All Articles Tagged - gold

Technical Analysis – Gold challenges bullish pennant formation

Posted on April 3, 2023 at 8:00 am GMT

Gold opened on a negative note on Monday, gently easing to last week’s lows registered within the 1,950-1,943 zone. Technically, the bearish correction is contrasting the three-week-old bullish pennant formation, pushing for a breakout on the wrong side. The downturn in the RSI and the MACD is promoting that scenario too, though the day is not over yet, and the bears will need to close successfully below the triangle’s lower boundary at 1,960 and then extend clearly below 1,943 in order to dampen [..]

Daily Market Comment – Stocks headed for quarterly gains despite turmoil, dollar set for losses

Posted on March 31, 2023 at 9:26 am GMT

Equities to end week and quarter in buoyant mood as tech-led rebound gathers pace Fed speakers keep rate hike door wide open, dollar firms but still down in Q1 Tokyo CPI beat unable to halt yen’s slide, US and Eurozone inflation coming up next Stocks shrug off banking mess as turbulent quarter closes Equity markets may have taken a strong knock from the banking crisis, which sprung out of the blue earlier this month, but the speed at which they [..]

Daily Market Comment – Dollar trades mixed, awaits PCE inflation data

Posted on March 30, 2023 at 7:54 am GMT

Dollar trades mixed against the other majors PCE numbers and Fed speakers could reshape Fed bets Germany’s CPI data due out a day ahead of Eurozone’s inflation numbers Wall Street indices add more than 1% worth of gains each Dollar awaits the PCE inflation numbers for direction The dollar traded mixed against the other major currencies on Wednesday, finding it hard to assume a clear direction today as well. The dollar recovered some of its recent losses on Wednesday, as [..]

Daily Market Comment – Weaker yen gives dollar a lift as stocks climb on easing banking fears

Posted on March 29, 2023 at 9:03 am GMT

Stocks extend gains as banking turmoil continues to subside Dollar catches up with firmer Treasury yields, yen tumbles Oil rises to 2-week high on improving tone and on Iraq supply concerns Stocks resume rebound after Wall Street stumbles Global equity markets got off to a positive start on Wednesday, resuming a patchy rebound from the lows of the banking turmoil that has so far been less than convincing. Stocks on Wall Street ended lower on Tuesday despite more calm being [..]

Technical Analysis – Gold battles with 50-SMA as latest rebound falters

Posted on March 29, 2023 at 8:23 am GMT

Gold had been edging higher in the four-hour chart, peaking at a fresh one-year high of 2,009 on March 20 before entering a sideways move. In the near term, bullion dropped below its 50-period simple moving average (SMA) after its latest rebound got rejected. The momentum indicators currently suggest that bearish forces are in control. Specifically, the stochastic oscillator is descending after posting a bearish cross in the overbought zone, while the RSI has crossed below its 50-neutral mark. Gold has [..]

Daily Market Comment – Equities extend cautious rebound, dollar slips as bank stocks rally

Posted on March 28, 2023 at 9:06 am GMT

Banking turmoil subsides further, sparking rotation away from tech into financials Deutsche Bank joins in the rally as officials play down concerns Dollar stays pressured as Fed rate cut bets remain in play, US data eyed Banking jitters ease again as mood improves Fears about a deeper banking crisis receded further on Tuesday, giving risky assets another leg up as beaten down bank stocks attempted a rebound. Concerted efforts by the US Treasury and Federal Reserve to prop up the [..]

Daily Market Comment – Stocks advance, gold retreats as banking fears subside

Posted on March 27, 2023 at 8:42 am GMT

Calmer tones return to global markets after weekend banking deal Stock markets edge higher, gold loses some of its safe-haven appeal Major currencies trade in narrow ranges, except for the Japanese yen Markets in better mood A sense of calm has returned to global markets after a double-barreled dose of good news on the US economy and financial sector. Renewed concerns around the durability of the banking system plagued trading on Friday, with bank shares in Europe getting battered as [..]

Technical Analysis – Gold struggles for direction after advance pauses

Posted on March 27, 2023 at 7:45 am GMT

Gold has experienced significant gains since early March mainly due to the turmoil observed in the global banking sector. Even though bullion posted a fresh one-year high of 2,010 in the previous week, it quickly retraced lower and has been moving sideways for the last few daily sessions. The short-term oscillators currently suggest that bullish near-term forces are subsiding but remain in control. Specifically, the MACD histogram is softening but holds above zero and its red signal line, while the RSI [..]

Technical Analysis – Gold bulls take a breather after 1-year high above 2,000

Posted on March 23, 2023 at 10:12 am GMT

Gold struggled to jump above the immediate resistance of 1,985, keeping its footing above the short-term simple moving averages (SMAs) in the 4-hour chart. Trend signals remain daunting as regards the market momentum. Some downside correction seems to be building as the RSI has paused its uptrend in the positive area and the stochastics are flattening in the overbought region. Should the bulls dominate, driving the price above the 1,985 number, the spotlight will shift to the one-month high of 2,009 ahead of [..]

Daily Market Comment – Dollar slides as Fed hints at pause; BoE up next

Posted on March 23, 2023 at 9:18 am GMT

Fed hikes by 25bps, opens the door to a pause Dollar slides across the board Wall Street falls on Powell and Yellen remarks SNB delivers double hike, BoE to proceed with 25bps Dollar tumbles as Fed hints hikes are nearing end The dollar traded lower yesterday and continued falling today as, despite delivering another 25bps hike, the Fed hinted that it is on the verge of pausing due to the recent turbulence in the banking sector. Instead of noting that [..]

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