All Articles Tagged - gold

Technical Analysis – Gold price overcomes 200-day SMA, holding above 1,800

Posted on February 7, 2022 at 8:00 am GMT

Gold prices have found a turning point at the 1,780 support level, which overlaps with the ascending trend line of the long-term symmetrical triangle. The price is currently testing the 40- and 200-day simple moving averages (SMAs), holding within the Ichimoku cloud in the short-term. Technically, the RSI indicator is showing some positive signals as it is approaching the neutral threshold of 50 with stronger momentum than before. The MACD oscillator is edging sideways near its trigger and zero lines, [..]

Weekly Comment – US inflation and GDP data from the UK in the spotlight

Posted on February 4, 2022 at 3:02 pm GMT

The European Central Bank made a hawkish shift after inflation in the monetary union surged to 5.1% in January. President Christine Lagarde refused to rule out interest rate hikes for 2022, bolstering the euro. In the upcoming week, US inflation and preliminary GDP data from the UK will take center stage, together with speeches from the governors of the BoE and BoC. Highlights: In America, inflation data for January will hit the markets on Thursday, with pricing pressures expected to [..]

US Open Note – Euro remains afloat above 1.14 after impressive NFP data; oil fires up

Posted on February 4, 2022 at 3:01 pm GMT

Euro survives NFP surprise The euro had been dancing to the ECB’s hawkish beats on Friday until the US nonfarm payroll report came to put the brakes on its dynamic rally, but the common currency managed to remain afloat. Following a bitter contraction in ADP private employment figures, analysts believed that their forecasts for a 150k growth were too optimistic for the month of January. Yet, the government’s first monthly comprehensive employment stats of 2022 revealed that the US economy is [..]

US Open Note – Stocks extend gains, dollar retreats amid improving risk tone

Posted on February 2, 2022 at 2:22 pm GMT

Dollar slips; euro and pound advance The dollar continues to lose ground for the third consecutive session as long-term Treasury yields extend their decline and seem unable to gain traction. Moreover, the soaring risk appetite observed in the markets today inflicted further damage on the safe-haven dollar. To make matters worse, the ADP jobs data reported earlier today showed a 301K decrease in private US employment in January versus expectations for a 207K gain, setting the stage for a disappointing [..]

Technical Analysis – Gold slips below 1,800 mark as positive momentum abates

Posted on February 2, 2022 at 8:10 am GMT

Gold has managed to stage a partial rebound after its sharp decline halted at the 1,780 region. However, the near-term picture has deteriorated again, with the bullion losing some ground in the last few four-hour sessions. This recent pullback from 1,854 is likely to resume as momentum indicators confirm the loss of steam for the commodity. The stochastic oscillator is sloping downwards near the oversold area, while the RSI is ticking down beneath the 50-neutral mark. Moreover, the price is [..]

US Open Note – US stocks’ rally eases, dollar slips as yields retreat

Posted on February 1, 2022 at 1:57 pm GMT

Dollar loses ground after Fed officials rule out aggressive hike The dollar’s weakness is resuming today as an increasing number of Fed officials downplayed the possibility of a 50 basis points rate hike in March, suggesting that monetary tightening should be more gradual in order to avoid causing panic in the markets. Moreover, the rebound in global equities, alongside the retreating Treasury yields and a chance for profit-taking after the dollar’s extended rally added further downside pressures on the greenback. Later today, [..]

US Open Note – Stocks to log a sharp monthly loss; Aussie picks up steam ahead of RBA

Posted on January 31, 2022 at 2:20 pm GMT

Stock indices consolidate January’s heavy losses; Eurozone bond yields spike January has been a rough month for global stock markets as more central banks prioritized their price objectives amid the inflation storm, with the Fed finally taking investors’ side and hinting at a faster pace of rate increases this year. Of course, US earnings releases have not demonstrated any panic so far even though companies keep facing supply constraints, but the reversal of easy-money policies in the near future is [..]

Technical Analysis – Gold’s collapse subsides but downside risks remain

Posted on January 31, 2022 at 8:50 am GMT

Gold has found some footing in the vicinity of the lower Bollinger band and recent trading session troughs, following a freefall in the commodity – due to a more aggressive message from the Federal Reserve regarding rate hikes – from 1,854, which extended below the simple moving averages (SMAs) and the 1,800 handle. The dipping 50-day SMA is reflecting that the trend in the commodity has become increasingly negative. The short-term oscillators are skewed to the downside but have yet [..]

US Open Note – Market in a volatile day; dollar surges to more than 1 ½ -year high

Posted on January 28, 2022 at 1:55 pm GMT

PCE price index ticks up; Rates in US rise December’s PCE data came into focus today from investors. The core PCE price index rose from 4.8% to 4.9% year-on-year. Currently, it is the highest since September 1983 and well above the Fed’s 2% goal rate. Personal income and spending also came in at 0.3% and -0.6% m/m respectively. Because of the widespread distribution of the omicron variety, retail sales and consumption decreased in December of last year. Rates in the United States are rising, [..]

Daily Market Comment – Wall Street’s pain not over but Apple offers hope, dollar stands tall

Posted on January 28, 2022 at 10:33 am GMT

US stocks swing into losses again but Apple pulls Nasdaq futures higher Fed fears continue to weigh on markets, dollar edges up to fresh highs Euro, aussie, kiwi lead FX losses, gold breaches $1,800/oz, but oil holds firm Stocks remain on slippery slope Wall Street’s latest attempt to bounce back from the January slump faltered again on Thursday, with all three main indices giving up earlier gains to slip into the red. Worries about persistent supply disruptions and rising costs, [..]

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