All Articles Tagged - gold

Technical Analysis – Gold trends higher; resistance within 1,940 area

Posted on July 12, 2023 at 10:27 am GMT

Gold has been swinging higher in the four-hour chart since hitting a three-month low of 1,892 at the end of June, rising as high as 1,940 today. The precious metal is hovering around a familiar constraining zone and near the 200-period simple moving average, which caused a soft decline over the past few hours. The 23.6% Fibonacci retracement of the previous downleg is cementing that wall as well. Hence, traders might wait for a clear close above the 1,936-1,940 boundary before they target the upper band [..]

Daily Market Comment – Dollar extends fall ahead of US inflation data

Posted on July 12, 2023 at 7:39 am GMT

US dollar beaten up as US inflation report looms Narrowing yield differentials turbocharge the yen RBNZ takes the sidelines, BoC takes the central bank torch Wall Street and gold gain on sliding Treasury yields Dollar traders are positioning for a soft US CPI report The US dollar continued tumbling on Tuesday and during the Asian session Wednesday, losing ground against all the other major currencies. Perhaps traders are positioning for another soft US CPI report later today, a view that [..]

Daily Market Comment – Cable hits new highs as falling yields blast dollar

Posted on July 11, 2023 at 8:47 am GMT

Dollar gets crushed as traders price in a ‘cold’ CPI tomorrow Sterling and yen benefit the most, Cable hits 15-month highs Gold attempts to exit range to the upside, stocks bounce back Dollar derailed by falling yields It’s been a dreadful month for the US dollar so far, even though incoming data releases continue to reaffirm the superiority of the American economy. Economic growth for the second quarter is tracking around 2%, the housing market has staged an impressive recovery, [..]

Daily Market Comment – Dollar slides, gold shines after nonfarm payrolls

Posted on July 10, 2023 at 8:16 am GMT

Dollar gets knocked down by miss in US employment growth Gold benefits, but can it sustain a rally with real yields rising? Stock markets kick off new week with losses, Fed speakers eyed Bruised dollar awaits inflation test The world’s reserve currency absorbed some damage last week, in the aftermath of the latest US employment report. Nonfarm payrolls clocked in at 209k in June, which was below consensus estimates of 225k, disappointing traders who were likely positioned for a stronger [..]

Technical Analysis – Gold consolidates after failing to re-enter range

Posted on July 10, 2023 at 7:46 am GMT

Gold had been moving sideways for more than a month, but the bears managed to push the price below the lower boundary of that range. Even though bullion posted a mild recovery after bouncing off the three-month bottom of 1,893, its attempts to re-enter the neutral pattern have been repeatedly repelled around the 1,925 mark. The short-term oscillators currently suggest that the positive momentum is picking up, but bearish forces retain the upper hand. Specifically, the MACD crossed above the red [..]

Daily Market Comment – Strong US data boost Fed bets ahead of NFP report but dollar muted

Posted on July 7, 2023 at 9:28 am GMT

Markets brace for another solid jobs report after strong ADP and ISM services PMI But dollar struggles to shine as rally in bond yields spreads globally Yen extends gains as stocks slip, gold sags but oil rebounds further Steeper Fed rate path eyed after upbeat data Risk appetite is in short supply on Friday ahead of the US nonfarm payrolls report later in the day after economic health gauges allayed heightened recession fears from earlier in the week but bolstered [..]

Technical Analysis – Gold in recovery mode but bearish structure holds

Posted on July 5, 2023 at 12:14 pm GMT

Gold has been losing ground since mid-June, dropping below the 1,900 handle for the first in more than three months. However, the commodity managed to regain traction and jump above its 50-period simple moving average (SMA), while it is set to challenge the upper boundary of the Ichimoku cloud. The momentum indicators currently suggest that bullish forces are in control. Specifically, the RSI is ascending above its 50-neutral mark, while the MACD is strengthening above its red signal line in the [..]

Daily Market Comment – Risk rally fades on manufacturing slump but markets stay calm

Posted on July 4, 2023 at 9:26 am GMT

Drop in ISM manufacturing PMI rounds up malaise in global factory activity Dollar and stocks steady as Fed rate path little changed, all eyes on NFP report Aussie falls then bounces after RBA holds rates; oil prices whipsaw on OPEC+ cut Weak manufacturing PMIs dampen mood Markets were generally trading sideways on Tuesday as investors pondered central banks’ next moves amid conflicting signals from the latest data and a bank holiday in the United States. Trading in July initially got [..]

Weekly Technical Analysis – USDJPY, AUDUSD, Gold

Posted on July 3, 2023 at 2:07 pm GMT

We expect the start of the week to be quiet in the US as traders enjoy a long weekend, celebrating the July 4th Independence Day with fanfare and fireworks. The week ahead, however, could put markets back on the central bank watch as a bulk of employment data, including Friday’s all important nonfarm payrolls, could influence the Fed’s next rate decision. Monday’s ISM manufacturing PMI figures will not be ignored either despite the holiday mood. Elsewhere, the Reserve Bank of [..]

Technical Analysis – Gold attempts to re-enter range after bearish breakout

Posted on July 3, 2023 at 10:10 am GMT

Gold had been stuck within a sideways pattern for more than a month, but the bears managed to push the price below the lower boundary of that range. However, gold quickly found its feet and retraced higher, hinting that the decline could prove to be a false breakout. Despite the latest bounce, the short-term oscillators are not providing positive signs for buyers. The RSI has flatlined way beneath its 50-neutral mark, while the MACD remains below both zero and its red [..]

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