All Articles Tagged - gold

US Open Note – Markets dive as new Covid variant identified

Posted on November 26, 2021 at 1:57 pm GMT

FX market is bleeding due to new variant; yen shines After the discovery of a new and possibly vaccine-resistant coronavirus variant in South Africa, Botswana, and Hong Kong, the FX market is posting strong losses and US stock futures are indicating a negative open. Flights from South Africa and other nearby countries have already been temporarily banned by Britain, which was followed by Israel and Singapore, and could lead to similar bans in other countries. The introduction of the new variant comes at a time when different European countries are coping [..]

Technical Analysis – Gold meets new resistance but sell-off already overstretched

Posted on November 24, 2021 at 11:02 am GMT

Gold could not find enough buying interest to close above the 1,796 resistance on Tuesday despite the bounce off the 20-day low of 1,781 in the four-hour chart. Nevertheless, traders could still derive some optimism from the momentum indicators as the RSI has formed a double bottom below its 30 oversold level, while the Stochastics are swiftly strengthening after printing a similar pattern below 20. The MACD is encouragingly swinging upwards in the negative area, reflecting fading selling forces. Hence, [..]

US Open Note – Dollar shines again as gold and lira prints losses

Posted on November 23, 2021 at 2:10 pm GMT

Biden’s Fed picks drives dollar up The Fed nomination decision caused some tremors in the financial markets on Monday. In the decision’s wake, futures markets have firmed up expectations for a rate hike in June, which had previously been biased towards July. Governor Brainard has been selected to replace Clarida as Vice Chair at the end of January next year. The US dollar index is extending its gains towards a fresh 16½-month high of 96.59, while dollar/yen is hovering slightly below the four-and-a-half year high of 115.15 that it posted earlier in [..]

Daily Market Comment – Powell renomination turbocharges dollar, sinks gold

Posted on November 23, 2021 at 9:29 am GMT

Dollar charges higher as Fed chief Powell gets a second term Stock markets pull back from record peaks, gold cracks European PMIs pause euro’s slide, RBNZ rate decision next Powell gives dollar more fuel The White House announced yesterday that Jerome Powell will get a second term as Fed Chair, while Lael Brainard will be promoted to Vice Chair. Even though the decision was as expected, the news still caught markets by storm, propelling the dollar higher as traders doubled [..]

US Open Note – US dollar kicks off the week higher as hawkish talk increases

Posted on November 22, 2021 at 2:02 pm GMT

US dollar slopes upwards amid upcoming monetary tightening The dollar’s upsurge seems to be continuing this week fueled by the Fed’s Vice Chair Richard Clarida, who signaled an imminent acceleration of the tapering program that could eventually result in earlier rate hikes. In addition, the greenback has also benefited from the rebound in Treasury yields today. However, President Biden is expected to reveal his nomination for the Fed’s chair before Thanksgiving on Thursday, where a possible designation of the more ‘dovish’ Brainard might push [..]

Daily Market Comment – Fed’s No. 2 hints at faster taper; dollar up but stocks stay calm

Posted on November 22, 2021 at 9:57 am GMT

Fed’s Clarida open to quicker tapering, but no panic yet in bond and equity markets Dollar eyes fresh highs as euro and pound keep bleeding; commodity dollars steadier Flash PMIs and RBNZ may spark some fireworks before Thanksgiving holiday Markets in positive spirits despite Fed and virus worries The Fed’s second in command may have just opened the door to a faster pace of tapering, but stocks nevertheless edged higher at the start of the week as there appeared to [..]

Technical Analysis – Gold fails to improve the bullish move in near-term

Posted on November 22, 2021 at 7:38 am GMT

Gold prices are declining following the pullback off the five-month high of 1,877 that was posted last Tuesday. The stochastic is approaching the oversold territory with strong momentum, while the RSI indicator is heading south in the positive region. However, the 20- and 40-day simple moving averages (SMAs) crossed the 200-day SMA higher in the previous sessions. Should prices reverse lower, immediate support could come at 1,834 ahead of the 20-day SMA currently at 1,825. A drop below this area would take the price closer to the [..]

US Open Note – Stocks improve and dollar surges

Posted on November 19, 2021 at 2:17 pm GMT

King dollar comes on top as rate hike prospects grow US stock futures are near their highs but are showing minor slack, more so the S&P and Dow Jones composites than the Nasdaq 100. Expectations of lift-off in rate hikes in 2022, once tapering ends, has aided the reserve currency. The dollar index has shot back above the 96.00 mark, but USDJPY plunged past the 114.00 level and is currently around 113.80. While unlikely, should job projections be around pre-pandemic [..]

US Open Note – Dollar eases awaiting new market movers; Turkish lira plummets

Posted on November 18, 2021 at 1:57 pm GMT

Initial jobless claims come out; dollar still falling US jobless claims declined by one thousand in the week ending November 13th, a new pandemic low as the labor market continues to slowly recover from the coronavirus hit. The US dollar index is continuing the selling interest that started on Thursday, flirting with 95.60. Dollar/yen is hovering above 114.00 after posting a new high yesterday. Euro/dollar is jumping above the 16-month low of 1.1263, recouping some losses, while pound/dollar is approaching 1.3500. US stock futures are heading for a [..]

Daily Market Comment – Dollar and stocks turn red, euro steadier but lira tumbles

Posted on November 18, 2021 at 10:02 am GMT

Wall Street slips amid faster tapering fears as dollar rally pauses for breath Euro steadier, kiwi surges on rising inflation expectations but Turkish lira crumbles Oil slide deepens after US asks other countries to release strategic reserves Stocks hit by inflation woes Jitters about how further spikes in inflation might begin to hurt corporate earnings as well as spur the Federal Reserve to hasten its tapering timetable weighed on Wall Street on Wednesday. With signs that consumer spending in the [..]

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