All Articles Tagged - gold

Technical Analysis – Gold prices muted below 1,800 again; indicators suggest bullish bias

Posted on December 13, 2021 at 7:38 am GMT

Gold prices are moving sideways within the 1,760 support level and the flat 200-day simple moving averages (SMAs) in the short-term. The commodity is still finding strong resistance at the 1,800 handle and the technical indicators are suggesting a neutral-to-positive bias at the moment. The RSI indicator is pointing upwards in the negative region, while the MACD is trying to overcome its trigger line. In the positive scenario where the precious metal snaps the 200-day SMA at 1,793 and closes above [..]

US Open Note – Dollar in quiet trading after US CPI; equities secure positive close

Posted on December 10, 2021 at 2:31 pm GMT

US inflation the highest in four decades The eagerly awaited US consumer price index came in as expected on Friday ahead of a busy week with focus on several central bank events. Prices grew the fastest in four decades in November at 6.8% y/y on the back of gas and energy increases. The core CPI measure was also in line with forecasts at 4.9% y/y, but still at uncomfortable levels and well above the Fed’s 2.0% symmetric target, suggesting that [..]

Technical Analysis – Gold recovers ground after bouncing at 1,761

Posted on December 8, 2021 at 11:03 am GMT

Gold prices are flirting with the Ichimoku cloud in the near-term after the positive move that started in the previous week from 1,761. According to the technical indicators, the RSI is heading south in the positive region, while the MACD is trying to hold in the bullish area. The 20- and 40-period simple moving averages (SMAs) are ready to post a bullish crossover and the 200-period SMA is flattening. If the price continues the upside structure, the next crucial level [..]

Daily Market Comment – Stocks soar as markets look past Omicron; BoC meeting eyed

Posted on December 8, 2021 at 9:55 am GMT

Optimism prevails as investors see glass half full over Omicron threat Asia lifted by Wall Street jump but futures point to some easing in rally FX markets mostly steady, loonie at 2-week high ahead of BoC decision Fading Omicron risks boost sentiment Pre-Christmas cheer came early for equity markets as investors celebrated the growing view that the newly discovered Omicron variant is not more dangerous than the Delta strain. Early evidence suggests that Omicron causes less severe illness than the [..]

US Open Note – Stocks head north as Omicron jitters abate

Posted on December 7, 2021 at 2:17 pm GMT

US dollar drifts higher; safe havens plummet; cyclical currencies appreciate The dollar gave up some ground early in Tuesday’s trading session as investors’ risk appetite soared amid subsiding fears over the impact of the Omicron variant on global economic growth. However, the greenback recovered and stormed higher later in the session supported by surging US Treasury yields. The Japanese yen and Swiss franc are trading lower today as the rebound in investor sentiment has posed a considerable threat to their safe haven demand. On the other [..]

Technical Analysis – Gold consolidates as merged MAs curb advances

Posted on December 6, 2021 at 10:24 am GMT

Gold is currently edging sideways not too far below the 1,800 mark after managing to find its feet around the 1,757-1,768 support base, following the latest plunge in the commodity from the 1,877 high. The flattened simple moving averages (SMAs) have joined together and are not sponsoring a clear price trend. The short-term oscillators are suggesting mixed messages in directional momentum. The MACD, is slightly underneath the zero level and below its red trigger line, while the positively charged stochastic [..]

Weekly Comment – Markets grapple with uncertainty as Omicron variant spreads

Posted on December 3, 2021 at 12:11 pm GMT

It was a highly volatile week for the global stock markets as investors were trying to assess the risks posed by the new Omicron variant as well as the Fed’s hawkish pivot. In the upcoming week, the Reserve Bank of Australia and Bank of Canada interest rate decisions will be in the spotlight, alongside the US CPI report. The highlights: In Australia, the RBA is widely anticipated to keep interest rates unchanged on Tuesday. However, the Reserve Bank is likely to remain cautious overall, which poses another [..]

Daily Market Comment – Choppy markets brace for nonfarm payrolls

Posted on December 3, 2021 at 10:10 am GMT

US jobs report could decide whether Fed pulls the QE handbrake Euro trades heavy after German restrictions, commodity FX bleeds Oil bounces even without OPEC support, gold grinds lower Nonfarm payrolls coming up The US employment report for November will dominate trading in financial markets today as investors grapple with whether the Fed will speed up the tapering process. Nonfarm payrolls are projected to clock in at 550k, pushing the unemployment rate down one tick to 4.5%. Wage growth is [..]

Technical Analysis – Gold battles with 200-period SMA below 1,800

Posted on December 1, 2021 at 11:30 am GMT

Gold prices could not find enough buyers to overcome the 200-period simple moving average (SMA), with the spotlight remaining on the $1,800 mark. Encouragingly however, the RSI and the MACD continue to hold above their recent lows, while the latter has also managed to crawl back above its trigger line, providing some optimism that the bulls may not give up the battle yet. The 1,790 level, where the 20-period SMA has converged, could challenge any bullish attempts towards the 1,809-1,815 area. Hence, any breakout at [..]

Technical Analysis – Gold muted between key boundaries; risk skewed to the downside

Posted on November 29, 2021 at 7:55 am GMT

Gold is stubbornly fighting the nearby 1,796 resistance for the fifth consecutive trading day, deriving strong support from the 50% Fibonacci of the latest upleg and the ascending trendline, which has been navigating the market since the drop to the five-month low of 1,680. The technical picture, however, suggests a neutral-to-bearish bias at the moment as the MACD remains negatively charged below its red signal line, while the RSI is currently pushing efforts for an upside reversal, but it is [..]

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