All Articles Tagged - gold

Technical Analysis – Gold gets rejected, but bulls could retry

Posted on June 6, 2022 at 7:34 am GMT

Gold faced its second rejection in two weeks around the wall of $1,867 despite inching to a one-month high of $1,874 on Friday, with the price retreating to the $1,850 territory in the aftermath. The RSI and the MACD intimate some scepticism as they keep fluctuating in the bearish area. That said, they both preserve an upward direction, while the price itself maintains a soft advance above its 20- and 200-day simple moving averages (SMAs), suggesting that the bulls may not [..]

Technical Analysis – Gold edges higher as positive momentum intensifies

Posted on June 2, 2022 at 2:36 pm GMT

Gold has been gaining ground in the last few four-hour sessions after finding its feet at the 1,829 region. Furthermore, the price has crossed above both its 50-period simple moving average (SMA) and its upper-Bollinger band, painting a bright technical picture for the precious metal. The short-term oscillators suggest that bullish forces retain total control. The MACD histogram is currently positive and above its red signal line, while the RSI is sloping upwards beyond its 50-neutral threshold. Should buying pressure [..]

US Open Note – Dollar continues the sell-off after ADP and ahead of NFP; oil erases losses

Posted on June 2, 2022 at 12:43 pm GMT

ADP dissapoints; NFP comes out tomorrow After the disappointing release of the ADP report which announced 128K workers versus 300K that was expected, the dollar is still trading lower. After two days in a row of gains, the dollar index retraced to a low of 102.12. As dollar/yen traded over 130 for the first time since the middle of May, the trend of the yen weakening has re-established itself. Sterling is holding above $1.25, within the short-term moving averages. Yesterday, Bullard stated that the path that the Fed [..]

Daily Market Comment – Oil under pressure ahead of crucial OPEC meeting

Posted on June 2, 2022 at 8:40 am GMT

OPEC meets today, supply decision could impact euro and stocks too Dollar supported by solid US data and rising yields, sterling tumbles Gold defies fundamental drivers, Swiss franc jumps on inflation data Beyond oil The world’s dominant oil cartel will convene today to decide on production targets. This is the most important OPEC meeting in a year and the outcome could have far-reaching implications for several asset classes as the global economy grapples with the hardest energy shock in decades. [..]

Technical Analysis – Gold’s propelling forces pause above 200-day SMA

Posted on May 30, 2022 at 9:04 am GMT

Gold is consolidating between the 1,837 and the 1,868 barriers, which are the 23.6% and the 38.2% Fibonacci retracement levels of the down leg from 1,998 until 1,786. The price is trading above its mid-Bollinger band at 1,848, after finding footing off the 200-day simple moving average (SMA) at 1,840. The SMAs are painting a picture that is lacking a clear trend, as the 100- and 200-day SMAs are sponsoring a positive bearing, while the falling 50-day SMA is aiming [..]

Technical Analysis – Gold retreats but bullish short-term structure remains intact

Posted on May 25, 2022 at 2:43 pm GMT

Gold has been experiencing a minor pullback in the last few four-hour sessions since its recent uptrend failed to cross above the 1,870 region. Although the precious metal appears to be running out of steam, its technical picture remains positive in the short term. The momentum indicators suggest that bearish pressures have emerged. More specifically, the stochastic oscillator is sloping downwards in the oversold area, while the MACD histogram has dipped beneath its red signal line in the positive region. [..]

US Open Note – Market sentiment dulls with growth worries

Posted on May 24, 2022 at 2:02 pm GMT

US yields ebb and heavy dollar follows A risk-off tone has gripped markets as rekindled growth concerns are being highlighted due to China supply constraints from lockdowns, the domino effects from the Russian invasion on Ukraine and pressures on central banks who are expected to do more to bring inflation lower without pushing their economies into recession. The already aggressive Federal Reserve is finding its job to curb inflation more challenging as the degree or constant pace of tightening is [..]

Technical Analysis – Gold rises back above 200-day SMA

Posted on May 23, 2022 at 6:44 am GMT

Gold prices are advancing above the 200-day simple moving average (SMA) and find resistance near the 1,853 level and the 20-day SMA at 1,857. The technical indicators are showing some signs for more positive actions. The RSI is approaching the neutral threshold of 50, while the MACD rises above its trigger line. Should the pair manage to strengthen its positive momentum, the next resistance could come around the 40-day SMA at 1,900 ahead of the 1,915 barrier. A break above [..]

US Open Note – Dollar loses ground after five weeks of gains

Posted on May 20, 2022 at 1:03 pm GMT

Dollar index ticks down as euro approaches $1.06 On Friday, the US dollar was on track to have its worst week against key rivals since the beginning of February. Global stocks have been falling this week as well due to risks to growth from aggressive monetary tightening – led by the Federal Reserve – and China’s strict lockdowns to quash an outbreak of Covid-19. The appeal of the dollar as a haven was eclipsed overnight by a decline in US yields as investors rushed for [..]

US Open Note – Recession fears keep jolting markets

Posted on May 19, 2022 at 1:24 pm GMT

Signs of recession pop up in earnings Sellers stormed into stock markets as giant US retailers Target and Walmart revealed a hit in margins on the back of rising labor and energy costs, with the former losing more than a third of its share value on Wednesday despite serving only local clients. The jittery earnings surprise follows Powell’s commitment to higher interest rates earlier this week, making investors think more seriously that the mix of inflation and monetary tightening could [..]

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