All Articles Tagged - gold

Daily Market Comment – Yen and gold power higher as new year kicks off

Posted on January 3, 2023 at 9:42 am GMT

Yen rallies on rumors BoJ might upgrade its inflation forecasts Gold edges higher as well, outlook for 2023 seems brighter ‘Buy everything’ mood in play as US dollar and stocks also gain Yen capitalizes on BoJ speculation The new year kicked off with a bang in financial markets, with rate-sensitive assets such as gold and the Japanese yen powering higher right out of the gates. It’s tempting to say investors are positioning defensively because they anticipate a stormy year ahead, [..]

Daily Market Comment – Dollar and equities end 2022 on the back foot

Posted on January 2, 2023 at 9:30 am GMT

Dollar stays pressured even as yields rise ISM PMIs and NFPs on this week’s agenda Wall Street feels the heat of rising yields and recession fears Oil finishes 2022 with gains Investors push yields higher, but not the dollar The US dollar ended the last trading day of 2022 on the back foot against most of the other major currencies, despite US Treasury yields rising further. It rebounded somewhat today. The 10-year yield has been in a recovery mode since [..]

Technical Analysis – Gold has a promising start to 2023

Posted on January 2, 2023 at 8:38 am GMT

Gold sought fresh gains on the first trading day of the year after a remarkable 8.0% rally to 1,833 in December. According to the technical indicators, the market seems to have the foundation to flourish further. The 20- and 200-day simple moving averages (SMAs) have recently bullishly crossed each other, endorsing the positive trend in the short-term picture. The RSI, although in horizontal trajectory, is comfortably above its 50 neutral mark and is pointing upwards, while the MACD has recouped some [..]

Technical Analysis – Gold in waiting mode but underlying forces could reveal their hand soon

Posted on December 29, 2022 at 1:26 pm GMT

Gold is enjoying a quieter session today as the market prepares for the new trading year. This week, amidst lower liquidity conditions, gold managed to trade at 1,833, the highest level since June 27. But it failed to hold on these gains dropping to the current level of 1,806. Since December 5 gold has been trading inside a well-defined upward sloping trend channel, recording a series of higher highs and higher lows. This trend channel activity coupled with the recent [..]

Daily Market Comment – Rising yields pressure stocks, Tesla sinks, but dollar stuck in tight range

Posted on December 28, 2022 at 10:16 am GMT

Growth stocks feel the heat of yields resurgence, plunging Tesla sends Nasdaq diving BoJ knocks down yen again, but other major FX pairs stuck in narrow ranges Gold and oil pare back gains as dollar regains some footing Bond yields stage surprise year-end rally, stocks don’t like it Markets have turned choppy as trading winds down for the year. With just three trading days remaining and very few significant developments for investors to sift through, the bond market is taking [..]

Daily Market Comment – Stocks eke out gains on China boost as Fed worries linger

Posted on December 27, 2022 at 10:14 am GMT

China reopens its borders, lifting jittery stocks in quiet holiday week Improved sentiment hurts dollar and yen; latter also weighed by Kuroda Oil extends gains on China news and US winter storm disruption China scraps quarantine rules, helps spread some festive joy Risk appetite was on the rise on Tuesday following China’s announcement yesterday that inbound travellers will no longer have to quarantine as of next month. The decision comes even as daily infections continue to surge across many parts [..]

Technical Analysis – Gold consolidates around 1,800 as recovery fades

Posted on December 27, 2022 at 9:11 am GMT

Gold had been trading within a descending channel for the most part of 2022 but has managed to stage a moderate rebound since early November. Even though the precious metal has crossed above both its 50- and 200-day simple moving averages (SMAs), its advance seems to be running out of juice. The momentum indicators are reflecting a loss of positive momentum. Specifically, the MACD histogram is retreating below its red signal line in the positive region, while the stochastic oscillator is pointing downwards after [..]

Could the famous “five-day” rule reveal the market direction for the new trading year? – Special Report

Posted on December 23, 2022 at 11:19 am GMT

The start of each trading year is usually tricky for market participants as they leave behind the festive period. The hype about the new year is not enough to keep the spirit high, but there is an unofficial market rule that makes the first few market sessions purposeful. The famous “five-day” rule states that the yearly performance of the US 500 cash index would be positive if the return on the first five trading days of the year is positive. There have been a [..]

Technical Analysis – Gold edges lower; increased evidence against recent bullish bias

Posted on December 21, 2022 at 10:10 am GMT

Gold has been gliding lower in the past 24 hours as the market got in the festive mood. It remains inside a well-crafted slightly upward sloping trend channel since December 1, and managed to make a new higher high by closing above 1,810. However, this bullish bias does not enjoy the overwhelming approval of the momentum indicators. The conservative RSI is trending upwards, being the most prominent advocate for the current bias. And the positive news stops here. The stochastic [..]

Daily Market Comment – BoJ shocks markets with policy tweak; yen soars, stocks tumble

Posted on December 20, 2022 at 10:04 am GMT

Bank of Japan makes surprise tweak to its YCC policy, insists it’s not tightening Dollar slumps 3% against yen, Nikkei plunges as markets see move as exit from stimulus Gold supported as broader market mood remains downbeat BoJ widens yield target range The Bank of Japan ended weeks of speculation about a policy pivot and took its first step on Tuesday to move away from years of ultra-loose monetary policy. In its first adjustment to its yield curve control policy [..]

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