All Articles Tagged - gold

Market Comment – Stocks climb after sizzling US jobs report

Posted on April 8, 2024 at 8:55 am GMT

Nonfarm payrolls smash forecasts, reaffirming labor market strength But dollar unable to hold onto gains, as stock markets race higher Gold hits new record highs, defying rising yields and geopolitics US labor market sizzles The American economy continues to hum along, with the labor market still firing on all cylinders. Nonfarm payrolls rose by 303k in March, handily surpassing forecasts. What is most impressive is that the unemployment rate fell even as labor force participation rose, which suggests the new [..]

Technical Analysis – Gold unlocks fresh all-time high again

Posted on April 8, 2024 at 7:32 am GMT

Gold reaches 2,353.90 above 161.8% Fibonacci extension MACD and RSI move higher in overbought regions Gold prices are experiencing a fresh higher high today around the 2,353.90 level, successfully surpassing the 161.8% Fibonacci extension level of the downward move from 2,079 to 1,810 at 2,245. The bullish rally started after the rebound off the 1,984 support with the technical oscillators suggesting even further upside structure. The MACD is standing above its trigger and zero lines, while the RSI is pointing [..]

Why is gold defying gravity? – Special Report

Posted on April 5, 2024 at 12:18 pm GMT

Gold stays in rally mode, even when dollar and yields rise Central banks and geopolitics among the main drivers Chinese demand and inflation hedging add extra support Is it a bird? Is it a plane? No, it’s gold! Gold entered a flying mode at the beginning of March, surpassing its previous record high of $2,135 hit on March 7. The metal consolidated only for a while thereafter before rallying again during the last days of the month to continue conquering [..]

Market Comment – Fed hawks spook markets ahead of NFP

Posted on April 5, 2024 at 9:08 am GMT

Hawks dominate latest round of Fed speak; stocks slip, dollar rebounds But rate cut odds little changed as US jobs report awaited Yen firms after Ueda opens door to more rate hikes Oil extends gains on geopolitical tensions, but gold pulls back Fed officials cast doubt about rate cuts Fresh uncertainty about the timing and pace of Fed rate cuts this year weighed on markets on Friday as policymakers grew increasingly wary about the inflation outlook. The expectation that the [..]

Technical Analysis – Gold rally turns golden after another record

Posted on April 4, 2024 at 9:10 am GMT

Gold unlocks fresh all-time high Bullish wave could stabilize, but perhaps temporarily Gold has been in an uninterrupted record rally over the past week, ticking to a new high of 2,304 before losing some steam early on Thursday. While investors continue to debate the longevity of the bullish wave as the rate cut scenario remains a hot topic in the US, it is possible that some profit taking could occur. The pause near the short-term resistance line and the [..]

Market Comment – Equities in the green as they prepare for Friday’s jobs data

Posted on April 4, 2024 at 8:12 am GMT

Stocks bounced higher, helped by Chairman Powell and weaker data Euro gains despite weaker inflation; gold posts a new all-time high A plethora of Fed speakers to potentially impact market sentiment today Stocks edge higher as Chairman Powell sounds reassuring The market continues to be driven by fundamentals, reacting to almost every single piece of data. We remain in the “bad data is good news” phase as the market yesterday tried to largely ignore the stronger ADP employment report, which [..]

Market Comment – Equities under growing pressure, eye US data, amid rate cut doubts

Posted on April 3, 2024 at 8:02 am GMT

Stocks suffer as chances of a summer Fed rate cut decrease Extra focus on today’s US data releases and Fed speakers Euro shows resilience while gold defies gravity Stocks suffer as the US economic outlook remains bright Recent US data releases, and in particular Monday’s ISM Manufacturing survey, appear to have caused quite a market stir. Equities fell during Tuesday’s session with the S&P500 index enjoying its weakest day since early March on the back of growing expectations that the [..]

Market Comment – Dollar and gold rise in tandem as Fed rate cut bets pared back

Posted on April 2, 2024 at 9:17 am GMT

Dollar strengthens across the board after upbeat ISM as June cut hopes fade Japan keeps up intervention rhetoric as yen stays under pressure Gold undeterred by strong dollar, rebounds towards record high Equities mixed ahead of crucial European and US data Rate cut bets suffer another blow Hopes for an early rate cut by the Fed were dashed again on Monday following yet another upbeat data release out of the US. The ISM manufacturing PMI rose more than expected in [..]

Market Comment – Gold prices storm to new record highs

Posted on April 1, 2024 at 9:19 am GMT

Gold cruises to new all-time high in thin holiday trading Yen steady in a narrow range, dollar braces for key events Stock markets keep rising, with some help from Chinese data Gold goes through the roof The world’s oldest safe haven asset stormed to a new all-time high on Monday, reaching a peak of $2,265 per ounce in an environment of thin liquidity as most of Europe is away on holiday. Gold has risen more than 9% already this year, [..]

Technical Analysis – Gold flies to consecutive record highs

Posted on April 1, 2024 at 8:06 am GMT

Gold advances sharply in the past few sessions Extends its streak of new all-time highs Momentum indicators suggest overbought conditions Gold has experienced a massive surge following its profound break above the 50-day simple moving average (SMA) in the beginning of March, generating a series of fresh record highs. However, an impending pullback could be on the cards as the short-term oscillators are flagging overbought signals. Should the rally persist, the price could resume its movement within uncharted waters, where the Fibonacci [..]

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