All Articles Tagged - gold

Technical Analysis – Gold tumbles but meets good support zone

Posted on September 14, 2022 at 8:18 am GMT

Gold tumbled yesterday after the hotter-than-expected CPI report from the US. The metal fell below the 1,712 level but was stopped by the crossroads of the 1,697 hurdle and the lower bound of an ascending broadening wedge formation that’s been containing the price action since September 1. Usually, those formations tend to signal continuation of the broader trend upon their completion and thus, a break below 1,697 may be on the cards. The RSI and the MACD increase the likelihood [..]

Technical Analysis – Gold remains under pressure; broader trend is bearish

Posted on September 12, 2022 at 6:37 am GMT

Gold remains under pressure and risk is still to the downside as prices continue to drift lower from the long-term descending trend line. The technical indicators are bearish and point to more weakness in the market. Looking at the daily chart, gold prices are looking capped by the 20 and 50-day simple moving averages which are negatively aligned after a bearish crossover that took place in the preceding week. The RSI indicator is ticking lower in the bearish territory; however, the MACD [..]

Technical Analysis – Gold regains some footing but faces resistance at 50-MA

Posted on September 7, 2022 at 3:35 pm GMT

Gold has bounced back from an intra-day low of 1,691.27 when it came close to breaching last Thursday’s six-week low, and its recovery has gained further traction after overcoming brief resistance at the 20-period moving average (MA). The momentum indicators point to more bullish price action in the very near term. The stochastics are sharply headed higher and the RSI has just crossed above the critical 50 level. If the positive momentum continues, the 50-period MA in the 1,715 [..]

Daily Market Comment – Pound gains in aftermath of UK PM election; euro rebounds as well

Posted on September 6, 2022 at 8:10 am GMT

Sterling wakes up as Truss’s plans could fuel inflation Euro rebounds as well after hitting a two-decade low RBA lifts rates by 50bps and hints neutrality Asian shares cheer China’s pledge for more action Pound outperforms after new UK Prime Minister elected The US dollar took a break at some point yesterday, with the dollar index pulling back after hitting a new two-decade high of 110.23. The currency that benefited the most from the dollar’s breather was the British pound. [..]

Daily Market Comment – Gas crisis sinks euro and stocks, pound downbeat ahead of new PM choice

Posted on September 5, 2022 at 9:09 am GMT

Euro plunges again after Russia further cuts gas supplies to Europe Energy crisis and rate hike fears scupper equities’ rebound attempt Pound hits fresh 2-year low as pressure builds before Tories unveil their new leader Oil bounces back ahead of OPEC+ decision amid output cut speculation Europe’s energy woes deepen ahead of ECB meeting The euro slid below the $0.99 mark on Monday, brushing its lowest point against the US dollar since December 2002, as fears of energy shortages intensified [..]

Technical Analysis – Gold bounces off 6-week low, retains bearish bias

Posted on September 5, 2022 at 7:34 am GMT

Gold has been trending lower since early March, generating a profound structure of lower highs and lower lows within a descending channel. Although the precious metal’s latest downleg came to a halt at the six-week low of 1,688, the broader bearish technical picture remains intact. The short-term oscillators currently suggest that near-term risks remain tilted to the downside. Specifically, the RSI is flatlining beneath its 50-neutral mark, while the MACD histogram is below both zero and its red signal line. [..]

Technical Analysis – Gold plunges to new one-month low

Posted on August 31, 2022 at 8:37 am GMT

Gold prices are plummeting towards a fresh one-month low at 1,714 and are holding well below the short-term simple moving averages (SMAs). The RSI indicator is ticking lower in the negative region, approaching the oversold territory, while the MACD is extending its bearish momentum beneath its trigger and zero lines. More downside pressures may open the door for a lower low towards the 1,711 barrier, taken from the lows on July 27. Even lower, the market may hit the 1,680 [..]

Technical Analysis – Gold feels more pain as bearish bias strengthens

Posted on August 29, 2022 at 10:54 am GMT

Gold extended Friday’s decline to a one-month low of 1,720 during Monday’s early European trading hours, having previously pulled below its shorter-term simple moving averages (SMAs) and beneath the long-term constraining line that is part of the 2020 bearish channel. The RSI and the MACD are currently warning that the ongoing bearish wave is still at an early stage as the former has resumed its negative direction below its 50 neutral mark, while the latter is gradually declining below its red [..]

Technical Analysis – Gold battles with 200-SMA after rebound falters

Posted on August 24, 2022 at 8:21 am GMT

Gold has been trending downwards during the past two weeks, creating a clear structure of lower highs and lower lows. Although the precious metal rebounded slightly after finding its feet at the 1,728 region, the 200-period simple moving average (SMA) capped its advance. The short-term oscillators suggest that near-term risks are tilted to the downside. Specifically, the MACD histogram has jumped above its red signal line but remains in the negative territory, while the RSI is flatlining below its 50-neutral [..]

Technical Analysis – Gold retreats back near falling trend line; maintains bearish bias

Posted on August 22, 2022 at 6:21 am GMT

Gold prices remain under pressure and risk is still to the downside as prices continue to drift lower from the 1,808 level. The commodity is re-testing the downtrend line that broke at the beginning of the month, signifying a continuation of the descending movement. The short-term technical indicators are in bearish territory, with the MACD standing below its trigger line; however, the stochastic oscillator is suggesting an oversold market as it is ready to post a bullish cross within its [..]

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