All Articles Tagged - gold

Daily Market Comment – Yen gets some relief as dismal PMIs fan recession fears

Posted on July 25, 2022 at 8:45 am GMT

Gloomy business surveys from Europe and US add to market nerves Yen and gold come out on top as Fed rate path is recalibrated lower Stocks retreat after Snapchat warning, flurry of earnings coming up Recession worries There has been a tectonic shift in global markets this month, with concerns around an impending recession overshadowing inflation as the main threat to the outlook. This was reaffirmed by the latest business surveys from Europe and America, which were an absolute horror [..]

Technical Analysis – Gold bounces off 1-year low but retains bearish outlook

Posted on July 25, 2022 at 7:50 am GMT

Gold has been experiencing a sustained downtrend since early March, generating a profound structure of lower highs and lower lows. Although the precious metal managed to cease its decline at the one-year low of 1,681 and recoup some losses, its bearish technical picture remains intact. The momentum indicators reflect a cautiously positive near-term bias. Specifically, the stochastic oscillator is sloping upwards towards its 80-overbought zone, while the MACD has crossed above its red signal line but remains in the negative territory. [..]

Daily Market Comment – Euro edges up on Nord Stream relief, awaits ECB outcome

Posted on July 21, 2022 at 9:04 am GMT

Euro buoyed as gas flows resume ahead of ECB decision, but turmoil in Italy Earnings lift S&P 500 to 6-week high but stocks mixed today Gold slumps to one-year low as it loses out to rising rates, bullish dollar All eyes on size of ECB rate hike and new bond tool The euro is clawing higher ahead of the European Central Bank’s widely anticipated interest rate rise – the first in 11 years – later today. There is some uncertainty [..]

Technical Analysis – Gold prices bears face big challenge around 1,700

Posted on July 20, 2022 at 8:43 am GMT

Gold prices are holding around the 20-period simple moving average (SMA) above the 11-month low of 1,698. The commodity is now standing above the 1,700 psychological number but the momentum is too weak. The RSI is pointing south below the neutral threshold of 50; however, the MACD is approaching the zero level, remaining in the negative zone. A failure to overcome the short-term SMAs could send the price down to 1,698, a challenging point over the last few sessions. Lower, support [..]

Technical Analysis – Gold halts decline, but bearish risks still intact

Posted on July 18, 2022 at 2:33 pm GMT

Gold is trying to heal its wounds after sliding to an almost one-year low of $1,697/ounce last week, but the technical picture is not bright enough to back a potential proper recovery in the short term. On the one hand, the precious metal seems to have escaped an extension towards the lower boundary of the four-month-old bearish channel, raising hopes that the bulls may dominate in the coming sessions. On the other, the RSI is still below its 30 oversold level [..]

Daily Market Comment – Euro/dollar sinks below parity but Fed provides life jacket

Posted on July 15, 2022 at 9:10 am GMT

Euro/dollar falls through parity, then reverses as Fed downplays 100bp rate hike Stock markets and oil prices follow similar path, but gold can’t catch a break Chinese economy contracts, Italian politics in the spotlight, key US data eyed Not so fast The world’s most liquid currency pair pierced through the legendary parity level yesterday after another sizzling-hot reading on US producer prices added credence to speculation that the Federal Reserve might raise interest rates by one percentage point this month. [..]

Technical Analysis – Gold pulls back from 10-month low; indicators look oversold

Posted on July 13, 2022 at 10:08 am GMT

Gold prices could not find enough buyers to overcome the 20-period simple moving average (SMA) over the last couple of weeks, with the spotlight shifting again towards the new ten-month low of 1,722. Encouragingly however, the RSI and the MACD continue to hold above their recent lows, while the latter has also crawled back above its red signal line, providing some optimism that the bulls may be able to take control. The 1,752 level, where the 40-period SMA are heading towards, could challenge any [..]

Daily Market Comment – Euro/dollar kisses parity, stocks slide as caution reigns

Posted on July 12, 2022 at 8:31 am GMT

Euro tests parity against US dollar, similar moves across FX arena Stocks and oil prices edge lower in the shadow of China lockdowns Gold cannot shine either despite cautious mood, extends selloff Hello parity A sense of nervousness has descended on global markets once again, with traders slashing their exposure to riskier assets and taking shelter in the only hedge that works – the mighty US dollar. The reserve currency has been riding a perfect storm thanks to its unique [..]

Technical Analysis – Gold struggles to tick up after bullish doji candles

Posted on July 11, 2022 at 6:36 am GMT

Gold posted two consecutive bullish doji candles, suggesting than an upside retracement may be on cards in the next few sessions. The commodity has continued to develop within a downward sloping channel since March 8 and the technical indicators are holding within their oversold levels. The RSI is flattening below the 30 level, while the MACD is strengthening its bearish momentum below its trigger and zero lines. Another step lower may reach a key support zone at 1,721-1,731, where the price [..]

Technical Analysis – Gold rebounds off 19-month low; strongly bearish

Posted on July 6, 2022 at 9:32 am GMT

Gold prices are trading slightly above the 19-month low of 1,762 that was posted earlier in the day after the aggressive selling interest on Tuesday. The momentum signals are suggesting an oversold market. The RSI is ticking higher near the 30 level, indicating a bullish correction; however, the MACD is still strengthening the bearish momentum. Should the price extend declines, the 1,752 support could come under pressure first, taken from the lows in December 2021. Below that, the focus could shift straight to the 1,721 barrier, [..]

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