All Articles Tagged - gold

Technical Analysis – Gold retraces lower after hitting crucial ascending trendline

Posted on December 18, 2023 at 9:17 am GMT

Gold manages to halt the pullback from its recent record high But rebound meets strong resistance at important ascending trendline Momentum indicators suggest that positive momentum is fading Gold had been in a steep uptrend since November 10, recording a fresh all-time high of 2,144 before experiencing a solid correction. Although the bulls attempted to erase this pullback, the upward sloping trendline drawn from its October lows, which previously acted as support, rejected further advances. Given that both the RSI and MACD [..]

Commodities Year Ahead 2024: Fed policy to drive gold, oil to dance to the rhythm of OPEC+

Posted on December 15, 2023 at 12:19 pm GMT

Gold enters uncharted territory twice in 2023 Fed policy to remain gold’s main driver in 2024 Industrial metals to stay locked on China Easing demand, OPEC+ supply, and geopolitics will shape crude oil Fed rate cut expectations fuel gold After a dull 2022, gold staged a decent comeback in 2023, entering uncharted territories twice and appearing to be headed for a more than 10% yearly gain. The only period where the precious metal trended lower was between May and [..]

Market Comment – Wall Street parties as Fed signals cuts, dollar tumbles

Posted on December 14, 2023 at 10:30 am GMT

Fed makes long-awaited pivot towards cutting rates, markets rejoice Dow Jones soars to new all-time high, S&P 500 approaches its previous record Dollar takes a dive as Treasury yields sink, gold rallies SNB also holds rates, ECB and BoE decisions coming up next Powell gives markets what they wanted The Federal Reserve left interest rates unchanged as expected on Wednesday but struck a somewhat more dovish tone than anticipated, spurring a powerful rally in bond and equity markets. In a [..]

Technical Analysis – Gold eases from record highs in 2023

Posted on December 13, 2023 at 8:55 am GMT

Gold jumped to new highs last week Overall trend remains positive But RSI and stochastic suggest bearish correction Gold prices climbed to a high of 2,144.60 last week before falling. The price has been clearly on an uptrend since October 2022, and the long-term structure of rising highs and rising lows is still in place. On the weekly chart, the technical oscillators are reflecting the most recent market retreat. While the Relative strength index (RSI) is moving lower in positive [..]

Volatility Report – December 12, 2023

Posted on December 12, 2023 at 12:28 pm GMT

EUR/USD volatility in neutral zone, major JPY crosses in turbulent waters Gold and silver follow opposite volatility paths, oil remains quiet Volatility picks up in stock indices except S&P500; Bitcoin set for sizeable moves EUR/USD expected volatility remains subdued despite the crucial CPI print expected later today. Meanwhile, the Yen has disrupted a period of calmness across the currency board as its pairs are the only ones showing a jump in volatility relative to last week. In commodities, gold volatility is fading following [..]

Volatility Report – Introducing our new weekly publication

Posted on December 12, 2023 at 12:25 pm GMT

Hello XM customers/viewers, Today we are introducing our new weekly post that helps you locate instruments that might make big moves in the coming sessions; the Implied Volatility Table. So, what is Implied Volatility and why it is important? Implied or expected Volatility is a forecast of a likely movement in a financial instrument’s price, which is derived from market-traded option prices. The instrument could be an individual stock, a commodity, an equity index, a currency pair, or even a [..]

Market Comment – Dollar pulls back as US CPI data take center stage

Posted on December 12, 2023 at 9:13 am GMT

US inflation numbers enter the spotlight ahead of the Fed Headline CPI rate expected to tick down, core to hold steady Yen extends slide on more BoJ-related reports, rebounds today Wall Street climbs to new highs for the year Dollar retreats ahead of CPIs and Fed The US dollar traded lower or unchanged against the other major currencies on Monday except the Japanese yen, which continued to slide. Today, the greenback is trading on the back foot against all, with [..]

Technical Analysis – Gold feels the blues after record rally

Posted on December 11, 2023 at 9:23 am GMT

Gold starts a new bearish wave after record high A consolidation phase is likely; support at 1,970-1,990 Despite its rocket rally to a new record high of 2,144 last Monday, gold could not successfully remain above the pandemic-era 2,070 bar, which caused a negative trend reversal in 2022 and 2023. The precious metal has been trending southwards since then, feeding concerns that a new bearish trend could be underway as the price has slipped below a short-term support trendline [..]

Market Comment – Dollar extends recovery despite US job openings drop

Posted on December 6, 2023 at 9:38 am GMT

US job openings fall to lowest in more than 2-1/2 years Treasury yields slide, but dollar extends recovery Schnabel points to end of ECB’s tightening crusade Gold becomes attractive again after hitting $2,010 Dollar defies weak labor data The dollar traded higher against all but one of the other major currencies on Tuesday, with the only currency holding its ground being the Japanese yen. That said, the dollar’s recovery seems to be running out of steam today, with the aussie [..]

Technical Analysis – Gold holds slightly below crucial trendline

Posted on December 6, 2023 at 7:30 am GMT

Gold recoups some losses of the preceding days Very short-term bias skewed to the upside, but caution needed Gold prices are recovering somewhat after the aggressive selling interest that was posted in the preceding two days. The yellow metal skyrocketed to a fresh record high of 2,145 on Monday but it failed to continue the upside rally and fell back near the 2,000 round number. According to the technical indicators, the RSI is ticking marginally higher in the negative [..]

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