All Articles Tagged - gold

Technical Analysis – Gold poised for downside recovery ahead of more bullish actions

Posted on November 21, 2022 at 7:57 am GMT

Gold prices have been in a declining movement since the pullback off the 1,786 resistance level; however, the bullish crossover within the 20- and the 50-day simple moving averages (SMAs) are suggesting more upside structure in the short-term. From a technical perspective, the short-term bias is viewed as negative, reflected by the downward move in the RSI and the MACD. The former is heading south after the touch in the overbought area, while the MACD is weakening its momentum in the [..]

Is it time for gold to shine? – Special Report

Posted on November 18, 2022 at 10:33 am GMT

Gold has managed to stage a stellar recovery recently, gaining more than 10% since November 3, when it hit support at $1,615 for the third time in less than two months. Hoping that the Fed may need to proceed much less aggressively with interest rate hikes hereafter, traders may be scratching their heads as to whether this can translate into more gains for the precious metal. Gold no longer a safe haven In the past, gold was considered a safe-haven [..]

Technical Analysis – Gold builds base around 3-month high

Posted on November 16, 2022 at 10:49 am GMT

Gold has advanced considerably since the beginning of the previous week, adding more than 7% and hitting a new three-month high of 1,786. The technical picture supports that the price may continue the move with weaker momentum than before as the RSI is moving sideways in the overbought territory, while the MACD fell beneath its red signal line in the positive zone. In the wake of negative pressures, the market could meet support at the 20-period simple moving average (SMA) [..]

Daily Market Comment – Fed’s Waller tempers rate pause bets, relief rally cools

Posted on November 14, 2022 at 10:40 am GMT

Dollar and yields edge up after Waller says Fed not done with rate increases But stocks evade sharp selloff as China property bailout adds to optimism Cryptos off lows despite FTX hack, gold pares gains, oil stays cautious Fed dampens hopes of early pause The US dollar got off to a steadier start on Monday and stocks were mixed after a top Fed official played down the significance of last week’s softer-than-expected CPI report in overnight comments. Speaking at an [..]

Technical Analysis – Gold inches below key resistance, but still shines

Posted on November 14, 2022 at 8:31 am GMT

Gold opened with a small negative gap on Monday, pulling back below the August 25 high of 1,765 after stretching its extraordinary rally to a two-and-a-half month high of 1,772 last Friday. The latest impressive ascent confirmed a triple bottom structure around the 29-month low of 1,614, flagging a bullish trend reversal. Yet, some easing cannot be ruled out in the near term as the RSI and the stochastics seem to be losing momentum near overbought levels. Should the price reverse [..]

Daily Market Comment – Dollar skids as midterm results and inflation data loom

Posted on November 9, 2022 at 9:37 am GMT

Midterm votes counted so far point to political gridlock Dollar extends slide, inflation data the next test Wall Street ends Election Day higher Dollar extends slide on prospect of Republican-led House The US dollar lost further ground against its major peers on Tuesday. It seems that investors continued to weigh the prospect of slower rate increases by the Fed as they await results of the US midterm elections and the US inflation data. According to the Fed funds futures, they [..]

Technical Analysis – Gold dives from 1-month high after aggressive bullish rally

Posted on November 9, 2022 at 8:44 am GMT

Gold prices gained significant buying traction on Tuesday – the largest 4-hour increase of the year –, with the price peaking at a fresh one-month high near 1,717. The positive slope in the RSI and the growing MACD are endorsing the current bullish momentum in the price, though with the former above its 70 overbought level, the bears could be around the corner. A decisive close above the aforementioned new high could reduce negative risks, producing another bullish extension towards [..]

Daily Market Comment – Mixed US employment report leaves dollar with bruises

Posted on November 7, 2022 at 9:35 am GMT

Dollar retreats, Fed bets ease as nonfarm payrolls offer mixed signals Stock markets, gold prices, and risk-linked assets enjoy relief rally Huge week ahead, featuring US midterm elections and inflation data Conflicting signals in US jobs report A mixed bag of US employment numbers left financial markets in disarray on Friday. While nonfarm payrolls exceeded forecasts and wage growth came in hot, the household survey painted an entirely different picture, with the unemployment rate spiking higher even as labor force [..]

Technical Analysis – Gold jumps above trendline but 50-day SMA curbs advance

Posted on November 7, 2022 at 8:48 am GMT

Gold has been losing ground since early March, generating a profound structure of lower highs and lower lows within a descending channel. However, in the previous daily session, bullion managed to profoundly cross above its restrictive trendline before the 50-day simple moving average (SMA) capped its upside. The momentum indicators currently suggest that bullish forces are strengthening. Specifically, the RSI has jumped above its 50-neutral mark, while the stochastic oscillator is ascending after bouncing at its 20-oversold level. To the upside, [..]

Technical Analysis – Gold accelerates above short-term SMAs

Posted on November 2, 2022 at 10:50 am GMT

Gold prices are rising above the short-term simple moving averages (SMAs) but the medium-term view in the 4-hour chart is neutral. The RSI is sloping upwards above the 50 level, while the MACD is moving sideways near its trigger and zero lines. A decisive close above the 1,657 resistance and the 200-period SMA at 1,662 could reduce negative risks, producing another bullish extension towards the key 1,667 resistance. Beyond that, traders will target the 1,675 barrier, a break of which [..]

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