All Articles Tagged - gold

Market Comment – Yen on the front foot as BoJ hike eyed; stocks stage a recovery

Posted on July 29, 2024 at 9:00 am GMT

Yen looks to extend gains as BoJ set to press ahead with policy normalization Wall Street bounces back on hopes of upbeat tech earnings, Fed rate cut signal Gold and oil in tepid rebound despite heightened tensions in Middle East BoJ to kick off trio of central bank meetings The Japanese yen edged higher on Monday as investors anticipate the Bank of Japan to take the next steps in its policy normalization plans when it announces its latest decision on [..]

Technical Analysis – Gold bounces off 50-day SMA

Posted on July 29, 2024 at 7:34 am GMT

Gold was retreating from its all-time high But the 50-day SMA prevented further declines Despite latest weakness, oscillators remain neutral-to-positive Gold had been in a strong uptrend since late May, which led to a fresh all-time high of 2,483 on July 17. Although bullion has been experiencing a significant pullback since then, the 50-day simple moving average (SMA) seems to be capping its downside for now. Should the recent bounce off the 50-day SMA turn into a rebound, immediate resistance could be [..]

What to expect from markets in the run up to US elections? – Special Report

Posted on July 25, 2024 at 12:56 pm GMT

Presidential race dominates headlines and complicates Fed’s job Equities suffered in the two months leading up to the last six presidential elections Market’s performance in the 2016 pre-election period could be a useful guide Dollar strengthened in 2016 but equities were under pressure Significant developments in the race lately The recent gun attack against Donald Trump and US President Biden’s candidacy withdrawal last weekend have raised even more the profile of the November presidential election. As a result, the market [..]

Market Comment – Stock market correction picks up speed

Posted on July 25, 2024 at 7:50 am GMT

Fed expectations and US election affect sentiment Euro remains on the back foot against the dollar PBoC announces a surprise rate cut Gold suffers, aussie and kiwi losses pile up Stocks’ weakness intensifies Stocks are under severe pressure as the main US equity indices recorded yesterday their worst daily performance since late-2022. Considering the fact that yesterday’s US PMI surveys were mixed, and therefore not the trigger for this move, the cause of the continued weakness in equities runs deep. [..]

Technical Analysis – Gold seeks new buyers to trim rapid downfall

Posted on July 24, 2024 at 9:27 am GMT

Gold turns up again after brutal downfall Short-term risk is positive, but caution required near 2,430-2,438 US S&P Global PMIs could generate fresh volatility at 13:45 GMT Gold found fresh buying interest after its aggressive pullback from a record high of 2,483 paused at 2,383. The precious metal is currently looking to gain more ground following its close above the 20-period simple moving average (SMA) and the 38.2% Fibonacci retracement of the latest upleg at 2,410. From a technical perspective, the risk is [..]

Heightened volatility across all asset classes – Volatility Watch

Posted on July 23, 2024 at 8:56 am GMT

• Yen crosses are volatile as they retreat from multi-year highs • Volatility in oil and gold surges, Bitcoin follows suit • US equities exhibit higher volatility amid correction fears The euro and dollar pairs maintain low volatility ahead of the US PCE release on Friday and a quiet week on the European data front. On the flipside, volatility in yen crosses has increased considerably as the pairs have been extending their latest pullbacks from multi-year highs. In the meantime, [..]

Market Comment – Market in waiting mode as key data in sight

Posted on July 23, 2024 at 7:49 am GMT

VP Harris close to securing nominee status Dollar trades sideways against the euro Tech stocks’ reaction higher helps S&P 500 breathe better Gold under pressure, drags bitcoin lower US Presidential race hots up Incumbent Vice President Kamala Harris has apparently made a significant step in securing the Democratic party’s nominee status by earning the support of enough delegates ahead of the August 19-22 party convention. Former Speaker of the House, Nancy Pelosi, is the last heavyweight to lend her support [..]

Market Comment – Technical outage triggers risk aversion, Biden steps down

Posted on July 22, 2024 at 8:22 am GMT

Markets in risk-off mode after outage Biden withdraws from Presidential race Gold and oil feel the heat of strong dollar Dollar rallies on haven flows The US dollar traded higher against most of its major peers on Friday, although its advance was paused today. With Fed fund futures indicating very little change in market expectations about the Fed’s future course of action, the dollar’s rally seems to have not been driven by developments linked to the Fed’s plans. Perhaps the [..]

Weekly Technical Outlook – USDCAD, Gold, EURUSD

Posted on July 22, 2024 at 8:18 am GMT

BoC policy meeting may send loonie even lower US Core PCE index could drive gold south EURUSD may not affected by Eurozone PMIs figures BoC interest rate decision –> USDCAD The Bank of Canada will announce its monetary policy on Wednesday. This bank lowered interest rates by 25 basis points at its recent meeting, citing falling inflation and slow economic growth. In the previous week, the Canadian CPI showed that inflation fell further in June, supporting a second rate cut with [..]

Technical Analysis – Gold declines sharply from all-time high

Posted on July 22, 2024 at 7:42 am GMT

Gold jumped to its highest level ever on July 17 But reversed lower due to reaching overbought conditions Despite latest weakness, oscillators remain positively tilted Gold had been in a steady uptrend since late May, which led to a fresh all-time high of 2,483 last week. However, the pair quickly corrected lower as the momentum indicators warned of an overstretched advance. Should the pullback extend, the price could inch lower towards two previous resistance zones of 2,388 and 2,368, which could now [..]

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