All Articles Tagged - gold

US Open Note – Markets asleep but ready to decode inflation and FOMC for clues

Posted on June 16, 2021 at 1:40 pm GMT

Stocks ease a bit from highs and dollar remains composed The US major indices are treading water beneath yesterday’s fresh highs, with the Dow Jones Industrial index still lagging behind. Risk appetite seems to be immune to echoes of tapering, and market sentiment remains steady ahead of the upcoming FOMC decision, while US 10-year yields (1.47%) have temporarily eased concerns around inflation pressures. The dollar index is static around the 90.50 mark with the euro ranging around $1.2120 and the [..]

Technical Analysis – Gold discovers foothold and glues to 200-MA

Posted on June 16, 2021 at 8:35 am GMT

Gold has located its footing in the support zone of 1,844-1,852 after steadily fading from the 1,900 vicinity, breaking a tentative uptrend line – pulled from the 1,678 trough – and piercing below the 200-period simple moving average (SMA). The declining slope of the 50-period SMA has somewhat eased and together with the 100-perod SMA, are suggesting the price may adopt a sideways trajectory, at least for a while until a more absolute direction evolves. The flattening blue Kijun-sen line [..]

US Open Note – Stocks keep modest advance, dollar mostly muted

Posted on June 15, 2021 at 2:23 pm GMT

Stocks tick up, Retail Sales and PPI data mixed US major indices are perky, with the S&P 500 index and the Nasdaq 100 tiptoeing to new highs and with the Dow Jones industrial index lagging slightly. Improved market mood and falling yields are not providing any assistance to the greenback. The US 10-year yield has pulled back to 1.44%. The dollar index is in the vicinity of its intra-day high of 90.60, and has recaptured minor strength across its forex [..]

US Open Note – Stocks, oil on the rise; FX markets on the sidelines

Posted on June 14, 2021 at 1:38 pm GMT

Stock indices hit fresh record highs There was no clear winner in the FX space during the European session on Monday as the calendar was empty of market moving events, but the surge in oil and other commodity prices provided a small advantage to risk-sensitive currencies such as the New Zealand and Australian dollars. Rising energy and utility prices underpinned global stocks as well, with the pan-European STOXX 600 and the US S&P 500 futures inching to fresh record highs [..]

Daily Market Comment – Dollar advances as traders brace for Fed decision

Posted on June 14, 2021 at 8:47 am GMT

· Dollar climbs as shorts hedge ahead of Fed meeting on Wednesday · Inflation fears subside overall – Biden infrastructure bill downsized? · Stocks hover near record highs, oil traders bet against Iran talks Investors shake off inflation blues Global markets seem to have concluded that this inflation episode will indeed fade soon. Despite US inflation printing 5% in annual terms last week, Treasury yields actually traded lower and various inflation expectation measures remain under pressure. The verdict is that [..]

Technical Analysis – Gold dives in near term; bullish in medium-term

Posted on June 14, 2021 at 7:57 am GMT

Gold prices have been in a descending movement over the last couple of sessions, drifting below the 20-day simple moving average (SMA) and the 50.0% Fibonacci retracement level of the down leg from 2,074.89 to 1,676 at 1,875. Looking at the momentum indicators, the stochastic oscillator posted a bearish crossover within the %K and %D lines, while the RSI is diving into the negative territory. Moreover, the MACD is slipping beneath its trigger line, remaining in the positive region. In [..]

US Open Note – Stocks brush with highs, dollar flickers green and yields dip

Posted on June 11, 2021 at 1:51 pm GMT

Stocks and dollar climb a tad but market appetite appears muted Major US indices are holding near their highs with the S&P 500 index nudging up towards yesterday’s intra-day record high as the vibe in markets remains subdued, looking unresponsive to inflation and saturated talk around early tapering. Echoes from yesterday’s ECB meeting and the stronger US inflation results for May (Core CPI at 0.7% m/m and 3.8% y/y) seem to have fallen on deaf ears as a relatively [..]

US Open Note – US CPI surprise driving dollar higher; Lagarde comments hurt euro

Posted on June 10, 2021 at 1:10 pm GMT

US CPI spike higher than expected Consumer prices in the United States were closely watched today for any clues about a tapering timeline. The headline CPI rose by 5% year-on-year for May, driving the dollar higher. This figure is the highest number since August 2008 amid low base effects from last year. The annual core CPI accelerated to 3.8% from 3.0% while the monthly rate ticked slightly down to 0.7% versus 0.9% previously. The Fed is anticipated to take baby steps towards slowing its bond purchases and the [..]

US Open Note – Dollar struggles ahead of key data; BoC awaited

Posted on June 9, 2021 at 12:56 pm GMT

Dollar waiting for tomorrow’s US CPI data The US dollar is weaker somewhat today, and Treasury yields were lower as traders wait for the US inflation announcement on Thursday as it may affect the timeline for Federal Reserve discussions on tapering bond purchases and may be a key catalyst for the bond market. Dollar/yen is continuing its selling interest, hovering near 109.37, while the US dollar index is experiencing some losses as well. S&P 500 and Nasdaq futures are signaling a positive open; however, Dow Jones futures are suggesting a negative open. Euro and pound take some positive steps The [..]

Technical Analysis – Gold weakens the strong upside trend below 1,900

Posted on June 9, 2021 at 6:09 am GMT

Gold prices posted couple of flat days within the 20- and 40-period simple moving averages (SMAs) in the 4-hour chart. The neutral bias also supported by the RSI, which has been hovering near the 50-neutral level in the past few days and is failing to cross into positive territory. However, the stochastic is trying to pick up steam, creating a bullish crossover within the %K and %D lines. Should the pair manage to strengthen its longer-term positive momentum, the next [..]

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