All Articles Tagged - gold

US Open Note – Dollar pulls back after US CPI data release

Posted on August 11, 2021 at 1:04 pm GMT

US CPI data drives dollar lower All eyes were on the US CPI data release today. The US consumer price inflation rate remained at 5.4% in July, the same as the previous 13-year high and marginally above market predictions of 5.3%, mirroring the low base effect caused by the coronavirus crisis. There were not any surprises for the market; however, the dollar slipped from the five-week high of 110.80 versus the yen that was printed earlier today. The dollar index [..]

Daily Market Comment – US dollar, yields, stocks climb in tandem ahead of inflation test

Posted on August 11, 2021 at 9:08 am GMT

Dollar extends rally, hits more than 4-month high ahead of crucial US CPI data Euro and yen can’t catch a break, riskier currencies slip too Tech stocks take a tumble but Senate’s infrastructure bill nudges Dow and S&P to record Dollar charges ahead; will CPI data fuel or dent rally? The post-NFP boost for the US dollar and Treasury yields showed no sign of abating on Wednesday as investors continued to ramp up their bets that the Federal Reserve will [..]

Technical Analysis – Gold bears lose steam, but the path ahead could be rocky

Posted on August 11, 2021 at 8:59 am GMT

Gold could barely stand on its feet following the freefall towards the 2021 lows early on Monday, which had triggered the super rally to 1,916 back in March. Despite the anaemic momentum, the precious metal seems to be building a base around 1,723 on the four-hour chart as the latest series of higher highs and higher lows in the RSI, the upside reversal in the MACD, and the positive slope in the Stochastics flag an improving sentiment. The path on the [..]

US Open Note – Dollar leads the way as euro falters; oil soars

Posted on August 10, 2021 at 1:04 pm GMT

Dollar heads up but faces some downside pressure; stocks unchanged The US dollar is broadly heading north today on predictions that the Federal Reserve will eventually reduce its stimulus program, but it has come under pressure versus some majors. Strong job numbers on Friday showed that the economy is still recovering. With markets nearing all-time highs because of the Fed’s exceptional stimulus measures, Bostic believes that another solid month or two of job growth should trigger the central bank to begin tapering its asset purchases, and that the Fed should proceed [..]

Daily Market Comment – Fed taper talk approaching fever pitch, dollar edges up again

Posted on August 10, 2021 at 9:06 am GMT

Fed officials heighten taper speculation, flag a decision is nearing; dollar stands tall Optimism keeps stocks afloat even as yields rise, Delta concerns linger Commodities on steadier footing but Fed tapering, demand uncertainty still weigh Fed leaves little doubt tapering is coming soon The first response by Fed policymakers to last week’s stellar jobs report left investors in no doubt that the US central bank is closing in on its criteria of achieving “substantial further progress” towards its goals. The [..]

Daily Market Comment – Dollar eases from post-NFP highs; gold steadies after crash

Posted on August 9, 2021 at 9:06 am GMT

Dollar off highs but elevated after strong NFP puts September taper back on the table Gold plunges below $1,700 before rebounding as yields spike, but oil’s rout deepens Stocks undaunted by prospect of earlier Fed tapering as Wall Street sets new records Taper speculation heats up after bumper US jobs report Markets were left wondering just how much progress is substantial after the US labour market added another 943k jobs in July, while upward revisions to both the May and [..]

Technical Analysis – Gold plunges to new 4-month low

Posted on August 9, 2021 at 7:03 am GMT

Gold is creating a strong negative movement, reaching a fresh four-month low of 1,680 earlier today. The aggressive selling interest started from the pullback off the 20-day simple moving averages (SMA) and the RSI indicator is suggesting further losses, diving into the oversold territory, in the short-term. However, the stochastics are indicating the end of the bearish structure as it posted a bullish crossover within its %K and %D lines. If the price dips further, immediate support could come from [..]

US Open Note – Dollar bulls cheer on Nonfarm Payrolls; loonie resilient after Canadian jobs miss

Posted on August 6, 2021 at 1:21 pm GMT

Dollar, Treasury yields gear up after bullish NFP release The US dollar was in neutral mode until the eagerly awaited nonfarm payrolls report brought the bulls back into play. Employment growth spiked to 943k and above the forecast of 870k, consequently pressing the unemployment rate to 5.4% – the lowest since the 2020 pickup –versus the 5.7% anticipated. Average hourly earnings were another positive surprise, growing faster by 4.0% y/y compared to 3.9% expected. Dollar/yen bounced immediately to peak slightly [..]

Technical Analysis – Gold takes the downhill within July’s range area

Posted on August 6, 2021 at 10:04 am GMT

Gold extended Thursday’s bearish run towards the 200-period simple moving average (SMA) on the four-hour chart and to a one-week low of 1,797 early on Friday. Previously, the rejection near the 50.0% Fibonacci retracement of the 1,916 – 1,751 down leg at 1,833 foresaw another tumble towards the base of July’s range area near the 23.6% Fibonacci of 1,790. Perhaps, the bears could reach that bottom in the near term as the RSI is sloping downwards to meet its 30 [..]

Daily Market Comment – All about nonfarm payrolls

Posted on August 6, 2021 at 8:30 am GMT

US employment report today crucial for dollar and stocks Sterling gains altitude as BoE strikes a more cheerful tone Gold hammered, Wall Street celebrates new records Dollar braces for nonfarm payrolls The stakes are sky-high going into this US employment report. Fed officials have made it crystal clear that the most important element for the normalization of monetary policy is the labor market. Hence, the upcoming data could determine whether a September taper announcement is realistic or premature. Nonfarm payrolls [..]

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