All Articles Tagged - gold

Technical Analysis – Gold slips from almost 9-month high

Posted on January 16, 2023 at 8:24 am GMT

Gold prices are retreating after the rally towards a fresh almost-nine-month high of 1,928, holding well above the short-term upward sloping channel, suggesting more aggressive buying interest. The MACD oscillator is extending the positive momentum above its trigger and zero lines; however, the RSI is ticking down in the overbought region, indicating a bearish correction. Immediate support is being provided by the 1,880-1,890 region before resting near the 20-day simple moving average (SMA) currently at 1,840. However, should prices dip [..]

Fed nears a hiking pause – history points to recession and possible October 2023 rate cut – Special Report

Posted on January 13, 2023 at 12:04 pm GMT

The Federal Reserve Bank has been on an aggressive tightening path since March 2022. A total of 425 bps of rate hikes have pushed the Fed Funds Rate to 4.25%, the highest level since December 2007. The market is pricing in an extra 58 bps of rate hikes by June 2023, but numerous forecasters have been quite vocal that the Fed could be making its last tightening move in the first quarter and then opting to pause. It appears quite plausible [..]

Technical Analysis – Gold shines near new 8-month peak

Posted on January 11, 2023 at 10:17 am GMT

Gold is flying to a fresh eight-month high of 1,886 today, continuing the strong bullish rally. The short-term oscillators suggest an increase in positive momentum for now. The MACD, in the positive region, is trying to overcome its trigger line, while the rising RSI is moving towards the overbought territory. If buyers push above the intraday high, then the price may hit the next barrier at 1,892, taken from the inside swing low from March 2022. The next target would [..]

Daily Market Comment – Stocks mostly positive, dollar steady in wait for US CPI

Posted on January 11, 2023 at 10:06 am GMT

Markets’ focus entirely on US inflation report after Powell does not comment on rates Stocks perk up somewhat as traders pin hopes on another CPI drop Dollar selloff aborted for now, aussie lifted by data, gold extends gains Markets on hold as CPI data awaited for direction Fed Chair Jerome Powell refrained from commenting on the interest rate outlook when he took part in a panel discussion on Tuesday, much to the relief of investors. Fears that the Fed chief [..]

Gold goes on a winning streak, can it rise further in 2023? – Special Report

Posted on January 10, 2023 at 3:09 pm GMT

Gold prices started the year with a powerful rally, capitalizing on hopes that the Fed is approaching the end of its tightening cycle. Looking into 2023, the prospects for the yellow metal seem bright in a macroeconomic environment characterized by heightened recession fears. The main downside risk is probably a resolution to the Ukraine war, which does not seem imminent. Dissecting gold’s comeback The world’s oldest safe-haven closed 2022 essentially flat, staging a late rally to recover most of the [..]

Daily Market Comment – Markets rally after softer wage growth tempers Fed bets

Posted on January 9, 2023 at 10:05 am GMT

Another solid jobs report in December but easing wages raise soft landing hopes Wall Street and global equities rally as China reopening adds to optimism Commodities climb too as dollar approaches 7-month lows Markets cheer US data pointing to slowing economy Friday’s flurry of data produced a distinguishingly mixed picture on the US economy but for the markets, it was an all-round positive day as traders grew more confident that inflationary pressures are ebbing. The first piece of good news for [..]

Technical Analysis – Gold builds bullish trend; tests familiar resistance

Posted on January 9, 2023 at 8:38 am GMT

Gold bulls achieved another milestone last week, successfully retracing half of the March-September downtrend to stretch to a new five-month high of 1,879 on Monday. Some caution could develop at this phase as the price is currently trading around a key constraining zone, which rejected the rally in 2011 and capped bullish actions several times over the past two years. Yet there are a couple of encouraging signals that could still secure buying positions and send the precious metal higher. [..]

Daily Market Comment – Dollar dips ahead of NFPs, euro awaits inflation data

Posted on January 5, 2023 at 9:21 am GMT

Fed minutes show officials unwilling to cut rates in 2023 Dollar traders lock gaze on US employment report Eurozone inflation numbers enter the limelight as well Dollar trades lower even as minutes confirm hawkish Fed The US dollar traded lower against all but one of the other major currencies on Wednesday, with the exception being the yen. The currency that gained the most ground was the risk-linked aussie, which may have benefited from news that China allowed the resumption of [..]

Technical Analysis – Gold rallies to 7-month peak, stretching the bullish structure

Posted on January 4, 2023 at 10:44 am GMT

Gold skyrocketed to a new seven-month high of 1,865, exiting from the medium-term ascending channel, suggesting that the recent uptrend is likely to stay in place for now. The RSI is standing in the overbought territory, while the MACD is extending its bullish momentum above its trigger and zero lines. In case the pair continues its direction to the upside, the bulls will probably challenge the previous top at 1,878. A break higher, could last until the 2,000 psychological mark, registered in April [..]

Daily Market Comment – Gold sparkles, stocks hit turbulence ahead of Fed minutes

Posted on January 4, 2023 at 9:39 am GMT

Gold extends win streak, dollar pulls back ahead of US releases Australian dollar pops on rumors China might lift its coal ban Stocks edge lower, losses in Apple and Tesla spearhead retreat Gold storms higher Global markets got off to a nervous start this year. Investors have been loading up on defensive assets such as gold and bonds, while reducing their exposure to riskier plays like tech stocks and crude oil, positioning for what could be a rocky year for [..]

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