All Articles Tagged - gold

Technical Analysis – Gold eases but remains above 2,000

Posted on April 12, 2023 at 9:09 am GMT

Gold is currently under pressure but is still above the 2,000 psychological mark and the short-term simple moving averages (SMAs) in the 4-hour chart. The short-term technical oscillators are showing some bearish signs and point to more weakness in the market. The RSI is pointing down above the 50 level and the stochastic is looking overstretched near the 80 level. However, the MACD is still above its trigger and zero lines, confirming the broader bullish outlook. The next target to [..]

Daily Market Comment – Dollar slides ahead of US inflation data and Fed minutes

Posted on April 12, 2023 at 7:32 am GMT

Dollar slides as traders seem reluctant to buy ahead of CPI figures Wall Street mixed ahead of today’s data, bank earnings on Friday Gold climbs back above $2,000 on the back of a weak dollar Bank of Canada decision also on tap US CPI numbers and FOMC minutes enter the spotlight The US dollar traded lower against almost all the other major currencies on Tuesday and continued to underperform on Wednesday as well. With no clear catalyst behind the weakness, [..]

Daily Market Comment – Muted response to solid jobs report as focus quickly shifts to US CPI

Posted on April 10, 2023 at 8:51 am GMT

Dollar firms as May rate hike seen more certain after another healthy gain in US jobs Yet, overall reaction has been muted amid thin trading during long Easter weekend But volatility set to return as US CPI report due this week, plus the BoC decision NFP report clears Fed path for May, still clouded thereafter The resilience of the US labour market was once again on full display on Friday after another solid payrolls print eased heightened recession fears that [..]

Technical Analysis – Gold slides below 2,000 as bullish bias weakens

Posted on April 10, 2023 at 7:43 am GMT

Gold experienced a remarkable surge since early March, breaking above its bullish pennant formation to post a fresh one-year high of 2,032 in the previous week. However, bullion quickly retraced lower and fell back below its 2,000 psychological mark but the bulls have not surrendered yet. The short-term oscillators currently suggest that the positive momentum is waning, but buyers remain in control. Specifically, the RSI is ticking downwards above its 50-neutral mark, while the stochastic oscillator is retreating after posting [..]

Daily Market Comment – Nonfarm payrolls set to rattle deserted markets

Posted on April 7, 2023 at 9:31 am GMT

Nonfarm payrolls report coming up, early indicators flash mixed signals Most markets will remain closed today, so FX is the main game in town Wall Street recovers after another round of soft data cements rate-cut bets All eyes on US payrolls Investors are in for a stormy ride today, as the latest US employment report will be rolled out into a market that is deprived of liquidity. Many traders are away from their desks for the Good Friday holiday and [..]

Daily Market Comment – Dollar reclaims safe-haven status as recession fears intensify

Posted on April 6, 2023 at 7:59 am GMT

ISM non-manufacturing PMI disappoints, adding to downturn risks Dollar gains despite Treasury yields extending their slide Gold maintains ‘safe haven of choice’ status S&P 500 extends slide, but not enough to change the bigger picture Dollar takes safe-haven suit out of the closet The US dollar rebounded versus all but two of its major counterparts on Wednesday, losing ground against the Japanese yen and the New Zealand dollar, which continued to benefit from the RBNZ decision. The fact that the [..]

Daily Market Comment – Dollar extends slide as US job openings tumble

Posted on April 5, 2023 at 8:20 am GMT

US job openings fall to the lowest since May 2021 Wall Street slips as data revives recession fears Gold rallies above $2,000 as Fed pivot bets intensify New Zealand dollar rallies after RBNZ hikes by 50bps Dollar extends losses as speculation about Fed rate cuts increases The dollar extended its losses against most of its major peers on Tuesday, with traders becoming split on whether the Fed will deliver another 25bps hike at its May meeting or not. Following OPEC’s [..]

Technical Analysis – Gold finally rallies well above 2,000

Posted on April 5, 2023 at 7:26 am GMT

Gold surged above the 2,000 round number and reached a new 13-month peak of 2,025 earlier today, confirming the long-term bullish outlook. The commodity is standing well above the short-term simple moving averages (SMAs) as well as above the ascending trend line. Technically, the RSI indicator is flattening near the overbought territory but is weakening the current bullish momentum, while the MACD is strengthening above its trigger and zero lines. Should the price manage to strengthen its upside move, the [..]

Daily Market Comment – Dollar slips, stocks climb after disappointing US data

Posted on April 4, 2023 at 8:51 am GMT

Contraction in US manufacturing emboldens bets for Fed cuts Dollar slides, stock markets rally with boost from energy shares RBA hits ‘stop’ button on rates, RBNZ decision coming up next Manufacturing woes Global markets are torn between different themes, with traders switching back and forth between inflation and recession risks depending on the latest round of data releases. The week started with the ghost of inflation returning to haunt investors after OPEC+ boosted oil prices, but the session closed with [..]

Daily Market Comment – OPEC supply cut boosts oil prices, helps dollar recover

Posted on April 3, 2023 at 9:18 am GMT

Surprise production cut from OPEC propels oil prices higher Dollar benefits as resurfacing inflation concerns fuel Fed bets Stocks close first quarter in euphoric mood, riding liquidity wave OPEC surprise Oil prices shot higher to enter the new week, supercharged by a surprise announcement that OPEC+ will slash its production. The cartel and its allies said crude supply will be trimmed by 1.16 million barrels per day from May onwards, helping restore some balance in a market that has been [..]

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