All Articles Tagged - gold

Market Comment – Gold and equities retreat from recent peaks

Posted on December 5, 2023 at 9:18 am GMT

Gold reverses lower after leaping to record highs Dollar recovers, turns to ISM survey for direction Stock markets pull back, led by big tech shares Gold loses altitude The world’s oldest safe-haven asset started the week in an explosive manner, shooting up to new record highs only to get rejected and close the session sharply lower. The intraday range in gold prices was $115 per ounce yesterday, which amounts to more than 5% of the precious metal’s value. Behind this [..]

Market Comment – Gold hits new records, but runs out of fuel

Posted on December 4, 2023 at 9:55 am GMT

Gold cruises to new record highs, then gets rejected Oil keeps sinking despite missile attacks in the Red Sea Dollar chops around, RBA rate decision coming up next Gold shines bright The meteoric rally in gold prices came to a crescendo early on Monday, with the precious metal hitting a new record high above $2,100 per ounce, before running into a wave of profit-taking and subsequently retreating. With the global economy losing steam and inflation cooling off, bond yields have [..]

Technical Analysis – Gold storms to record high before surrendering intraday gains

Posted on December 4, 2023 at 9:23 am GMT

Gold posts a fresh all-time peak of 2,142 on Monday But fails to hold onto its gains, falling back below April high Momentum indicators point at an overstretched advance Gold has been in a steep uptrend since November 10, when the price bounced off the crucial 200-day simple moving average (SMA). On Monday, bullion recorded a fresh all-time high of 2,144 before erasing all its intraday rally, with the price reversing back below its previous record peak. Given that the [..]

Technical Analysis – Gold remains trapped below 2,050

Posted on December 1, 2023 at 2:18 pm GMT

Gold flatlines near former resistance Short-term bias leans to the downside Key support levels hold intact Gold shifted to the sidelines following the advance towards its May 2023 resistance of 2,051 on Wednesday. The 20-period simple moving average (SMA), which has been cooling downside pressures recently, seems to be cracking at 2,038, but the support trendline drawn from November’s lows could still come to the rescue at 2,027 despite the negative trajectory in the RSI and the MACD. Then, the resistance-turned-support region [..]

Market Comment – Fed’s Waller talks rate cuts and hurts the dollar

Posted on November 29, 2023 at 9:10 am GMT

Dollar extends tumble as Waller raises prospect of lower rates Yen, kiwi, and aussie the main winners once again RBNZ holds rates steady, but lifts OCR projections Gold stretches rally, oil rebounds ahead of OPEC+ decision The hawk who turned into a dove The US dollar accelerated its tumble yesterday, dropping against every other major currency, with the yen, the kiwi and the aussie, securing the most gains once again. This time it was Fed Governor Chris Waller who pushed [..]

Market Comment – Fed cut bets continue to weigh on dollar

Posted on November 28, 2023 at 9:28 am GMT

Dollar extends slide as first 25bps Fed cut seen by June Fed officials speak ahead of PCE inflation data later this week Yen gains on reports the BoJ is considering exiting negative rates Aussie and kiwi stretch rally, RBNZ decision awaited Investors fully price in a 25bps Fed cut in June The US dollar continued trading on the back foot against its major peers on Thursday, losing the most ground against the yen, the aussie, and the kiwi, in that [..]

Technical Analysis – Gold posts new 6-month high

Posted on November 28, 2023 at 7:35 am GMT

Gold surges in short-term Stochastic stands in overbought area, indicating bearish correction Gold prices are extending their bullish rally towards a fresh six-month high of 2,018, holding well above the simple moving averages (SMAs) in the daily timeframe. Technically, the MACD oscillator is strengthening its bullish structure above its trigger and zero lines; however, the stochastic oscillator is showing overbought conditions as it is holding above the 80 level, so a bearish correction may be a possible scenario for the [..]

Market Comment – Dollar and oil extend slide ahead of busy week

Posted on November 27, 2023 at 10:20 am GMT

Major pairs and gold climb to new highs as dollar sags Inflation data and Fed speakers awaited for direction Oil drifts lower ahead of OPEC+ decision Markets cautiously optimistic ahead of key data Trading got off to a cautious start on Monday as investors awaited fresh clues on inflation and the Fed policy path in what looks set to be a more eventful week following the Thanksgiving lull. Although Fed rate cut expectations have been scaled back from around 100 [..]

Technical Analysis – Is gold forming a double top pattern?

Posted on November 24, 2023 at 9:30 am GMT

Gold gets rejected a tad below its recent 5-month peak A failure to claim that level could validate a double top structure While momentum indicators remain tilted to the upside Gold had been in a steep uptrend since November 10, when the price bounced off the crucial 200-day simple moving average (SMA). The latest rally seems to be faltering though after bullion failed to surpass its five-month high of 2,009, but the short-term oscillators suggest that buyers have not given up yet. [..]

Market Comment – Dollar pulls back ahead of PMIs

Posted on November 24, 2023 at 9:06 am GMT

Dollar pulls back on Thanksgiving as Fed cut bets weigh Focus today turns to the preliminary S&P Global PMIs Japan’s CPIs accelerate, corroborating a BoJ policy exit next year Gold gains, oil loses more ground on OPEC delay Fed rate cut bets weigh on the dollar, PMIs on tap The US dollar turned south again yesterday and continues to underperform against some of its major peers today. Without any important release or news to drive the greenback as US markets [..]

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