All Articles Tagged - gold

Market Comment – China worries and rising yields dampen the mood

Posted on August 16, 2023 at 9:09 am GMT

Markets in volatile mood as China, yields, and liquidity worries combine Dollar bounces back after stellar US retail sales, gold drifts lower British pound gains after hot inflation report, FOMC minutes eyed Stocks slide as China concerns strike back A tense atmosphere has engulfed global markets as a combination of concerns around the Chinese economy, soaring bond yields, and poor liquidity conditions have joined forces to dampen the mood. Incoming data continues to paint a picture of a Chinese economy [..]

Technical Analysis – Gold below key resistance trendline

Posted on August 16, 2023 at 8:05 am GMT

Gold stayed buoyant above the 1,900 psychological mark despite experiencing a flash drop to a seven-week low of 1,896 on Tuesday. The precious metal is currently trying to regain some ground as the RSI and the Stochastic oscillators are deviating above their oversold levels. A major resistance area, however, is still overhead. The price could still get another rejection from the downward-sloping trendline at 1,907 and the 20-period simple moving average (SMA). Notably, the 61.8% Fibonacci retracement level of the March-May uptrend is marginally [..]

Market Comment – China cuts rates but stocks mixed, strong GDP fails to lift the yen

Posted on August 15, 2023 at 9:22 am GMT

China unexpectedly cuts key lending rate as weak data keeps pouring in, yuan skids Japanese growth surges in Q2 but yen hits fresh low, sparking intervention fears US retail sales eyed as tech stocks rally despite soaring yields Yuan slumps after rate cut as China concerns mount China’s central bank announced a surprise rate cut on Tuesday, lowering its one-year medium-term lending facility by 15 basis points to 2.50%. The seven-day reverse repurchase rate was also cut, but by a [..]

Technical Analysis – Gold on track to test ascending 200-day SMA

Posted on August 14, 2023 at 10:55 am GMT

Gold had been experiencing a pullback following its recent peak at 1,987, with the price slicing through both its 50-day simple moving average (SMA) and the Ichimoku cloud. What’s more interesting though is that the price is closing the gap with the upward sloping 200-day SMA, which is a crucial technical zone for bullion. The short-term oscillators are indicating that the recent decline is likely to accelerate. Specifically, the MACD is weakening further below zero and its red trigger line, while [..]

Market Comment – US inflation comes in cold but dollar still shines

Posted on August 11, 2023 at 8:22 am GMT

US CPI comes in colder than expected, and yet yields rise Dollar recovers, yen slides but no intervention threats this time Stocks and gold reverse lower, feeling the bond market heat CPI miss does not intimidate US dollar It was a wild trading session for global markets on Thursday, in the aftermath of the US inflation data. The CPI report itself was slightly cooler than expected, with both the headline and core rates coming in slightly below forecasts in yearly [..]

Market Comment – Traders on edge ahead of US inflation report

Posted on August 10, 2023 at 8:46 am GMT

Dollar ticks down ahead of all-important US inflation data Yen sinks, hits its lowest levels since 2008 against the euro Energy prices go ballistic, stock markets and gold retreat US inflation to disturb the waters Global markets are holding their breath in anticipation of today’s US CPI inflation release. The stakes are high as this dataset will be critical in shaping expectations about the trajectory of interest rates. It could either cement the view that the Fed has already concluded [..]

Market Comment – Mood turns sour after alarming Chinese trade data

Posted on August 8, 2023 at 8:57 am GMT

Slump in Chinese trade numbers weighs on risk-linked assets Dollar waiting for US inflation test, yen retreats after wage data Stocks bounce back despite Apple’s troubles, gold trades quietly China’s trade slump The slowdown in the world’s second-largest economy seems to be deepening, as the dual crises in the manufacturing and real estate sectors have dampened growth momentum. Earlier today, China’s latest trade data revealed a worsening contraction in exports and imports, which is a warning sign that both international [..]

Market Comment – Dollar pulls back after weaker US jobs growth

Posted on August 7, 2023 at 8:39 am GMT

US NFPs increase by less than expected in July Dollar, Treasury yields slide, traders add to rate cut bets Loonie suffers, BoJ debates prospect of sustained inflation Wall Street extends correction after US employment report Dollar comes under pressure as NFPs miss estimates The US dollar slid against all but one of the other major currencies on Friday, but it is showing signs of stabilization at the start of this week. What prompted dollar traders to liquidate their long positions [..]

Technical Analysis – Gold glides lower; has the summer lull taken over?

Posted on August 7, 2023 at 7:22 am GMT

Gold is trading lower today, a tad below its 50-day simple moving average (SMA). Gold has actually been on a downward path since the May 4, 2023 high of 2,079 with the bears most likely trying to achieve a new low, below the June 29, 2023 trough of 1,893, and hence continue the recent bearish series of lower lows and lower highs. The momentum indicators are still mostly on the bears’ side. The RSI is hovering below its midpoint again, [..]

Market Comment – Dollar extends gains, BoE enters the limelight

Posted on August 3, 2023 at 7:54 am GMT

Dollar strengthens on ADP and US debt downgrade ISM non-mfg. PMI the next test for dollar traders BoE expected to hike by 25bps; Will it sound hawkish? Wall Street slumps after US rating cut Dollar wears its safe-haven suit The US dollar continued gaining ground on Wednesday and it appears to be holding firm today as well. The greenback has been slowly gaining ground since the beginning of the day on Wednesday, perhaps due to safe-haven inflows after the unexpected [..]

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