All Articles Tagged - gold

Technical Analysis – Gold has a good support zone but patience needed

Posted on August 1, 2023 at 8:07 am GMT

Gold has been forming lower lows and lower highs over the past two weeks, with the 50-day simple moving average (SMA) preventing major declines once again along with the 20-day SMA near 1,945 last Friday. The price maintained its position above the broken bearish channel, which is a good sign for July’s upleg continuation. The progressing bullish cross between the 20- and 50-day SMAs is endorsing that case as well. Yet, the negative trajectory in the RSI and the MACD is [..]

Daily Market Comment – Yen shines as Bank of Japan loosens yield control

Posted on July 28, 2023 at 8:16 am GMT

Yen shines after BoJ makes ‘stealth’ changes to yield control Dollar also gains, boosted by strong US data and rising yields Euro sinks as ECB refuses to commit to further rate increases Yen recovers after BoJ move Bank of Japan officials loosened their grip on the nation’s bond market on Friday, propelling the yen higher and fueling volatility in global markets. Although at first glance the BoJ kept its official policy settings unchanged, the details of the decision revealed that [..]

Technical Analysis – Gold spikes higher after mild consolidation

Posted on July 26, 2023 at 11:39 am GMT

Gold has posted solid gains in July after bouncing off the four-month low of 1,892 in late June. Although bullion experienced a pullback following a fresh two-month peak of 1,984 on July 20, it stormed back higher in the last couple of four-hour sessions, claiming the 50-period simple moving average (SMA). The momentum indicators are endorsing a bullish near-term bias. Specifically, the RSI is hovering above its 50-neutral mark, while the MACD turned positive after being below zero for two [..]

Daily Market Comment – China stimulus promises boost oil prices

Posted on July 25, 2023 at 8:28 am GMT

China pledges more stimulus, lifting oil prices and local stocks Euro licks wounds after disappointing PMIs, antipodeans shine Wall Street advances ahead of Microsoft and Google earnings Stimulus optimism Chinese authorities vowed to roll out more stimulus measures on Monday, spreading cheer in global markets. The world’s second-largest economy has been plagued by a deepening downturn in the manufacturing and real estate sectors, which combined have put the brakes on economic growth, forcing the Politburo into action despite lingering concerns [..]

Daily Market Comment – Euro slides after PMIs, yen gets rocked by BoJ speculation

Posted on July 24, 2023 at 8:42 am GMT

Yen slammed lower as bets of BoJ tightening this week get unwound Euro bruised by PMI surveys, gold undecided, Nasdaq awaits rebalancing Huge week lies ahead, featuring ‘big 3’ central banks and tech earnings Yen suffers in quiet trading Global markets were caught in a holding pattern on Monday, with most assets trading in a relatively quiet manner. Investors seem reluctant to make any portfolio adjustments ahead of what promises to be a volatile week, featuring central bank decisions in [..]

Technical Analysis – Gold pulls back after testing upper bound of rectangle

Posted on July 24, 2023 at 7:14 am GMT

Gold had been in recovery mode after posting a false bearish breakout from its recent rangebound pattern. Even though the price sliced through the descending trendline that connects a series of lower highs since early June and the 50-day simple moving average (SMA), it retraced lower after failing to claim the upper end of the rectangle. The short-term oscillators are endorsing this latest correction but there are still no signs of a sustained downtrend. Specifically, the MACD lost some ground but [..]

Technical Analysis – Gold consolidates after posting fresh 2-month peak

Posted on July 19, 2023 at 8:17 am GMT

Gold has been in an uptrend since late June when the price found its feet slightly below the 1,900 psychological mark. Even though bullion recently stormed to a fresh two-month high of 1,984, it has been trading sideways for the last few four-hour sessions, appearing unable to extend its rally. The momentum indicators are endorsing a bullish near-term bias. Specifically, the RSI is holding above its 70-overbought zone, while the MACD is strengthening above both zero and its red signal [..]

Weekly Technical Analysis – USDJPY, GBPUSD, Gold

Posted on July 17, 2023 at 1:16 pm GMT

Following a disastrous week for the US dollar, investors will be eagerly waiting for retail sales data to provide a helping hand to the currency on Tuesday. Gold will be closely watched for the same reason as a weakening dollar has been great for the precious metal lately. Meanwhile in the UK, CPI inflation figures could next challenge the rocket rally in the pound on Wednesday. US retail sales –> USD/JPY Retail sales data will be the next highlight in on [..]

Daily Market Comment – Risk rally eases after China GDP disappoints, dollar steadies

Posted on July 17, 2023 at 9:19 am GMT

China GDP miss, caution ahead of Big Tech earnings take wind out of post-CPI rally Hawkish Fed Governor comments also weigh on mood as dollar crawls higher Slew of incoming inflation data adds to nerves at start of the week Chinese growth data does little to squash doubts China’s economy grew by a less-than-expected 6.3% year-on-year in the second quarter of 2023, missing forecasts of 7.3% and raising concerns not only about a deepening slowdown, but also about the lack [..]

Daily Market Comment – Dollar collapses, stocks and gold shine after US inflation

Posted on July 13, 2023 at 8:26 am GMT

Dollar gets decimated by ‘cold’ US inflation report Stock markets hit new highs, gold powers higher Coming up – US producer prices and ECB minutes US CPI slams dollar lower A ‘cold’ US inflation report sent shockwaves across global markets yesterday, as investors reassessed the path for interest rates. Annual inflation as measured by the consumer price index clocked in at 3% in June, just a shade lower than the consensus estimate of 3.1%, but a sharp slowdown from 4% [..]

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