All Articles Tagged - gold

Market Comment – Gold shines, dollar languishes after mixed US payrolls

Posted on March 11, 2024 at 9:35 am GMT

Dollar in limbo after mixed signals from US employment report Japanese yen and British pound capitalize most on dollar’s troubles Gold hits another record, but high-flying stocks correct lower Dollar directionless after jobs data The US labor market continues to cool, keeping the Fed on track to slash interest rates in the summer. Nonfarm payrolls overcame forecasts in February, clocking in at 275k. However, the rest of the employment report was disappointing with big negative revisions to previous months, the [..]

Technical Analysis – Gold marches to consecutive all-time highs

Posted on March 11, 2024 at 9:03 am GMT

Gold advances sharply after claiming 50-day SMA Generates consecutive record highs in recent sessions Momentum indicators flag overbought conditions Gold has been in a steep uptrend following its profound break above the 50-day simple moving average (SMA), posting a barrage of fresh all-time highs in the past few sessions. However, traders should not rule out a pullback as the momentum indicators have been in their overbought zones for more than a week. Should bullish pressures persist, bullion could initially claim 2,181, which [..]

Market Comment – Dollar gets smoked ahead of nonfarm payrolls

Posted on March 8, 2024 at 9:38 am GMT

Dollar falls sharply, will US employment data fuel this selloff? Yen stages comeback, euro climbs as well after ECB decision Gold and stocks hit new record highs as stunning rally continues Dollar braces for critical US jobs report An action-packed week in global markets will come to a crescendo today with the latest US employment report. Nonfarm payrolls are projected to have risen by 200k in February, less than the previous month but still a solid number overall. The unemployment [..]

Market Comment – Powell still sees rate cuts this year, ECB enters the spotlight

Posted on March 7, 2024 at 9:34 am GMT

Powell says it may be appropriate to lower rates this year Yen rallies as speculation about BoJ exiting negative rates intensifies BoC appears less dovish than expected, central bank torch goes to ECB Wall Street rebounds, gold hits a new record high Dollar slides as Powell adds to rate cut hopes The US dollar extended its decline against its major peers yesterday, with the commodity-linked currencies aussie, kiwi, and loonie gaining the most. The greenback remains in a sliding mode [..]

Technical Analysis – Gold near all-time high; what’s next?

Posted on March 6, 2024 at 9:45 am GMT

Gold’s impressive appreciation stabilizes near record high The bulls might take a break, but stay in play above 2,100 Gold bulls staged a comeback with a bang, driving the price vertically as high as 2,141 on Tuesday. This is marginally below December’s record high of 2,144 and could induce some consolidation ahead of Powell’s testimony before Congress and Friday’s US jobs data. In the meantime, the precious metal is looking for another upturn in the four-hour chart after posting a [..]

Market Comment – Gold hits new records ahead of Powell’s testimony

Posted on March 6, 2024 at 9:38 am GMT

Gold soars to new record highs as Fed chief prepares to testify Bitcoin also hits all-time peaks, but retreats alongside tech stocks Bank of Canada rate decision and UK budget on the menu too Gold shines, will Powell help? Gold prices cruised to new record highs on Tuesday, extending a blistering rally that has seen the precious metal gain over 4% already this month. A round of disappointing US data releases lately has reignited hopes of interest rate cuts, pushing [..]

Market Comment – Dollar awaits ISM services PMI, China sets dubious targets

Posted on March 5, 2024 at 9:33 am GMT

ISM non-mfg. PMI awaited ahead of Powell’s testimony and NFP Yen slide pauses after accelerating Tokyo CPIs Aussie and kiwi slip as China announces ambitious growth target Equities retreat ahead of key events, gold and bitcoin rally Dollar rebounds ahead of key data and events The US dollar rebounded somewhat against most of its major peers on Monday, although the fact that it lost decent ground against the euro and the pound kept the dollar index (DXY) lower. Today, the [..]

Market Comment – Gold and equities shine after disappointing US data

Posted on March 4, 2024 at 10:07 am GMT

Dollar loses steam after soft ISM manufacturing survey But gold and stock markets rally, closing at new records Huge week lies ahead, featuring an ECB decision and US payrolls Dollar retreats on softer data A wave of euphoria swept through global markets last week after a disappointing US manufacturing survey rekindled hopes that lower interest rates are on the horizon, sending investors rushing to buy real assets. The US manufacturing sector fell deeper into contraction in February according to the [..]

Technical Analysis – Gold rally pauses at 2,088 after strong bullish move

Posted on March 4, 2024 at 7:52 am GMT

Gold prices break descending trend line Medium-term trend remains neutral RSI indicates overbought market Gold prices posted an impressive bullish rally in the preceding week, touching the upper boundary of the medium-term trading range at 2,088 and penetrating the downtrend line to the upside. The technical oscillators are confirming this view. The MACD is strengthening its momentum above its trigger and zero lines, while the RSI is holding near the overbought area, indicating that after the upside move, a bearish [..]

Performance in past “Fed pause” intervals supports the current S&P 500 rally – Special Report

Posted on February 28, 2024 at 10:55 am GMT

A performance comparison of key assets in the previous Fed pause periods The S&P 500 index could go higher if history repeats itself The US 10-year yield is expected to drop when the Fed decides to signal rate cuts A special report was published last year analysing the performance of key market assets during the three occasions since 2000 – in 2000-01, 2006-07 and 2018-19 respectively – when the Fed paused after a rate hiking cycle. The end product was [..]

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