All Articles Tagged - gold

Daily Market Comment – Yen hits the FX intervention ‘danger zone’

Posted on June 30, 2023 at 8:31 am GMT

Dollar gains ground on solid GDP data, awaits more releases today Yen receives more intervention threats – are markets sleeping on a BoJ shift? Eurozone inflation data coming up, gold drifts, stocks keep winning Dollar rides Fed bets Global markets are set to close the second quarter on a cheerful note, with risk assets flying high and safe haven instruments losing their shine, as a stream of encouraging data releases increasingly convinced investors to unwind bearish bets. Recession concerns have [..]

Technical Analysis – Gold at a crossroads

Posted on June 30, 2023 at 7:57 am GMT

Gold is gliding lower today, trading close to its lowest level since March 2023 and carrying on the bearish trend that kicked off on June 2, 2023. It is currently battling with the lower boundary of the recent trend channel and the May 10, 2023 downward sloping trendline. Gold had a quick look at the sub-1,900 area yesterday but quickly bounced higher, revealing pockets of resistance in this area. The momentum indicators are somewhat split at this stage. The RSI remains [..]

Daily Market Comment – Russia avoids civil war, markets barely react

Posted on June 26, 2023 at 8:33 am GMT

Armed mutiny in Russia ends peacefully, yet gold trades quietly Yen remains close to its recent lows despite hawkish BoJ signals Euro loses ground after soft business surveys, stocks drift lower From Russia, with turbulence An armed mutiny in Russia over the weekend concluded without any bloodshed. The Wagner group – a private mercenary army – started to march against Moscow on Saturday. This followed accusations from the group’s leader, Yevgeny Prigozhin, that the Kremlin had attacked his troops fighting [..]

Technical Analysis – Gold price takes a breather but bearish pressure persists

Posted on June 26, 2023 at 7:08 am GMT

Gold is hovering inside the 1,921-1,943 area, a tad above its 3-month low and around 7.5% lower than the May 5, 2023 high of 2,079. The bulls are anxiously trying to put a temporary stop to the current short-term bearish trend and the bearish series of lower highs and lower lows. The momentum indicators are still mostly on the bears’ side. The Average Directional Movement Index (ADX) is pointing to a bearish trend, the strongest one since the February-March 2023 correction, [..]

Daily Market Comment – Dollar extends gains as hawkish central bank tone sours mood

Posted on June 23, 2023 at 9:10 am GMT

Recession fears heightened after BoE surprises with 50-bps hike, Eurozone PMIs disappoint Hawkish Fed commentary further underscores need for more central bank tightening Dollar advances as pound and euro slide, Wall Street heads for rare weekly loss Recession gloom returns as growth outlook dims The Federal Reserve and ECB set the tone more than a week ago, but it’s taken another round of hawkish central bank rhetoric, culminating with the Bank of England’s larger-than-expected rate hike, for markets to finally [..]

Technical Analysis – Gold tests nearby support; outlook discouraging

Posted on June 22, 2023 at 11:19 am GMT

Gold is repeating yesterday’s test of the descending line at 1,926, which helped the price stay afloat above the three-month low of 1,934. Sentiment remains poor in the four-hour chart. The RSI is hovering around its 30 oversold mark, increasing speculation that the price could change direction to the upside soon, but the downturn in the stochastic oscillator and the falling MACD are reducing the odds for a proper rebound as the price deviates below its simple moving averages (SMAs). [..]

Technical Analysis – Gold stuck in range, downside risks rise

Posted on June 20, 2023 at 10:21 am GMT

Gold experienced a pullback after peaking at the all-time high of 2,079 in early May, falling beneath its 2,000 psychological mark and the 50-day simple moving average (SMA). Although bullion has been stuck within a tight range for the past month, the formation of a structure of lower highs is hinting at a deteriorating technical picture. The momentum indicators currently suggest that near-term risks are tilted to the downside. Specifically, the stochastic oscillator is set to post a bearish cross, while the RSI [..]

Gold trapped in a narrow range, what’s next? – Special Report

Posted on June 16, 2023 at 11:34 am GMT

After almost touching a record high last month, gold prices have corrected lower, trampled under the weight of rising yields and a resurgent US dollar as markets priced in a higher-for-longer scenario for Fed rates. These forces could keep bullion under pressure for now, although in the bigger picture, the trend of sovereign buying by central banks and nerves around a recession might be enough to propel gold to new heights. Behind the rally Gold prices have staged a stunning [..]

Daily Market Comment – Fed sounds hawkish but traders don’t buy it, ECB next

Posted on June 15, 2023 at 8:30 am GMT

Fed holds rates steady but signals 2 more rate hikes this year Yet investors were not convinced, dollar weakens, stocks jump ECB decision in focus today, BoJ will follow early on Friday Fed surprises, markets skeptical As widely anticipated, the Federal Reserve hit pause on its tightening campaign yesterday, keeping interest rates unchanged. Nevertheless, the FOMC added a hawkish twist to the decision by signalling two additional rate increases for this year in its ‘dot plot’ of rate projections, helping [..]

Technical Analysis – Gold retains sideways move

Posted on June 14, 2023 at 1:04 pm GMT

Gold could not sustain its strength above the 1,965 bar on Tuesday, falling aggressively towards the 1,938 floor in the aftermath. The previous metal switched to recovery mode on Wednesday, though the mixed technical signals in the four-hour chart provide no clear direction. Traders would like to see a close above the constraining falling line at 1,950 before they again turn their attention to the 1,965 barricade. Notably, the 23.6% Fibonacci retracement of the 2,079-1,932 downtrend is placed here too. If that wall collapses, the [..]

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