All Articles Tagged - gold

Technical Analysis – Gold attempts fresh 2-year highs as upside momentum strengthens

Posted on July 4, 2016 at 9:29 am GMT

Gold hit its highest in over a week, reaching 1357.26 earlier today, not far from the two-year high of 1358.23 it touched on June 24. The upside momentum in place since then has started to strengthen again after weakening slightly at around the middle of last week. RSI continues to rise but the possibility of a near-term correction has increased as it approaches overbought territory at 70. There’s already been some pull back today with prices falling back towards the [..]

Asian Session – Australian dollar rebounds from post-election jitters; Gold extends gains

Posted on July 4, 2016 at 8:02 am GMT

The Australian dollar opened sharply lower on Monday after the results so far from Saturday’s federal election in Australia have pointed to no clear winner. With more than two-thirds of the votes counted, the prospect of a hung parliament has raised concern among investors that Australia might lose its triple A credit rating. Prolonged political uncertainty could make it less likely for Australia’s government to better manage its budget deficit. The aussie fell as a result, dropping to 0.7444 against [..]

European Session – Pound breaks above 1.35 dollars as some calm returns to markets post-Brexit

Posted on June 29, 2016 at 2:13 pm GMT

The British pound headed higher for a second day on Wednesday as risk appetite improved in European trading following a cautious start to the day. Sterling had climbed by 1.3% to 1.3510 dollars in late European session, while the euro slipped to 0.8230 pounds. The yen pulled back from earlier gains as risk aversion eased during the course of the day. The pound and the euro both firmed against the Japanese currency at 138.76 and 114.20 yen respectively. A strong [..]

European Session – Sterling hits fresh 31-year low vs dollar as Brexit uncertainty rattles financial markets

Posted on June 27, 2016 at 3:10 pm GMT

Sterling hit the lowest since September 1985 against the dollar on Monday as investor fears over the impact of the Brexit vote on the UK and global economy dominated the market theme. The pound had stabilized around 1.34 dollars after opening almost 2% lower, but it slid further in European trading to touch a new 31-year low of 1.3119 dollars. The euro rose to fresh 3-year highs to climb to 0.8364 pounds but it remained subdued against the dollar. The [..]

Asian Session – Sterling collapses as UK votes to Leave the EU; Stocks tumble

Posted on June 24, 2016 at 8:11 am GMT

Financial markets woke to the shock news on Friday that the UK had voted to leave the European Union in yesterday’s historic referendum. The final results of the referendum count showed 51.9% of the British public voted to leave the EU versus 48.1% who voted to remain. The surprise outcome is in contrast to an exit poll out yesterday that put the ‘remain’ camp in the lead. The pound tumbled to its lowest since 1985 as news started emerging that [..]

Technical Analysis – Gold turns bullish after big surge above 1300

Posted on June 24, 2016 at 7:34 am GMT

Gold turned more bullish after a big surge on Friday morning to a more than two-year high of 1358.20. Prices made an 8% jump since yesterday’s close of 1255.13. Gold had started an uptrend since November 2015 when prices bounced from 1046.29 and rose to find strong resistance at the key 1300 level. After trading in a range since February between 1200 and 1300, the market has broken out and is now eyeing the 2014 high of 1392.07. In the [..]

Cable extends gains less than 24 hours before Brexit polls open

Posted on June 22, 2016 at 2:51 pm GMT

With less than 24 hours to go before the polls open for the UK’s referendum on membership of the EU, the pound rose past 1.47 dollars despite most opinion polls pointing to a very tight race. Campaigning for Thursday’s referendum heated up today with both sides making a last ditch attempt to win over undecided voters. Senior figures, including former British PM John Major and current UK PM David Cameron on the ‘remain’ side, and UKIP leader Nigel Farage and [..]

Asian Session – Dollar muted after cautious Yellen; Sterling holds onto gains ahead of polling day

Posted on June 22, 2016 at 8:02 am GMT

Sterling was steady on the final day of the referendum campaign on what is expected to be a tight vote tomorrow when Britons go to the polls to decide whether the UK should stay in or leave the European Union. The pound edged up to 1.4673 dollars in late Asian trading today but was slightly weaker against the euro as the single currency firmed to 0.7674 pounds. The dollar was muted on Wednesday following another cautious outlook on the US [..]

A brief survival guide to trading FX during Brexit

Posted on June 16, 2016 at 2:03 pm GMT

Next week’s UK referendum on EU membership will be the defining risk event of the first half of the year. As such, market participants are readying themselves for a week of volatility and big moves in major asset classes and across financial markets. Central to this is Foreign Exchange, which is the world’s largest and most liquid market. Therefore, traders may find useful some suggestions of how markets might react in either a “leave” or “remain” outcome. First of all, [..]

Technical Analysis – Gold rally pauses but holds positive bias

Posted on June 14, 2016 at 10:08 am GMT

Gold has retraced almost 80% of the May decline from its year-to-date high of 1303.6 to 1199.64, finding resistance around the 78.6% Fibonacci level. Prices have rallied by around 7% from the May 30 low of 1199.64, shifting the near-term bias back to positive. Looking at the momentum indicators, RSI has dipped slightly downwards after today’s pause but remains firmly in positive territory. The MACD also suggests there is scope for further gains with the histogram rising back above 0 [..]

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