All Articles Tagged - gold

Technical Analysis – Gold outlook worsens at new lows; 1,600 level comes in sight

Posted on September 28, 2022 at 11:20 am GMT

Gold drifted southwards to unlock a new 29-month low at 1,614 earlier today after Tuesday’s recovery attempt ceased at 1,642. The downtrend extension has opened the door for the 1,600 round level as the RSI and the MACD in the four-hour chart keep lacking direction within the bearish territory, although the rebound in the stochastics is endorsing the current bullish move in the market. Sliding below the 1,600 psychological mark, the precious metal could seek shelter within the 1,585 – 1,565 zone [..]

Daily Market Comment – Pound rebounds on BoE bets; Dow enters bear market

Posted on September 27, 2022 at 8:31 am GMT

Sterling rebounds as traders ramp up BoE bets Rate hike expectations keep hurting equities Oil and gold claw back some losses after hitting new lows Traders expect more than 100bps hike by the BoE The US dollar continued outperforming all its major counterparts on Monday, with the dollar index hitting a fresh 20-year high. Although it eased somewhat during the Asian session today, its broader uptrend remains intact with its tank being fueled by two pumps: an ultra-hawkish Fed and [..]

Daily Market Comment – Pound crashes, stocks pummelled after UK budget

Posted on September 26, 2022 at 9:23 am GMT

Pound leads declines in FX markets, approaches parity, as UK budget sparks panic UK yields soar, Italian yields jump too as far-right win adds to uncertainty Dollar scales fresh highs, stocks sink but some signs of recovery today UK budget gets big thumbs down from investors Markets reacted in the worst possible way to the UK’s economic plan unveiled on Friday, sending the pound to rock-bottom levels against the US dollar, while dumping UK gilts. Chancellor Kwasi Kwarteng announced the [..]

Technical Analysis – Gold extends its decline to fresh 29-month lows

Posted on September 26, 2022 at 7:37 am GMT

Gold has been losing ground since early March, generating a profound structure of lower highs and lower lows within a descending channel. Furthermore, in the last few daily sessions, the technical picture has deteriorated, with the price forming consecutive fresh 29-month lows and trading beneath its lower Bollinger band. The short-term oscillators currently suggest that bearish forces are strengthening. Specifically, the RSI has entered the 30-oversold zone, while the MACD histogram is retreating below both zero and its red signal [..]

Daily Market Comment – Fed hike, Powell’s recession warning roil markets; dollar shoots up

Posted on September 22, 2022 at 9:13 am GMT

Dot plot signals Fed not done with 75 bps hikes, Powell warns of pain ahead S&P 500 goes back into bear market, dollar destroys everything in its path Yen slips past 145 after BoJ doesn’t flinch, but jumps after intervention SNB hikes by 75 bps, BoE expected to follow suit, gold see-saws Fed declares war on inflation, spooks markets The Federal Reserve delivered its third consecutive 75-basis-point rate increase on Wednesday and flagged more sharp hikes in the remainder of [..]

Daily Market Comment – Dollar at fresh highs ahead of Fed as Russia jitters sink euro

Posted on September 21, 2022 at 9:09 am GMT

Russia-Ukraine tensions flare up, knocking the euro and boosting safe havens Stocks subdued but losses contained as investors await Fed decision Yields fall back slightly and gold climbs on Russia worries Tense mood amid Fed and geopolitical risks The US dollar extended its gains on Wednesday, while stocks stayed largely in the red as investors weighed the risks from the Fed’s upcoming policy decision as well as the possible impact from Russia’s latest warmongering, which is adding to the [..]

Technical Analysis – Gold rebounds from 1,660 again but stays in downtrend

Posted on September 21, 2022 at 7:32 am GMT

Gold spiked up today, after finding support once again near the 1,660 zone yesterday. Although some further recovery may be on the cards, the precious metal remains in a downtrend and this is supported by the fact that it is trading below a downside line drawn from the high of August 10, as well as below all three of the plotted moving averages. The short-term oscillators detect diminishing downside speed and add to the idea of some further recovery before [..]

Daily Market Comment – Dollar takes a breather; loonie traders lock gaze on CPIs

Posted on September 20, 2022 at 7:58 am GMT

Dollar’s rally pauses ahead of FOMC decision Equities rebound somewhat on short covering Canada’s inflation expected to slow more Gold rebounds, but gains stay limited Dollar pulls back, equities rebound ahead of FOMC The US dollar traded slightly lower against most of its major peers on Monday, stabilizing somehow during the Asian session today. With no clear catalyst behind the greenback’s breather, it seems like traders decided to liquidate some of their long positions ahead of Wednesday’s FOMC decision. Wall [..]

Technical Analysis – Gold faces dim outlook as new resistance pops up

Posted on September 19, 2022 at 8:02 am GMT

Gold resumed its bearish momentum early on Monday after Friday’s rebound off a 29-month low of 1,653 faded immediately around the previous low of 1,680. Strikingly, the latter overlaps with the 200-weekly moving average (SMA), which has been out of sight since the end of 2018. In technical indicators, the bearish cross within the 20- and 50-day SMAs is endorsing the negative trend in the market. Meanwhile, the MACD is set for another downside extension below its red signal and [..]

Daily Market Comment – Yen defies intervention warnings, gold loses its shine

Posted on September 15, 2022 at 8:42 am GMT

Threats of FX intervention don’t do much to boost the yen Currency pairs trapped in narrow ranges, stocks lick wounds Gold under heavy pressure, US retail sales coming up next Yen dismisses intervention The battle for the yen continues to rage in the FX arena, with Japanese officials using every trick at their disposal to stabilize the devastated currency. A double salvo from the government and the Bank of Japan yesterday saw intervention threats being dialed up, which stopped the [..]

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