All Articles Tagged - gold

Forex Market Review (European Session) – Pound gains on Brexit optimism; euro struggles despite robust economic data

Posted on November 6, 2017 at 4:30 pm GMT

During the European trading hours, the pound outperformed its peers as investors stood optimistic about Brexit developments, while the euro failed to find support on robust economic data out of the eurozone. With Brexit negotiations expected to resume on Thursday, the pound was on track to post gains for the second consecutive trading day supported mainly by encouraging remarks made by the British Prime Minister Theresa May in front of business leaders. May backed a deal on a transitional period crucial for businesses so as not [..]

Technical Analysis – Gold in consolidation phase but short-term trend remains bearish

Posted on November 6, 2017 at 10:03 am GMT

Gold is neutral after stabilizing from a recent drop, but risk is tilted to the downside in the short term. On the 4-hour chart, oscillators are neutral to bearish. The market appears to have found near-term support in the lower 1265 area, just above the October 6 low of 1260.59. Any moves to the upside would target key Fibonacci levels of the 23.6%, 38.2% and 50% retracement from 1357.47 to 1260.59. These levels come in at 1283.16, 1297.54 and 1308.91 respectively. The [..]

Forex Market Review (Asian Session) – Dollar vs yen reaches 8-month high as BOJ’s Kuroda favors easy policy; oil pierces 2-year high

Posted on November 6, 2017 at 8:37 am GMT

The dollar managed to hit an 8-month high against the yen on Monday in Asia after the BOJ Governor Haruhiko Kuroda signaled a continuation of the current ultra-easy monetary policy, while persistent confidence on the US economy supported the pair as well. Oil recorded a substantial increase, rising to a two-year high amid tightening markets and as anti-corruption measures took effect in Saudi Arabia. With the economic calendar lacking important data, the dollar index which gauges the dollar’s strength against a basket of major currencies was [..]

Forex Market Review (Asian Session) – Dollar little changed ahead of jobs report; aussie loses ground on weak retail sales

Posted on November 3, 2017 at 8:29 am GMT

As Asian traders were completing this week’s trading, the dollar was not much changed relative to most major counterparts with investors’ attention falling to the US jobs report due at 1230 GMT. At 0818 GMT, the dollar’s index against a basket of currencies was 0.1% higher, trading at 94.79. It yesterday fell to a one-week low of 94.41, perhaps on uncertainty related to US tax reform. Euro/dollar was 0.1% lower and not far below 1.1650. Dollar/yen was flat, a few [..]

Forex Market Review (European Session) – Dollar and pound bolstered by upbeat data ahead of rate decisions

Posted on November 1, 2017 at 3:30 pm GMT

The prevailing risk-on mood ahead of key risk events in the next few days lifted the US dollar and weakened the yen in European trading on Wednesday. Upbeat economic data also boosted the greenback along with the British pound. The aussie and kiwi were other notable gainers, while the euro joined the yen in being the day’s worst performers. Manufacturing PMI out of the UK was the main data release in Europe. The index rose from an upwardly revised 56.0 [..]

Forex Market Review (European Session) – Strong US data fails to halt dollar pullback; pound perks up but euro still struggling

Posted on October 30, 2017 at 3:41 pm GMT

The US dollar continued to consolidate in European trading on Monday after recording fresh three-month highs on Friday. Speculation that President Trump is likely to opt for a dovish candidate to head the Fed triggered the greenback’s sell-off on Friday, while new political headaches for the White House further weighed on the US currency today. In European currencies, the euro attempted to move away from last week’s three-month lows but struggled to regain momentum. The pound was stronger however, as [..]

Technical Analysis – Gold remains under pressure; maintains short-term bearish bias

Posted on October 30, 2017 at 10:06 am GMT

Gold remains under pressure and risk is still to the downside as prices continue to drift lower from the 1300 psychological level. The short-term technicals are bearish and point to more weakness in the market. Looking at the 4-hour chart, gold prices are looking capped by the 20 and 50-period moving averages which are negatively aligned after a bearish crossover that took place on October 19. The next target is the October 6 low at 1260.59. At this stage the [..]

Forex Market Review (European Session) – Dollar flexes its muscles on GDP beat; euro headwinds on Catalan independence

Posted on October 27, 2017 at 2:59 pm GMT

The dollar was standing broadly higher relative to most other major currencies as US quarterly GDP estimates beat expectations. However, the US currency gave up part of its gains later in the session as, according to a report by Bloomberg, US President Donald Trump is leaning towards Federal Reserve Governor Jerome Powell – a perceived dove – to lead the Federal Reserve after current Fed Chair Janet Yellen’s term expires next year. News of Catalonia declaring independence from Spain during [..]

Forex Market Review (Asian Session) – Dollar stands tall ahead of GDP; euro records 3-month low on “dovish tapering”

Posted on October 27, 2017 at 7:51 am GMT

The US currency stood higher on the day as the Asian session was nearing completion, though barring a development that makes US tax reform more likely, that was mostly due to other majors’ weakness rather than any dollar specific factors. Market participants are awaiting the advance estimate of US third quarter GDP growth which is due at 1230 GMT. The dollar’s index against a basket of currencies was trading 0.3% up on the day, near the day’s high and not [..]

Forex Market Review (Asian Session) – ECB in focus; dollar eases in need of fresh catalysts

Posted on October 26, 2017 at 7:44 am GMT

As the Asian session was about to complete, the euro was standing stronger ahead of the European Central Bank’s policy meeting, while the dollar was distancing itself on the downside from the highs it reached earlier in the week. The dollar index, which measures the strength of the US currency versus the currencies of six major US trading partners, was 0.1% lower at 0737 GMT, falling for a third straight day and moving further below Monday’s three-week high of 94.02. [..]

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