All Articles Tagged - gold

Technical Analysis – Gold extends sideways move below 2,000

Posted on June 12, 2023 at 8:04 am GMT

Gold experienced a mild 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 managed to halt its retreat at the 2½-month low of 1,932, it has been trading sideways for the past three weeks. The momentum indicators currently suggest that bearish forces are subsiding. Specifically, the MACD jumped above its red signal line but remains in negative territory, while the stochastic oscillator is ticking upwards [..]

Technical Analysis – Gold loses pace near key barrier

Posted on June 9, 2023 at 10:49 am GMT

Gold got stuck around the resistance trendline that has been blocking bullish actions over the past month at 1,963 following another strong bounce near the 1,938 floor. The technical indicators in the four-hour chart provide no clear direction. Hence, traders may wisely wait for the price to close above the trendline and the 23.6% Fibonacci retracement level of the latest downfall near 1,965 before they target the 200-period simple moving average (SMA) at 1,985. A greater rally could challenge the 2,000 psychological mark. [..]

Technical Analysis – Gold breaches trendline as sentiment sours

Posted on June 5, 2023 at 9:24 am GMT

Gold has breached its ascending trendline and could soon drop below the Ichimoku cloud as well, as the short-term momentum indicators are pointing down. The %K and D% lines of the stochastic oscillator have posted a bearish crossover, while the RSI is heading lower after failing to climb above the 50 neutral threshold. Immediate support is likely to come at the cloud bottom just above 1,926, while the crucial 1,900 barrier is not that far below and is being reinforced [..]

Technical Analysis – Gold rotates near key support trendline

Posted on June 1, 2023 at 12:34 pm GMT

Gold changed direction to the upside in the four-hour chart after securing another strong foothold around 1,938 and near the ascending trendline drawn from November 2022. The precious metal rose as high as 1,974 before giving up some ground, though there is potential for another test near that peak as the RSI and the MACD have not exited the bullish area yet. Nevertheless, some caution is warranted given the sideways trajectory in the aforementioned indicators and the negative slope in the stochastic oscillator. A [..]

Daily Market Comment – Fed officials signal pause in rates, dollar retreats

Posted on June 1, 2023 at 8:12 am GMT

Dollar loses steam after Fed members indicate ‘pause’ in rate hikes US debt ceiling deal passes House, but stocks and gold uninterested Eurozone inflation data and key US releases coming up next Fed officials kneecap dollar Bets that the Federal Reserve will raise interest rates this month receded yesterday, after a couple of FOMC members signaled they would rather “skip” a rate increase. Fed Board Governor Jefferson, who is also the nominee for vice-chair, joined forces with Philly Fed President [..]

Daily Market Comment – Dollar fires up, pushes gold down the stairs

Posted on May 30, 2023 at 8:14 am GMT

Dollar continues to recover ground, bolstered by Fed bets Gold falls to 6-week lows as debt ceiling deal spreads relief Stocks set to open higher, despite looming liquidity drain Euro/dollar grinds lower There’s been a change of fortune for euro/dollar this month. A cascade of cheerful US data releases has convinced traders the Fed will push the rate-hike button one final time this summer, while in contrast, the data pulse in the Eurozone has been weakening as the troubles in [..]

Technical Analysis – Gold pauses decline but bearish bias holds

Posted on May 29, 2023 at 7:49 am GMT

Gold experienced a remarkable surge since early March, surpassing some crucial technical levels to peak near the all-time high of 2,079 in early May. However, bullion has been in a steady downtrend since then, falling beneath its 2,000 psychological mark and creating a bearish structure of consecutive lower lows. The momentum indicators currently suggest that bearish forces reign supreme. Specifically, the MACD is softening beneath zero and its red signal line, while the RSI has flatlined below its 50-neutral mark. [..]

Daily Market Comment – Gold and yen scorched by rising yields, Nvidia saves stocks

Posted on May 25, 2023 at 8:34 am GMT

Dollar continues its grind higher, empowered by Fed bets and risk aversion Gold gets burned by rising yields, central bank divergence hits Japanese yen Stocks close lower, but Nvidia earnings turn markets around after-hours Dollar capitalizes on resurgent Fed bets Market participants are becoming more confident the Fed might raise rates one final time this summer and that rate cuts won’t come into play anytime soon. Some remarks by Fed Board Governor Waller and the minutes of the latest FOMC [..]

Technical Analysis – Gold’s bears take the upper hand

Posted on May 24, 2023 at 9:04 am GMT

Gold remains under pressure and risk is still to the downside as prices continue to drift lower from the 2,079.19 record high. The short-term technical indicators are bearish and point to more weakness in the market. Looking at the 4-hour chart, gold prices are being capped by the 1,984 resistance and the 23.6% Fibonacci retracement level of the down leg from 2,079.19 to 1,952 at 1,982. The RSI is pointing down below the neutral threshold of 50, while the MACD [..]

Technical Analysis – Gold stuck below the 2,000 mark as bulls try to mount their defense

Posted on May 22, 2023 at 6:53 am GMT

Gold remains comfortably below the 2,000 psychological level, a significant drop from the May 4, 2023 high of 2,079. This is probably the bulls’ first serious defeat since the start of the strong upleg in October 2022. They are currently trying to recover some of their recent losses and appear to have heavily invested in holding the 1,959 level. This is key for market sentiment. The momentum indicators are mostly still on the bears’ side. The Average Directional Movement Index (ADX) [..]

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