All Articles Tagged - gold

Technical Analysis – Gold moves down from short-term SMAs

Posted on October 31, 2022 at 7:50 am GMT

Gold prices are moving lower after several failed attempts to jump above the short-term simple moving averages (SMAs). The price remains below the long-term descending trend line and the technical oscillators currently confirm the bearish structure. The MACD oscillator is moving sideways below the zero level, while the RSI is flattening in the negative region. To the downside, immediate support could come from the two-and-half-year low of 1,615, which was tested two times over the last month. Moving lower, the troughs of March [..]

Technical Analysis – Gold ascends sharply but 200-SMA curbs upside

Posted on October 26, 2022 at 1:09 pm GMT

Gold has been in a downtrend since the beginning of the month, generating a structure of lower highs and lower lows. However, bullion managed to recoup some losses lately and jump above the upper boundary of the Ichimoku cloud before the 200-period simple moving average (SMA) capped its advance. The momentum indicators suggest that near-term risks are tilted to the upside. Specifically, the stochastic oscillator is ascending near the 80-overbought region, while the MACD histogram is strengthening beyond both zero [..]

Technical Analysis – Gold’s bearish trend falters, but sellers still in play

Posted on October 24, 2022 at 7:34 am GMT

Gold stretched Friday’s upleg to an intra-day high of 1,670 before turning negative again below 1,660 on Monday. In terms of market trend, the precious metal seems to be forming a bullish double bottom pattern around 1,614, though a durable extension above the 1,730 neckline is required to confirm it. Encouragingly, the previous three candlesticks resembled a bullish doji setting, increasing hopes for an upside reversal too. In the meantime, though, the technical oscillators suggest that the market may keep facing choppy [..]

Technical Analysis – Gold flirts with previous lows at 1,640

Posted on October 19, 2022 at 7:11 am GMT

Gold prices are heading south following the multiple pullbacks off the 20-period simple moving average (SMA). The short-term picture is still bearish as the price has lost more than 5% from the beginning of this year. Technically, the RSI is sloping downwards in the negative region, while the MACD is trying to lose momentum beneath its trigger and zero lines. The price is approaching the 1,640 support, while steeper declines may meet the next obstacle of 1,615, which is a 29-month trough. On the other hand, [..]

Technical Analysis – Gold extends decline after rebound falters

Posted on October 17, 2022 at 8:05 am GMT

Gold has been losing ground since early March, generating a profound structure of lower highs and lower lows. Even though the precious metal rebounded strongly from the 29-month low of 1,614 and jumped above its restrictive trend line, it quickly retreated again within its long-term descending channel. The short-term oscillators currently suggest that bearish forces remain in control. Specifically, the RSI is flatlining beneath its 50-neutral mark, while the MACD histogram has dropped below its red signal line in the negative territory. Should selling [..]

Technical Analysis – Gold pauses decline near familiar support

Posted on October 12, 2022 at 8:16 am GMT

Gold opened Wednesday’s session gently up after finding fresh buying interest around the 1,660 level. There is a ray of hope that market sentiment may improve as the RSI and the MACD are trying to change direction to the upside. Yet, some caution is still required as the 1,670 zone seems to have resumed its resistance role. The 20-period simple moving average (SMA), which ceased bullish pressures last week, is also within breathing distance. Should the recovery continue above the 50- and [..]

Technical Analysis – Gold eases below the falling trend line again

Posted on October 10, 2022 at 6:45 am GMT

Gold prices are continuing the decline from the 1,730 resistance level, dropping back below the long-term descending trend line. In trend indicators, the 20- and 50-day simple moving averages (SMAs) are acting as support and resistance levels for traders, while the MACD is moving sideways in the negative zone. However, the RSI is confirming the recent bearish bias as it is developing beneath the neutral threshold of 50. Further losses should see the 20-day SMA currently at 1,675, before plunging to [..]

Technical Analysis – Gold faces profit taking after quick rally

Posted on October 5, 2022 at 10:23 am GMT

Gold drifted lower and back into the broken 2022 bearish channel after its two-day exciting rally stalled at 1,729 – the highest since September 13. The RSI and the stochastics have abandoned the overbought region, raising concerns that the latest bullish wave has probably peaked. The weakness in the MACD is also endorsing the current negative momentum in the price. Nevertheless, sellers would not be ruining the short-term positive trajectory unless they drive forcefully below the 200-period simple moving average (SMA) and [..]

Daily Market Comment – Equities begin the last quarter on positive note; RBA delivers smaller hike

Posted on October 4, 2022 at 8:32 am GMT

Wall Street rebounds on worse than expected ISM PMI Pound extends recovery on UK government’s U-turn RBA hikes by 25bps, RBNZ takes the torch Gold gains on sliding bond yields Wall Street rebounds, yields slide on ISM PMI miss Equities finished the first trading day of this year’s final quarter on a positive note, with all three of Wall Street’s main indices gaining more than 2% as Treasury yields pulled back on the larger-than-expected slide in the ISM manufacturing PMI. [..]

Technical Analysis – Gold guards latest rebound; more obstacles ahead

Posted on October 3, 2022 at 7:24 am GMT

Gold continued to face mild bullish pressures during Monday’s early European trading hours, despite remaining compressed within the tight range of 1,660–1,676. Although the broad negative trajectory shows no sign of abating, the momentum indicators are reflecting persisting buying presence. Particularly, the RSI has overcome its previous highs after exiting the oversold territory and is currently sloping upwards to meet its 50 neutral mark. The Stochastics are in a positive mood as well, but close to their 80 overbought level, while the MACD [..]

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