All Articles Tagged - gold

Daily Market Comment – Dollar holds firm on debt-ceiling hopes

Posted on May 18, 2023 at 8:00 am GMT

Debt-ceiling negotiations moving in the right direction Housing data point to improvement US dollar gains, but full-scale reversal remains premature Wall Street, oil, and gold reflect market optimism Data and debt-ceiling headlines keep the dollar supported The dollar traded mixed against the other major currencies yesterday, losing mostly against the risk-linked currencies, which likely received support from gains on Wall Street. Today, the greenback is outperforming almost all its major counterparts. What may have kept traders willing to add to [..]

Technical Analysis – Will gold have another bearish round?

Posted on May 17, 2023 at 9:49 am GMT

Gold attempted to recover some lost ground earlier in the day, but its bullish efforts proved short-lived around 1,993 in the four-hour chart as the broken support trendline switched to resistance. The focus has turned back to the key support region of 1,976, which overlaps with the 38.2% Fibonacci retracement of the 1,804-2,079 uptrend. Given the oversold signals coming from the RSI and the Stochastic oscillator, there is a potential for an upside correction or some consolidation near that level. [..]

Daily Market Comment – Gold slides as traders unwind Fed rate cut bets

Posted on May 17, 2023 at 8:58 am GMT

Gold and yen fall, dollar gains after solid US data and Fedspeak Stocks mixed, resilience of tech shares holding up entire market Debt ceiling showdown continues, Japan beats GDP estimates US data cools rate-cut bets Investors continue to reassess the trajectory of Fed interest rates. Under the hood, there’s been a quiet repricing of rate expectations this week, with the probability of a June rate hike edging higher and bets of rate cuts in the remainder of the year getting [..]

Daily Market Comment – Dollar back in action as Fed considers another rate hike

Posted on May 15, 2023 at 8:58 am GMT

Dollar comes back to life after Michigan data and hawkish Fed remarks Rising yields inflict damage on Japanese yen, but gold finds dip buyers Demand concerns haunt oil prices, Turkish lira sinks after elections Dollar reawakens After getting battered and bruised for several months now, the US dollar might be on the cusp of a comeback. The greenback staged a furious recovery last week, drawing fuel from its safe-haven qualities as risk sentiment turned sour and from some survey data [..]

Technical Analysis – Gold finds support near 20-day SMA and holds above 2,000

Posted on May 15, 2023 at 6:46 am GMT

Gold is finding a strong support level near the short-term 20-day simple moving average (SMA) and remains well above the 2,000 level, confirming the long-term upside structure. The RSI is pointing north above the neutral threshold of 50, while the MACD is losing some momentum beneath its trigger line in the positive region. Should the pair manage to strengthen its positive momentum, the next resistance could come around 2,050. A break above the aforementioned level would shift the bias to [..]

Will gold continue conquering uncharted territories? – Special Report

Posted on May 10, 2023 at 9:28 am GMT

With investors remaining convinced that the Fed will start cutting interest rates at some point later this year, US Treasury yields and the dollar have stayed subdued, which combined with concerns surrounding the banking sector and the US debt ceiling, allowed gold to hit a new record high on Thursday, before strongly pulling back on Friday. Will the precious metal rebound and extend its uptrend into new uncharted territories or is Friday’s retreat a sign that the uptrend is running [..]

Technical Analysis – Gold falls from record high but 2,000 remains strong support

Posted on May 10, 2023 at 7:20 am GMT

Gold is still developing well above the 2,000 round number, remaining strongly bullish but the short-term simple moving averages (SMAs) in the 4-hour chart suggest a potential downside correction. The RSI indicator is falling in the positive area, while the MACD is heading sideways near its trigger and zero lines. An extension of the declining move may find support at the 50-period SMA at 2,015 ahead of the 2,000 psychological mark and the 200-period SMA. Any movements beneath the latter [..]

Technical Analysis – Gold struggles to make a return to record highs

Posted on May 8, 2023 at 8:15 am GMT

Gold faced brutal selling on Friday after an exciting run towards a record high of 2,079, but it managed to end the week within the 2,000 territory. Although the precious metal is trying to heal its wounds at the moment, the technical picture cannot warrant a proper rebound to the uncharted zone. On the one hand, the RSI and the MACD, although weaker, keep promoting the positive scenario as the former is fluctuating above its 50 neutral mark, and the [..]

Daily Market Comment – Nonfarm payrolls set to unleash more volatility

Posted on May 5, 2023 at 8:41 am GMT

US employment data in focus today, most signs point to a solid report ECB raises rates and strikes hawkish tone, but euro trades lower Cable hits one-year high, gold near new record, Apple beats earnings NFP seems solid, can USD capitalize? A tempestuous week for global markets will come to a crescendo today with the latest round of US employment data. Another solid report is anticipated, with nonfarm payrolls expected to clock in at 180k in April, less than the [..]

Daily Market Comment – Fed hints at possible pause; ECB enters the spotlight

Posted on May 4, 2023 at 7:36 am GMT

Fed hikes by 25bps, but turns data dependent Dollar extends slide as investors price in a June pause ECB to hike by 25bps as well, focus could fall on Lagarde Wall Street and oil prices slide, gold nearly hits its record Dollar falls as Fed seen pivoting during summer The US dollar continued to weaken across the board yesterday, with the slide extending into the Asian session today as the Fed watered down its forward guidance, prompting investors to price [..]

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