All Articles Tagged - gold

Technical Analysis – Gold challenges crucial downward sloping trendline

Posted on September 18, 2023 at 7:52 am GMT

Gold in a congested technical territory, capped by 50-day SMA A decisive close above the trendline could shift the short-term picture to bullish Momentum indicators endorse latest advance Gold has been edging higher in the past few sessions, rebounding strongly from its drop below the 200-day simple moving average (SMA). Furthermore, the short-term oscillators suggest that bullish forces are strengthening as the price is testing the important trendline that connects its recent lower highs. Should the buying interest persist, the bulls could attempt to conquer [..]

Market Comment – Euro skids after ECB hike, China data lifts sentiment

Posted on September 15, 2023 at 9:28 am GMT

Euro tumbles as ECB raises rates but hints at pause US dollar hits 6-month high after US retail sales beat Stocks rally on upbeat Chinese data but watch out for triple witching ECB makes surprise hike despite gloomy outlook The European Central Bank raised its key lending rates by 25 basis points on Thursday, taking some investors by surprise amid a split within the Governing Council heading into the meeting. Markets and economists were certain policymakers were going to skip [..]

Market Comment – Euro in the spotlight ahead of ECB decision

Posted on September 14, 2023 at 8:28 am GMT

ECB decision coming up, but is it a lose-lose for the euro? Dollar chops around after US inflation, awaits retail sales Gold extends losing streak despite falling bond yields Will the ECB sink the euro? The highlight today will be the European Central Bank decision, where markets are pricing in a 65% probability of a rate increase. Even though a range of leading indicators suggest the Eurozone is teetering on the verge of recession, the persistence of underlying inflation dynamics [..]

Market Comment – Cautious trading ahead of US inflation report

Posted on September 13, 2023 at 8:40 am GMT

US inflation data to set the tone for USD and riskier plays Euro gets a boost from ECB reports, oil prices power higher Tech sector leads stock markets down, gold nurses losses US CPI in the limelight Traders are locked and loaded for another edition of US inflation data today. Markets have concluded that the Fed won’t raise rates next week and this report is unlikely to change this notion. Still, it could shape expectations around the November meeting, which [..]

Technical Analysis – Gold finds support at 200-day SMA

Posted on September 11, 2023 at 8:21 am GMT

Gold fails to pierce descending trendline Encounters strong support at 200-day SMA Is bullion headed for a re-test of the crucial barrier? Gold experienced some losses after its advance got rejected at the downward sloping line that connects its recent lower highs. However, the 200-day simple moving average (SMA) capped the pair’s decline, with the short-term oscillators pointing to more gains in the near term. If the price attempts to move higher, immediate resistance could be found at the May low of [..]

Market Comment – Trade war nerves send stock markets lower

Posted on September 8, 2023 at 9:27 am GMT

Apple concerns rock stock markets after China’s iPhone ban Dollar rally takes a breather as yields retreat, but outlook intact Gold creeps higher, helped by yields and sovereign purchases Trade risks hit markets The specter of the Sino-American trade war returned to haunt global markets this week, putting another risk on the radar screen of investors that are already grappling with signs of a global economic slowdown and elevated interest rates. Shares of Apple fell nearly 3% on Thursday, dragging [..]

Technical Analysis – Gold returns to bearish area

Posted on September 6, 2023 at 10:11 am GMT

Gold came under fresh selling pressure after rising as high as 1,952 in the first trading day of September, exiting the rising channel in the four-hour chart and pulling back into the May-August bearish channel. The price is currently looking for a rebound around the 38.2% Fibonacci retracement of the 1,987-1,884 downtrend at 1,923, but the technical signals are not promising. Although the stochastic oscillator is sending oversold signals, the falling RSI has yet to cross below 30, while the MACD has started a new [..]

Market Comment – Yen suffers another blow as yields fire up

Posted on September 5, 2023 at 8:40 am GMT

Dollar shines, yen slides as US bond yields power higher China optimism melts away after disappointing PMI data Aussie dollar crumbles, gold tests crucial support zone Dollar/yen follows yields higher The US dollar resumed its march higher on Tuesday, receiving fuel from interest rate differentials and safe haven flows. Bond market players have started to push US yields higher once again, enhancing the dollar’s interest rate advantage, while some disappointing business surveys from China pushed investors into the safety of [..]

Weekly Technical Outlook – AUDUSD, USDCAD, Gold

Posted on September 4, 2023 at 3:13 pm GMT

Central bank meetings in Australia and Canada will shift attention to the aussie and the loonie this week in a relatively important month for monetary policy decisions. The commodity currencies aim to steal ground from the US dollar, while gold is hoping for a bullish breakout too ahead of the ISM non-manufacturing PMI index. RBA rate decision –> AUD/USD The Reserve Bank of Australia meets on Tuesday, with the policy statement expected to move markets at 04:30 GMT. The central [..]

Market Comment – Dollar gains after US jobs data, China stimulus lifts oil

Posted on September 4, 2023 at 8:49 am GMT

Dollar climbs despite relatively soft US employment report China stimulus measures boost oil prices and Asian stocks Gold trades with resilience, undeterred by dollar and yields Dollar defies cooler US jobs data An unexpectedly soft US employment report could not hold down the US dollar on Friday. While nonfarm payrolls slightly exceeded forecasts in August, revisions showed that employment growth in July and June was much weaker than previously reported. Wage growth moderated as well, solidifying market expectations that the [..]

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