All Articles Tagged - gold

Daily Market Comment – Dollar slides on Fed pause bets after SVB crisis

Posted on March 13, 2023 at 9:26 am GMT

Fed and US Treasury announce plans following SVB collapse Investors take a 50bps Fed hike off the table, see likelihood of pause US stock futures rally, dollar and Treasury yields extend slide SVB crisis and Fed’s response revive pivot bets The dollar fell against most of the other major currencies on Friday, accelerating its tumble at the start of this week. The initial round of selling was triggered by the US employment report, which despite pointing to another month of [..]

Technical Analysis – Gold eyes profit taking after bullish explosion

Posted on March 13, 2023 at 8:33 am GMT

Gold opened higher and above its 50-day simple moving average (SMA) on Monday, stretching Friday’s impressive 2% rally, which was the fastest daily run since November 10, up to a five-week high of 1,894. The precious metal restored its safe-haven feature in the wake of the Silicon Valley Bank’s fallout, quickly recouping last Tuesday’s freefall as investors questioned whether the Fed will be able to deliver a 50 bps rate hike next week. Technically, the swift upturn pushed the price back [..]

Technical Analysis – Gold gives up March’s gains, looks oversold

Posted on March 8, 2023 at 10:48 am GMT

Gold plummeted in the face of Powell’s hawkish interest rate rhetoric on Tuesday, reversing March’s gains from 1,858 to pause at 1,809 earlier today. Encouragingly, the precious metal seems to have formed a doji morning star candlestick near its recent lows in the four-hour chart, with traders waiting to see whether the market can confirm the bullish pattern with another strong green candlestick. The oversold signals from the RSI and the Stochastics are also raising hopes for an upside reversal, though with [..]

Daily Market Comment – Dollar rallies as Powell appears in a hawkish suit

Posted on March 8, 2023 at 8:40 am GMT

Fed Chair Powell stresses the need for higher rates Dollar rallies across the board, as Fed hike bets surge BoC is widely anticipated to stand pat today Wall Street feels the heat of Powell’s hawkish remarks Powell opens the door to higher and faster rate hikes The US dollar outperformed every other major currency on Tuesday and continued to gain against most of them today as well. The person responsible for the dollar’s rally was Fed Chair Jerome Powell, who [..]

Daily Market Comment – Gold and stocks recover as US yields cool off

Posted on March 6, 2023 at 9:58 am GMT

Gold and equities bounce back, capitalizing on retreat in US rates Dollar drifts lower despite strong data, pressured by cheerful mood Massive week lies ahead with three central banks and US payrolls Stocks ride bond waves Investors entered the new trading week in high spirits, as a calmer tone in bond markets helped to brighten the mood in other asset classes. Equity markets and gold prices enjoyed a huge rally on Friday and attempted to extend those gains on Monday, [..]

Technical Analysis – Gold adds 3% after the bounce off 1,805

Posted on March 6, 2023 at 8:02 am GMT

Gold prices added more than 3% after the bounce off the 1,805 support level, moving within the Ichimoku cloud. The RSI is flattening above the neutral threshold of 50, while the MACD is jumping above its trigger line in the negative region. Also, the 200-day simple moving average (SMA) is moving sideways, suggesting a neutral bias in the medium-term. If the market continues to move north, then the price may flirt with the 23.6% Fibonacci retracement level of the upward [..]

Technical Analysis – Gold strengthens the rebound around 1,800

Posted on March 1, 2023 at 10:04 am GMT

Gold is overperforming the last couple of sessions on the 4-hour chart, advancing above the short-term downward sloping channel and the 20- and the 50-period simple moving averages (SMAs). The RSI is moving higher above the 50 level, while the stochastic remains in the overbought territory, indicating a possible overstretched market. Should the metal manage to gather more upside momentum, the next resistance could come around 1,847. A break above this level would shift the bias to a more bullish one and open the way towards the 1,870 [..]

Daily Market Comment – Higher for longer Fed bets fortified after PCE inflation jump

Posted on February 27, 2023 at 10:15 am GMT

PCE inflation creeps up unexpectedly, pushing Fed’s terminal rate bets higher Yields surge again, dollar hits 7-week high as Wall Street tumbles Gold sinks too but pound perks up as Northern Ireland deal with EU eyed Disinflation doubt after core PCE shock The run of downside surprises in US inflation data has well and truly come to an end, at least for now, after the latest PCE price figures followed the CPI report in coming in above expectations. The Fed’s [..]

Technical Analysis – Gold tests cloud bottom as it slumps to 2-month low

Posted on February 27, 2023 at 7:33 am GMT

Gold is extending its decline on Monday, brushing a two-month low of 1,806.45 and testing the bottom of the Ichimoku cloud. The momentum indicators point to further losses in the near term. The RSI has just reached the 30 oversold level, while the %K and %D lines of the stochastic oscillator have both slipped into their respective oversold zone. This could be an indication that the selloff has gone too far and a near-term upside correction is on the cards, [..]

Daily Market Comment – Yen slips on cautious Bank of Japan signals

Posted on February 24, 2023 at 10:24 am GMT

Yen retreats after incoming BoJ Governor strikes cautious tone Dollar grinds higher, pushing gold to lowest levels of 2023 Stock markets close in the green, Nvidia does the heavy lifting Yen feels the BoJ blues The yen absorbed some damage on Friday, in the aftermath of the latest inflation report and some remarks by incoming Bank of Japan Governor Kazuo Ueda. Inflation continued to fire up in January, yet the Japanese currency did not manage to capitalize as Ueda downplayed [..]

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