All Articles Tagged - gold

Will Central Banks come to the rescue again?

Posted on January 26, 2016 at 11:53 am GMT

As risk assets have fared very badly at the beginning of 2016, there are hopes that some of the world’s top central banks will offer some more stimulus, which should help soothe investors’ nerves. Although a correction in stocks should normally be welcome given their near 7-year continuous assent (since 2009) without a bear market (at least in the US), there is quite a lot of nervousness among policymakers about the fragility of the global economy. Specifically, policymakers might become [..]

Technical Analysis – Gold rallies to 2-month high

Posted on January 26, 2016 at 7:55 am GMT

Gold has gained 1.7% since opening on Monday, reaching a 2-month high of 1117.56 in early European trading on Tuesday. The trend for today is bullish – on the hourly chart many technical indicators are bullish. Tenkan and kijun lines are positively aligned and the Ichimoku cloud is rising. But caution must be taken as the market is in overbought conditions, as the RSI and stochastic are in overbought territory. On the daily chart, prices are approaching a critical level [..]

European Session – Loonie jumps after BoC keeps rates on hold; dollar pares gains on weak inflation

Posted on January 20, 2016 at 3:48 pm GMT

European equity markets opened sharply lower on Wednesday as oil continued to spiral downwards. London’s FTSE100 and the Frankfurt Dax fell by around 3% when trading opened but rebounded slightly as oil prices started to stabilize. US crude futures moved away from a new 12-year low set earlier in the day to rise to $28.90 a barrel in afternoon European trade. The euro had climbed as high as 1.0975 dollars in early European session on increased risk-off sentiment but later [..]

European Session – Euro pops back above $1.08, gold rallies as investors seek safety amid risk aversion

Posted on January 7, 2016 at 2:39 pm GMT

The US dollar was weak versus the Japanese yen and against the euro amid risk aversion as Chinese markets tumbled again today while the yuan was devalued. Oil fell to fresh eleven-year lows along with the Canadian dollar. There was a slew of Eurozone economic data out today which included German retail sales, the Eurozone economic sentiment survey results for December and unemployment figures and retail sales for November. The Eurozone unemployment rate showed a small drop in November to [..]

Asian Session – Fresh Chinese yuan devaluation roils markets; yen gains

Posted on January 7, 2016 at 8:44 am GMT

A fresh devaluation of the Chinese yuan by 0.5% and an early closure of the country’s stock markets as indices fell by their daily maximum of 7%, led to further risk aversion in global financial markets. Specifically, as the People’s Bank of China fixed the yuan at 6.5646 versus the dollar, down 0.5% on the day (a relatively big adjustment), it marked the lowest for the currency since 2011. This created some uncertainty about where the Chinese authorities would eventually [..]

Technical Analysis – Gold could reverse higher after making potential double bottom

Posted on January 7, 2016 at 5:54 am GMT

Gold prices are making a potential double bottom chart pattern – which is a trend reversal pattern. Prices have broken above a three-point trendline drawn off the mid-November high of 1097.97 and are targeting the 38.2% Fibonacci retracement level of the drop since the middle of October high of 1191.47 to the December low of 1046.29. The 38.2% retracement is found near $1101, which is near the mid-November high. RSI is in bullish territory above 50 and pointing upwards which [..]

Asian Session – Dollar drifts lower as oil prices head back down again

Posted on December 30, 2015 at 8:45 am GMT

The US dollar started the day mostly flat but off yesterday’s highs as trading volumes remained light in Wednesday’s Asian session. A rise in US treasury yields helped the dollar make gains yesterday. Two-year US treasury yields rose to the highest since April 2010 on Tuesday but were down from their peak today. The greenback started the session stronger against the yen, reaching a high of 120.57 yen but was down at 120.40 yen in late Asian trading. The euro [..]

Asian Session – Oil prices stabilize; major currencies stuck in tight ranges in light holiday trading

Posted on December 29, 2015 at 8:18 am GMT

Oil prices stabilized on Tuesday following yesterday’s 3.6% slump. US oil futures were up 0.7% at $36.92 a barrel in late Asian session. Oil’s rebound helped Asian equities move higher and China’s main indices were up almost 1% in late Asian trading after starting the session in negative territory. Chinese shares fell by around 2.5% yesterday after weak industrial profits data renewed concerns about China’s economy. However, equities were supported today after the country’s central bank pledged on Monday to [..]

European Session – Euro unrattled by ECB comments and Spanish election results

Posted on December 21, 2015 at 3:26 pm GMT

The euro edged higher on Monday and was largely unfazed by Sunday’s elections in Spain where the ruling conservatives lost their majority. The conservative People’s Party won the most seats but not enough for a majority and need to form an alliance with other parties. However, they now face the threat of a left-wing coalition from the Socialists and the anti-austerity ‘Podemos’ party who came second and third respectively. Shares in Madrid closed down 2.5% lower in response to the [..]

Asian Session – Oil rout continues as Brent Crude falls to 11-year low

Posted on December 21, 2015 at 8:21 am GMT

Oil prices continued their descent on Monday as production remains near record levels and signs that US shale producers are withstanding the current slump in prices. The number of active oil rigs in the US rose last week adding to the supply glut that has been made worse by expectations that Iran will return to the market next year. Brent crude futures hit an 11-year low today of $36.17 per barrel, while WTI oil futures were trading near 6-year lows [..]

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