All Articles Tagged - gold

Technical Analysis – Gold tumbles below short-term uptrend line

Posted on February 28, 2024 at 10:42 am GMT

Gold meets 200-period SMA, which acted as strong support line Stochastic dives to oversold region and MACD falls below trigger line Gold prices are edging lower, beneath a short-term ascending trend line, meeting the 200-period simple moving average (SMA) at 2,026.60, which is ready to post a bullish cross with the 50-period SMA in the 4-hour chart. If there is an attempt below the aforementioned lines and the 2,025 support, then the commodity could battle with the 2,015 region before tumbling towards the 1,995 [..]

Market Comment – Kiwi plunges on RBNZ’s dovish turn, Wall Street consolidates

Posted on February 28, 2024 at 9:56 am GMT

Aussie and kiwi take a dive as Australian CPI, RBNZ ease rate hike fears China’s property troubles also weigh Wall Street and dollar await PCE data for direction RBNZ disappoints hawkish bets The Reserve Bank of New Zealand did not live up to the hawkish expectations that had been building up in the run up to today’s interest rate decision. Despite the recent hawkish commentary from Governor Orr and much speculation that the next move in the OCR is more [..]

Technical Analysis – Gold battles with 50-day SMA

Posted on February 26, 2024 at 8:38 am GMT

Gold rebounds strongly from its 2024 low Challenges 50-day SMA and ascending trendline Momentum indicators turn neutral-to-positive Gold has been regaining ground in the past few sessions, following its bounce off the 2024 bottom of 1,984. Although the price has recouped a significant part of its losses, it has currently stalled at the congested region that includes the 50-day simple moving average (SMA) and the ascending trendline that connects the higher lows since December. Should bullish pressures persist, bullion could challenge [..]

Technical Analysis – Gold encounters resistance at 50.0% Fibo

Posted on February 21, 2024 at 9:30 am GMT

Gold rebounds strongly from 2-month bottom Price breaks above 50- and 200-period SMAs Oscillators tilt to the positive side Gold had been trading within a range in the four-hour chart, but a hotter-than-expected US inflation report triggered a downward spike to a fresh two-month low of 1,984. However, bullion managed to post a swift recovery, jumping above both 50- and 200-period simple moving averages (SMAs) before encountering strong resistance at 2,030. For the rebound to resume, the bulls need to conquer [..]

Market Comment – Fed minutes and Nvidia earnings in the spotlight

Posted on February 21, 2024 at 9:24 am GMT

Dollar gets knocked down ahead of FOMC meeting minutes Gold recovers more ground, China-related assets gain after rate cut Nvidia earnings later today will set the tone in stock markets Fed minutes to drive the dollar The US dollar hit an air pocket this week, losing altitude without any clear news catalyst behind the decline. Incoming data continues to point to a US economy that is running hot, with economic growth on track to hit 3% this quarter, a historically [..]

A year in the life of a gold day trader – Special Report

Posted on February 20, 2024 at 8:32 am GMT

A simulation to represent the trading process of a gold trader in 2023 Using a generic trading strategy, the results and the importance of stop losses are examined Central bank meetings and US labour market data were the main causes of sizeable moves Laying the background for this simulation Being a retail trader is an extremely challenging endeavor that tests a person’s abilities on a daily basis. Being aware of the intricacies of trading, the performance of a fictional account [..]

Market Comment – Dollar unable to capitalize on hot inflation prints

Posted on February 19, 2024 at 9:27 am GMT

US producer prices come in hot, but dollar cannot sustain gains Stock markets take a step back, Nvidia earnings to set the tone Gold recovers recent losses with some help from geopolitics Dollar not impressed The US economy continues to run hot. Incoming data point to solid economic growth, the labor market remains tight, and inflation is not cooling down as quickly as investors had hoped. Last week’s releases reaffirmed this narrative, with both consumer and producer prices rising by [..]

Technical Analysis – Gold tests tricky area within 38.2% Fibonacci

Posted on February 19, 2024 at 8:19 am GMT

Gold remains in trading range in short-term Price rebounds off 1,984 MACD and RSI suggest buying interest Gold is moving higher again today, recording its third consecutive green candle after bouncing off the 1,984 support level. It is currently testing the 38.2% Fibonacci retracement level of the up leg from 1,810 to 2,145 at 2,016 and the 20-day simple moving average (SMA) at 2,024. The market has been developing within a consolidation area over the last three months and continues [..]

Technical Analysis – Gold plummets below 2,000

Posted on February 14, 2024 at 11:12 am GMT

Gold drops to its lowest since mid-December Breaks beneath the crucial 2,000 mark Oscillators point to extreme oversold conditions Gold experienced a massive downward spike in the four-hour chart following the hotter-than-expected US CPI report on Tuesday, dropping to a fresh two-month low. The magnitude of the decline has been reflected in the momentum indicators, which are currently deep in their oversold territories. Should the retreat resume, immediate support could be found at the December bottom of 1,973. Failing to halt [..]

Market Comment – Sticky US inflation fuels the dollar’s engines

Posted on February 14, 2024 at 9:35 am GMT

Dollar rallies across the board after higher-than-expected CPIs Investors scale back their rate cut bets, get closer to Fed’s dot plot Dollar/yen surges above 150, triggers intervention warnings Pound extends declines after UK CPIs, awaits tomorrow’s GDP March out of Fed rate cut map as US inflation proves sticky The US dollar surged against all its major counterparts on Tuesday as the US CPI data revealed that inflation in the world’s largest economy is not cooling as fast as expected. [..]

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