All Articles Tagged - gold

US Open Note – Dollar negative as European stocks end May with a gain; RBA policy meeting in focus

Posted on May 31, 2021 at 1:43 pm GMT

Inflation fears, tightening speculation stretch into the summer Markets were in a wait-and-see mode as the final day of May found the US and UK closed for holidays and monthly trading arrangements already settled. Investors will closely monitor economic data during the summer months for clues on whether the advance in inflation is something more than temporary and how long the Fed could stand pat on tapering calls without damaging the dollar. A handful of central banks have already opened [..]

Technical Analysis – Gold remains bullish but positive impetus runs low on fuel

Posted on May 31, 2021 at 8:45 am GMT

Gold seems to be taking a breather slightly north of the 1,900 hurdle, despite having formed fresh footing off the red Tenkan-sen line around 1,882. The rising 50-day simple moving average (SMA) and its near completion of a bullish crossover of the 100-day SMA could help resuscitate bullish impetus. The calming in the Ichimoku lines is indicating a small pause in positive sentiment, while the short-term oscillators, which are suggesting that bullish momentum is resilient, are favouring the upside. The [..]

Daily Market Comment – Busy week kicks off with RBA and OPEC meetings

Posted on May 31, 2021 at 8:22 am GMT

· Equity and currency markets generally quiet with US and UK on holiday · It’s a packed week though – RBA and OPEC get the show rolling · Overall, investors seem awfully comfortable with prospect of Fed taper Taper blues not enough to dent sentiment The Fed’s leadership recently opened the door for discussing when cheap money policies should start being withdrawn, and yet global markets don’t seem bothered at all. The major US stock indices are hovering near record [..]

US Open Note – Dollar continue to rise after core PCE price data

Posted on May 28, 2021 at 1:07 pm GMT

Core PCE data boost dollar The spotlight of the day is the release of the US core PCE price data. The figure for April rose to 3.1% y/y from 2.9% that was the expectation and 1.8% in March. This is the highest since August 1992 and above the Fed’s 2% target for the first time since 2018. PCE is the Fed’s preferred measure of inflation so traders watch it closely. Personal income increased to -13.1% from -20.9% previously, while personal [..]

US Open Note – Stocks largely silent, dollar stumbles and yields provide no support

Posted on May 27, 2021 at 1:45 pm GMT

Stocks hint risk absence, dollar loses confidence, GDP and jobless claims draw focus The mood in markets seems to be subdued with major US indices remaining largely unchanged after today’s US GDP and weekly unemployment claims. The dollar seems to be playing defence as the 10-year yield dips to 1.53%. The dollar index is consolidating around the 90.00 mark. The pound has performed well, pivoting around $1.4100 and building strong traction on the dollar’s slight setback. The euro recouped earlier [..]

Daily Market Comment – Fed taper talk gathers momentum; dollar, stocks mixed as yields inch up

Posted on May 27, 2021 at 9:39 am GMT

Fed’s Quarles joins Clarida in signalling taper debate may start soon, but yields rise only slightly Prospect of less stimulus keeps dollar supported near one-week high as stocks struggle Taper signals thwart gold’s bid above $1,900/oz, Oil weighed by possible Iran supply boost No tantrum but markets take note of Fed shift Speculation that the Federal Reserve is edging closer to discussing a reduction in the pace of asset purchases dampened the market mood slightly on Thursday, though the lack [..]

US Open Note – Kiwi shines after RBNZ’s hawkish stance; Dollar remains below 109 yen

Posted on May 26, 2021 at 1:00 pm GMT

RBNZ less dovish message drives kiwi up Kiwi is the best performing currency today versus the US dollar, surpassing the 0.7300 handle and recording a fresh three-month high. The Reserve Bank of New Zealand (RBNZ) projected a rate hike by September 2022, taking the economy closer to an exit from the pandemic situation. The bank signalled a less dovish message in May, while leaving monetary policy steady, as it revised up its forecasts for inflation higher but lowered them for unemployment. In other commodity [..]

Technical Analysis – Gold surpasses 1,900; upside risks remain sturdy

Posted on May 26, 2021 at 9:32 am GMT

Gold has pushed above the 1,900 hurdle today to a four-and-a-half-month high of 1,910, extending the nearly two-month uptrend, which began from the 1,678 trough. The soaring simple moving averages (SMAs) are defending the bullish structure, while the stabilization in the Ichimoku lines is reflecting a minor pause in growing positive sentiment. The short-term oscillators are mirroring the marginal dwindling in the price above the 1,900 mark; however, this minor stalling seems incapable at the moment in overturning the commodity’s [..]

Daily Market Comment – Kiwi jumps as RBNZ flags stimulus exit; ECB hints not there yet, euro slips

Posted on May 26, 2021 at 9:18 am GMT

RBNZ signals 2022 rate hike, kiwi surges, but ECB plays down taper talk, knocking euro US yields edge up from lows after Fed’s Clarida suggests taper debate could begin soon “Talking about talking about” tapering doesn’t faze gold as price hits $1,900/oz RBNZ plans its exit strategy, kiwi jumps 1% The Reserve Bank of New Zealand took its first step to exit the pandemic-era stimulus on Wednesday, projecting a rate hike by September 2022 and an end to its large-scale [..]

US Open Note – Stocks improve, dollar on back foot as yields dip again

Posted on May 25, 2021 at 1:49 pm GMT

Stocks creep up as dollar heads toward 5-month lows; Fed echoes no alarm Markets seem to be emanating a slight improvement in risk sentiment as major US indices are extending yesterday’s rally at a somewhat slower pace. The fresh dip in the US 10-year yield, currently at 1.58%, is not providing any assistance for the dollar to regain some of its market dominance. As rates are not going anywhere soon as the inflation narrative continues to be downplayed, the dollar [..]

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