above the short-term moving [..]

Daily Market Comment – Dollar back under fire as risk appetite ramps up

Posted on September 15, 2020 at 8:12 am GMT

Equity markets stay green as Chinese data keep the positive mood going Dollar back on the chopping block, other currencies rejoice Sterling barely reacts to Parliament vote, but lots of drama ahead Is the correction over already? Global markets continue to dance to a risk-on beat, with US stock indices riding the vaccine hype train higher and the defensive dollar staying under fire. The positive mood was reinforced by the latest batch of data out of China overnight, which showed [..]

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. [..]

Technical Analysis – Gold sustains bullish tone despite crawling sideways

Posted on September 7, 2020 at 8:15 am GMT

Gold is currently extending a sideways pattern above the simple moving averages (SMAs) and the 1,900 psychological number. Directional momentum has dried up as displayed by the steadied Ichimoku lines. Nonetheless, the rising SMAs continue to dictate a predominant bullish bias. The short-term oscillators reflect a relatively paused picture under a restrictive diagonal line drawn from the all-time high. The MACD has remained somewhat in the positive region but beneath its red signal line, while the RSI hovers marginally underneath [..]

Technical Analysis – Gold edges sideways; negative pressures dwindle

Posted on September 2, 2020 at 9:21 am GMT

Gold has bounced on the Ichimoku cloud’s upper surface, while the simple moving averages (SMAs) converge slightly beneath. The recent weakness from the 1,992 barrier appears to be receding as the Ichimoku lines stabilise. Nonetheless, the SMAs and the Ichimoku cloud continue to dictate a neutral demeanour that has grasped the commodity for the last two weeks. The oscillators suggest mixed signals of directional momentum. The MACD is weakening in the positive region, slipping below its red signal line. Yet, [..]

Daily Market Comment – Sinking dollar lifts all FX boats

Posted on September 1, 2020 at 8:16 am GMT

Dollar breaks down across multiple charts, without a clear trigger Other major currencies climb alongside gold, Nasdaq hits new records Today: European inflation, US manufacturing, and Fed’s Brainard Dollar: The pain train rolls on There is no shortage of volatility in the FX arena. The world’s reserve currency continues to break down, in fear that the Fed’s new regime shift may succeed in driving inflation higher and diminish the greenback’s future purchasing power. The dollar index sank to a fresh [..]

Technical Analysis – Gold capped by SMA but retains bullish outlook

Posted on August 31, 2020 at 7:05 am GMT

Gold prices have been capped by the 20-day simple moving average (SMA) but have found strong support at the 1,900 psychological level. The sideways move over the last week is confirmed by the RSI indicator, which is flattening near the neutral threshold of 50, while the red Tenkan-sen and the blue Kijun-sen lines are moving horizontally as well. However, the MACD oscillator is trying to strengthen its momentum below its trigger line and above the zero level. A successful jump [..]

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