All Articles Tagged - gold

European Session – Dollar plummets on weak labor costs, pushing euro and gold higher

Posted on July 31, 2015 at 2:16 pm GMT

The euro accelerated its gains against the dollar on Friday after weaker-than-expected US labor costs caused a sharp sell-off of the dollar. The employment cost index in the US fell to 0.2% in the second quarter from 0.7% in the first quarter. This was well short of estimates of 0.6%. The euro briefly broke through the 1.11 handle before dropping back slightly to 1.1084 in late European session. It was also higher against the pound at 0.7086, while against the [..]

Technical Analysis – Gold rebounds from 5.5-year lows but outlook is bearish

Posted on July 21, 2015 at 2:16 pm GMT

Gold bounced back above the 1100 level on Tuesday after plunging to a 5.5-year low on Monday. But with prices only halfway from recovering Monday’s losses, the indicators are still looking very bearish for gold. RSI is pointing upwards but the rise hasn’t been enough to take it out of oversold territory, suggesting that further rebound may be due for gold in the near term. If gold is able to sustain today’s gains, it will likely meet resistance at the [..]

Gold makes partial recovery after slumping to 5.5-year low

Posted on July 20, 2015 at 12:06 pm GMT

Gold prices plummeted by 5.8% on Monday morning to a 5.5-year low of $1071.19 per ounce on renewed selling pressure in China. Prices have since recovered to around $1115 per ounce but still remain at levels last seen in spring 2010. Today’s losses follow a 1% drop on Friday, which was triggered after China revealed that it has bought 604 tonnes of gold since 2009 – when it last revealed the size of its gold reserves. China now holds a [..]

Asian Session – Dollar falls back from 3-month highs; Gold slumps to 5-year low

Posted on July 20, 2015 at 7:38 am GMT

The dollar climbed to 3-month highs in early Asian session as the dollar index rose to 98.06. It drifted back later in the session, falling to 97.96. Boosting the dollar were broadly positive data from last week on the housing market, inflation and weekly initial jobless claims, which supported the case for a rate rise later in the year. Banks in Greece were set to reopen on Monday after remaining shut for three weeks. However, much of the restrictions are [..]

Technical Analysis – Gold looking bearish but downside bias is weak

Posted on June 25, 2015 at 12:13 pm GMT

Gold is attempting to reverse four straight sessions of losses but fell back from an earlier effort to hold on to the 1175 level. The near-term bias remains bearish as RSI has fallen back below 50 and the stochastics are still trending down. The linear regression channel lines provide the nearest support and resistance levels at 1152 and 1198 respectively. Prices reversed their modest rebound from the March 17 low of 1142.65 to the March 18 high of 1232.22 to [..]

Gold and silver continue to retreat from record highs

Posted on June 17, 2015 at 1:18 pm GMT

Gold prices not likely to recover to 2011 levels anytime soon Gold price has depreciated significantly from its all-time high of $1,920.80 per ounce it reached in September 2011 to around $1,180 per ounce currently. The main catalyst for the fall has been the US Fed’s tapering of its quantitative easing program, which is what drove prices to their record high in the first place. Gold price tends to rally when central banks expand their monetary base. But recently announced [..]

Technical Analysis – Gold turns more bearish after falling below 1200

Posted on May 27, 2015 at 6:54 am GMT

Gold prices fell below the key 1200 level on Tuesday and through the daily Ichimoku cloud. The bottom of the cloud will now act as resistance around 1190. The bias remains to the downside as the market is below the 200-day moving average. Technical indicators are also highlighting bearishness. RSI is below 50 and prices are below the cloud and below both the tenkan-sen and kijun-sen lines. In the bigger picture, the trend has been sideways. After declining from 1307.47 [..]

Technical Analysis – Gold, Daily: positive start to New Year faces tests ahead

Posted on January 12, 2015 at 9:59 am GMT

Gold has had a positive start to 2015, after a flat 2014 during which the US dollar strengthened significantly and oil plunged by more than 50%. Gold closed 2014 at 1187 and was last trading at 1223 dollars per ounce. There are some barriers ahead for an even higher gold price. Immediately above is the 10-week high of 1238 and then the 4-month high of 1255. 1255 is also the level of the 200-day moving average; an indicator which many [..]

European Session – Dollar reverses recent rallies in risk averse market

Posted on December 9, 2014 at 2:27 pm GMT

Risk aversion dominated market sentiment on Tuesday, supporting safe haven assets like the yen and gold. There were no tier one economic data releases to give currencies a specific direction, leaving he dollar mixed against its various counterparts. Consequently, most of the rallies made by the greenback were reversed, particularly against the yen. The dollar hit a new 7-year high of 121.84 on Monday and has since fallen to 119.56 going into the US session on Tuesday. A lack of [..]

Forex News – SNB commits to 1.20 EURCHF peg after referendum

Posted on December 1, 2014 at 1:54 pm GMT

A referendum was held on Sunday in Switzerland for a proposal to boost gold reserves. The “Save our Swiss gold” initiative was rejected by a “no” vote by 77% of Swiss voters. If the vote went through, the proposed measures would have required the Swiss National Bank (SNB) to hold 20% of its reserves in gold. The current level of gold reserves is 8%. A “yes” vote would have forced the SNB to buy gold alongside any currency interventions. The [..]

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