All Articles Tagged - gold

Technical Analysis – Gold finds obstacle near 23.6% Fibonacci; short-term bearish bias

Posted on May 6, 2019 at 8:43 am GMT

Gold prices is struggling below the 1285 mark, which is the 23.6% Fibonacci retracement level of the downleg from 1346.60 to 1266.29, a strong resistance during the past few weeks. From the technical point of view, in the 4-hour chart the stochastic oscillator is turning lower in the overbought territory, creating a bearish crossover between the %K and %D lines, while the RSI is sloping down in the positive area, suggesting a possible negative movement. If the market reverses even [..]

Technical Analysis – Gold develops in descending channel in near term

Posted on May 2, 2019 at 9:12 am GMT

Gold had found strong resistance at the 23.6% Fibonacci retracement level of the downleg from 1346.60 to 1266.29 around 1285 and is falling aggressively below the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. The stochastic oscillator is heading towards the oversold territory while the RSI entered the negative zone and is still pointing down. A move southward could initially find support near the 1266.29 – 1265 support zone before the price touches the lower boundary of the [..]

European Open Preview – Dollar buoyant ahead of Fed, but caution elsewhere amid mixed growth signals

Posted on April 30, 2019 at 8:06 am GMT

Solid US growth and muted inflation boosts US dollar and Wall Street But other majors sag as disappointing Chinese PMIs revive growth fears Fed to start two-day monetary policy meeting, unlikely to alter stance Dollar eases from 22-month high but remains supported ahead of FOMC meeting The US currency was outperforming its peers early on Tuesday as there was further evidence on Monday that growth in the world’s largest economy is picking up speed. Personal consumption in the US rose [..]

Technical Analysis – Gold stops sell-off near 4-month lows; eyes on downtrend line

Posted on April 22, 2019 at 9:47 am GMT

Gold printed fresh losses last week after remaining mostly stable in the first half of the month, slipping near a four-month low of 1,271 on Friday. The price, however, has been flirting with the lower Bollinger band in the past three sessions, while the Stochastics have already registered a bullish cross in oversold area below 20, both justifying today’s upside momentum in the market. Still, the line connecting the lower highs from the 1,346 peak, and a price below the Ichimoku cloud and its [..]

European Open Preview – Dollar powers ahead on strong US data; euro stumbles

Posted on April 19, 2019 at 8:07 am GMT

US dollar and Wall Street lifted by solid economic data and earnings But euro, pound, aussie and kiwi turn lower on Eurozone woes, resurgent dollar Thin liquidity expected today as many markets closed for Good Friday US recession fears ebb after retail sales bounce Dollar bulls made a comeback on Thursday after retail sales in the US unexpectedly surged in March and weekly jobless claims fell to their lowest in nearly half a century. The data once again highlighted the [..]

European Open Preview – Wall Street pulls back; euro hit by German PMIs

Posted on April 18, 2019 at 8:00 am GMT

US markets retreat as healthcare stocks ‘feel the Bern’ Moves in FX generally subdued, but euro takes a hit after German PMIs Retail sales data coming up in UK, US, and Canada today Wall Street inches down as healthcare stocks weigh ‘Sanders risk’ US equity markets retreated modestly on Wednesday, with losses in the healthcare sector eclipsing encouraging earnings elsewhere. The benchmark S&P 500 fell by 0.23%, weighed down by pharmaceutical giants UnitedHealth (-1.87%), Pfizer (-2.49%), and Merck (-4.72%), among [..]

European Open Preview – Dollar and yen pressured as China optimism lifts markets

Posted on April 15, 2019 at 8:22 am GMT

Safe-haven favourites, the dollar and the yen, trade near Friday’s lows as positive data out of China triggers a risk rally Encouraging comments from Mnuchin on US-China trade talks also helps risk sentiment Focus this week to centre on US earnings and China GDP ahead of long Easter weekend Jump in Chinese lending eases growth jitters Fears of a global slowdown, which were amplified early last week after the IMF lowered its global growth forecasts, subsided substantially on better-than-expected economic [..]

Technical Analysis – Gold maintains bearish bias below 1,300 in near term

Posted on April 15, 2019 at 6:53 am GMT

Gold remains under pressure and the risk is still to the downside as prices continue to drift lower from the 23.6% Fibonacci retracement level of the upleg from 1160 to 1346.61 around 1302 and beneath the 20- and 40-simple moving averages (SMAs) in the daily timeframe. The short-term technical indicators are bearish and point to more weakness in the market. The RSI indicator is moving slightly lower in negative territory, while the stochastic oscillator entered the oversold zone. The next target is the April [..]

European Open Preview – Earnings season kicks off; dollar struggles to advance

Posted on April 12, 2019 at 6:38 am GMT

US earnings season commences with JPMorgan & Wells Fargo Dollar advances alongside US yields, but pares gains Yen retreats ahead of US-Japan trade talks, gold follows Earnings season kicks off with major US banks US equity markets closed practically flat yesterday, though the Nasdaq Composite (-0.22%) did post some losses, with traders appearing reluctant to take on new positions ahead of what promises to be a stormy earnings season. US banking behemoths JPMorgan Chase and Wells Fargo will report their [..]

European Open Preview – Draghi briefly sinks euro; Brexit delayed again

Posted on April 11, 2019 at 7:56 am GMT

ECB’s Draghi hints at more stimulus, but euro tumbles only modestly and recovers quickly Dollar pulls back after disappointing US CPI data, looks to Fed speakers today EU grants Brexit extension – Varadkar’s remarks indicate way forward Euro tumbles as Draghi hints at more stimulus, but only modestly As expected, the European Central Bank (ECB) kept both its policy and forward guidance unchanged yesterday. President Draghi maintained a cautious tone, highlighting that incoming data remain weak, especially in the manufacturing [..]

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