All Articles Tagged - gold

Technical Analysis – Gold maintains positive structure despite negative pressures

Posted on April 21, 2020 at 12:07 pm GMT

Gold appears to be breaching the 1,678 level, that being the 23.6% Fibonacci retracement of the up leg from 1,455.17 to 1,746.95, and the 1,672 inside swing high, following a pullback off the 88-month peak of 1,746.95. The short-term oscillators confirm the recent deterioration in the price. The MACD, deep in the positive region, has faded towards its red trigger line while the RSI, in the bullish zone, has dwindled nearing the neutral mark. Moreover, boosting further declines are the [..]

Daily Market Comment – Oil plummets, but stocks hold their ground

Posted on April 20, 2020 at 8:56 am GMT

Loonie drops as WTI crude oil plummets to two-decade low Yet, rest of the market still calm – stocks near recent highs, yen and gold retreat Are stocks exaggerating the V-shaped recovery, or is there nothing else to buy? Demand fears devastate oil prices The energy market is back under immense pressure, with WTI crude falling below $15 per barrel today for the first time since 1999 as investors increasingly realize that there’s so much excess supply that storage space [..]

Daily Market Comment – Virus drug hopes, Trump reopening plan fuel optimism; dollar holds firm

Posted on April 17, 2020 at 8:28 am GMT

Risk appetite returns on promising coronavirus drug and hope of shutdowns ending soon Stocks re-energized, gold dips but dollar resilient China reports first ever drop in GDP, but markets stay positive Trump wants to reopen economy, markets like it The mid-week souring in risk sentiment is seeing a turnaround as optimism for a way out of this virus crisis returns to the markets. After a series of data showing a collapse in key US economic indicators, ranging from retail sales [..]

Daily Market Comment – Dire US data send stocks spinning, dollar flying higher

Posted on April 16, 2020 at 8:39 am GMT

Fears of global economic slump heightened after dreadful US data Flight to safety hammers stocks, lifts dollar Talk of easing lockdowns fails to comfort markets Markets spooked as gloomy predictions start to turn to reality Reality has come back to bite the markets, taking the steam out of the relief rally in stocks, as investors grapple with the prospect of economic devastation from the virus pandemic. Data released in the United States on Wednesday showed a record slump in retail [..]

Technical Analysis – Gold rallies near 7½-year high; pauses bullish move

Posted on April 15, 2020 at 7:37 am GMT

Gold prices advanced to a fresh seven-and-a-half-year peak of 1,746.95 on Tuesday, continuing the upside tendency from the rebound off 1,456 on March 20. However, the technical indicators are suggesting a possible downside retracement in the 4-hout chart. The RSI seems to be losing momentum returning near the 70 level, while stochastics are approaching the oversold territory. The red Tenkan-sen is capping the price and the blue Kijun-sen is flattening, all signaling a more cautious trading in the short term. A drop lower would [..]

Daily Market Comment – Stocks edge up as earnings get underway amid stabilizing virus cases

Posted on April 14, 2020 at 8:23 am GMT

Stocks head higher as easing virus outbreak lifts mood But risk of over-optimism as US earnings poised to unveil virus hit Pound and aussie extend gains as dollar retreats Is the global pandemic peaking? Cautious optimism that the global pandemic of the coronavirus may have started to peak pulled global equities higher on Tuesday just as traders are about to find out what the impact of the outbreak was on corporate earnings. Stocks in Asia ended the day between 1-3% [..]

Technical Analysis – Gold gains backing for push to multi-year high

Posted on April 13, 2020 at 8:22 am GMT

Gold is presently attempting to breach the 1,690 resistance, after holding above the near-term uptrend line drawn from March 20. The recent positive price action off the ascending line appears to be reflected in a bullish crossover of the Kijun-sen line by the upward sloping Tenkan-sen line. The short-term oscillators continue to confirm the positive sentiment from the 1,566 level, with the MACD, in the positive region, increasing above its red trigger line while the RSI gradually advances in the [..]

Daily Market Comment – OPEC cuts, but oil and stocks don’t ‘buy it’

Posted on April 13, 2020 at 8:18 am GMT

OPEC+ agrees to an almost 10 million barrels/day supply cut Oil opens higher, but surrenders most gains as compliance doubts set in Stocks turn red, yen and gold inch higher in holiday-thinned trading OPEC cuts, but oil can’t stay afloat The world’s biggest oil producers finalized a historic deal to cut their production over the weekend, in an attempt to stabilize a market that has been ravaged by collapsing demand. After a few hiccups with Mexico, OPEC and its allies [..]

Daily Market Comment – Fed lifts stocks, sinks dollar, turbocharges gold

Posted on April 10, 2020 at 8:31 am GMT

Fed goes ‘all in’ – unveils new $2.3 trillion lending program Stocks climb, dollar drops, and gold goes into overdrive But are markets realistic about the long-term damage? Oil falls after OPEC deal disappoints in size and scope Fed pulls out all the stops to cushion economy, stocks smile The US central bank rode to the rescue once again on Thursday, rolling out a gigantic $2.3 trillion lending package to help smaller and medium sized businesses as well as local [..]

Technical Analysis – Gold snaps an improving pose ahead of the uptrend line

Posted on April 8, 2020 at 7:52 am GMT

Gold appears to have found some footing at the 1,643 level from March 26 as it creeps towards a very short-term uptrend line drawn from the 1,455.17 low of March 20. Although the simple moving averages (SMAs) are not giving the strongest and clearest trend signals, they do lean slightly to the positive picture, specifically the 50- and 100-period SMAs. That said, the short-term oscillators are suggesting that positive directional momentum may be starting to pick up. The MACD, in [..]

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