All Articles Tagged - gold

Technical Analysis – Has gold regained its luster?

Posted on May 3, 2023 at 8:24 am GMT

Gold spiked back above 2,000 during Tuesday’s early US trading hours but it immediately faltered near the 2,020 level as the bulls got trapped below key trendlines ahead of the FOMC policy announcement. The support-turned-resistance trendline drawn from March 22 and the longer-term upward-sloping line coming from November 29 have been keeping the bulls busy within the 2,020-2,025 region over the past couple of hours. Therefore, although the latest turnup in the price sent the RSI and the MACD into the [..]

Daily Market Comment – Dollar on the back foot ahead of Fed decision

Posted on May 3, 2023 at 7:51 am GMT

US debt default and banking sector concerns hurt the dollar Fed to hike, focus to fall on forward guidance Wall Street in defensive mode ahead of Fed Dollar slides on debt ceiling and banking sector anxiety The US dollar weakened against most of its major peers on Tuesday and continued losing ground today amid concerns about a potential US debt default and a reminder that the troubles in the banking sector are not totally over yet. US Treasury Secretary Janet [..]

Technical Analysis – Gold remains rangebound beneath 2,000

Posted on May 2, 2023 at 8:21 am GMT

Gold experienced a remarkable surge since early March, forming a series of higher highs to peak at the 13-month high of 2,048. However, bullion quickly retraced lower, falling below the 2,000 mark and trading without a clear direction in the past few daily sessions. The momentum indicators currently suggest that bullish forces are subsiding but have not surrendered yet. Specifically, the stochastic oscillator is declining after posting a bearish cross, while the MACD histogram fell below its red signal line but [..]

Technical Analysis – Gold stuck in rangebound pattern, capped by 50-SMA

Posted on April 26, 2023 at 9:08 am GMT

Gold experienced a moderate pullback after peaking at the 13-month high of 2,048 in mid-April. Since then, the price has been trading without a clear direction within a rectangle pattern, while the congested region that includes the 50-period simple moving average (SMA) and the lower bound of the Ichimoku cloud has repeatedly curbed upside efforts. The momentum indicators currently suggest that the bullish forces are subsiding. Specifically, the stochastic oscillator is set to post a bearish cross, while the RSI is losing [..]

Technical Analysis – Gold maintains weak bias in near-term; broader trend is bullish

Posted on April 24, 2023 at 6:48 am GMT

Gold has been underperforming in the past few days, breaking back below the 20-day simple moving average (SMA) around 1,985. When looking at the bigger picture, the price is strongly bullish in the long-term timeframe as it is holding well above the ascending trend line, which has been drawn from the low in November 2022. Based on technical oscillators, momentum is titled to the downside as the RSI is approaching the neutral threshold of 50, while the MACD is standing beneath its trigger line [..]

Daily Market Comment – Gold finds dip buyers, oil begins to fill OPEC gap

Posted on April 20, 2023 at 9:10 am GMT

Gold refuses to decline as central bank demand remains in play Drop in oil prices hits Canadian dollar, Tesla earnings disappoint Focus turns to onslaught of Fed speakers and Japanese inflation Gold defends key region There wasn’t much in the way of news catalysts to steer global markets yesterday, leaving capital flows and risk appetite as the primary drivers of market action. Most major FX pairs closed near their opening levels, with the exceptions being the Canadian dollar and the [..]

Technical Analysis – Gold flirts with 2,000 and remains bullish

Posted on April 20, 2023 at 7:15 am GMT

Gold recently rebounded off the short-term uptrend line and near the 1,980 significant support. The price is currently testing the 20-period simple moving average (SMA) near the 2,000 round number with the technical oscillators confirming an advance. The RSI is pointing upwards around the neutral threshold of 50, while the MACD is holding above its trigger line below the zero level. A move to the upside could see immediate resistance at the 50-period SMA at 2,007 but should the market increase positive [..]

Technical Analysis – Gold retreats from recent highs; bulls try to keep it above 2,000

Posted on April 17, 2023 at 9:00 am GMT

Gold is hovering around the March 20, 2023 high of 2,010, having retreated from the recent one-year higher high. Keeping gold price above the 2,000 threshold appears to be their primary target for the bulls, following the rather explosive move from the early March 2023 dip at the 1,800 area. On the other hand, gold bears are trying to stage a comeback. They appeared massively unprepared at the recent rally as multiple resistance points were broken until the April 13, [..]

Daily Market Comment – Recession fears weigh as Fed stays hawkish after poor US retail sales

Posted on April 17, 2023 at 8:47 am GMT

US retail sales disappoint but Fed does not budge on its hawkish stance Dollar holds firm after Friday’s gains, stocks find some support from strong bank earnings But markets overall steady as busy data and earnings week gets underway Weak data revives recession jitters Recession fears are elevated after retail sales figures out of the United States on Friday pointed to slowing consumer demand in the world’s largest economy. Headline retail sales slumped by a worse-than-expected 1.0% in March compared [..]

Daily Market Comment – Dollar extends fall as CPI data and Fed minutes corroborate pivot bets

Posted on April 13, 2023 at 7:45 am GMT

Headline CPI rate drops by a full percentage point, core ticks up Investors still expect another 25bps hike, but maintain rate cut bets Fed minutes reveal that some officials considered pausing Dollar slips as investors continue to see rate cuts later this year The US dollar extended its slide against all the other major currencies yesterday after the March CPI data revealed that headline inflation in the US slowed by more than anticipated and after the minutes from the latest [..]

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