All Articles Tagged - gold

US Open Note – Virus spikes favor safe havens; US equity futures point lower

Posted on May 17, 2021 at 1:12 pm GMT

Stocks tumble as Covid outlook gets cloudy again Markets traded with mixed feelings during the European session as Covid success countries such as Taiwan, Singapore, and Hong Kong reported the highest number of daily infections since the start of the pandemic, forcing the resumption of fresh social distancing measures and the closure of schools, cafes and bars. On the other side of the planet, European economies were moving forward with their reopening plans, with the UK lifting its international travel [..]

Daily Market Comment – Asian virus flareups dent equities but dollar struggles as yields slip

Posted on May 17, 2021 at 9:14 am GMT

Fresh virus spike in Asia weighs on stocks and bond yields, lifting gold But some support for risk assets as taper fears ease after soft US retail sales Dollar steady as investors await Fed speakers and April minutes for new clues Asian virus escalation saps sentiment Market sentiment got off on the wrong foot at the start of the new trading week after Taiwan and Singapore announced tighter restrictions to tackle a worrying spike in Covid cases in recent days. [..]

Technical Analysis – Gold in the middle of two trend reversal patterns

Posted on May 17, 2021 at 7:14 am GMT

Gold has been faithfully underpinning the bullish double bottom structure since the break above the neckline of 1,756 in mid-April, making higher highs and higher lows up to a more than 3-month high of 1,855 today. However, whether the precious metal can stretch its short-term trend reversal pattern beyond the long-term bearish channel remains to be seen as the RSI and the Stochastics are within striking distance of their overbought levels. The price itself is trading along the upper Bollinger band for the second day, [..]

US Open Note – US retail sales disappoint with minor impact on greenback

Posted on May 14, 2021 at 12:57 pm GMT

US retail sales dive below expectations The highlight of the day is the US retail sales, which were flat month-on-month in April, worse than the 1% increase that was expected versus an upwardly revised 10.7% surge in March. The US dollar index is retreating for the second consecutive day with weak momentum and unable to surpass the 91.00 mark. Dollar/yen is trading soft but above the 109.00 psychological level. The dollar could gain on a rise in US yields, while the slow recovery in the employment market may turn consumption [..]

US Open Note – Dollar rally stalls despite strong jobless claims and PPI

Posted on May 13, 2021 at 1:10 pm GMT

Jobless claims fall again but dollar slips The producer price index and initial jobless claims out of the United States are in the spotlight today after last week’s disappointing jobs report and the surprise jump in inflation yesterday. US initial jobless claims declined to 473 thousand in the week ended May 7 versus 490K forecast after Wednesday’s inflation shock and the Federal Reserve was clear that the employment outlook will have to notably rise before there is a change in monetary policy. Annual inflation climbed to the [..]

Daily Market Comment – Stocks tank, dollar roars as inflation shows its teeth

Posted on May 13, 2021 at 8:37 am GMT

· Dollar comes back fighting, stocks pummeled after US inflation surprise · Traders price in Fed rate hike for next year, but it’s still early days · Producer prices coming up today ahead of crucial retail sales tomorrow Inflation wins this round Worries around higher interest rates being on the horizon have returned to torment Wall Street once again after some shockingly strong inflation numbers out of America. Consumer prices clocked in at 4.2% on an annual basis in April, [..]

Technical Analysis – Gold shapes footing above MAs and 1,800 handle

Posted on May 12, 2021 at 3:13 pm GMT

Gold has somewhat stabilized around the red Tenkan-sen line after its latest rally fell short of the 1,847 barrier. The advancing simple moving averages (SMAs) are nurturing the uptrend from 1,678, while the Ichimoku lines are indicating slight dwindling in the positive drive. The oscillators are suggesting short-term negative pressures are gaining the upper hand. The MACD, in the positive region, is easing below its red trigger line, while the RSI is set to cross below its 50 level. The [..]

Gold to sparkle for now, but mind the Fed endgame – Special Report

Posted on May 12, 2021 at 3:09 pm GMT

Gold prices have staged a mighty recovery in recent weeks. The stars seem to have aligned for the yellow metal, with the Fed set to keep its foot heavy on the liquidity gas even as inflation accelerates over the summer. That could be the sweet spot for bullion as real yields and the dollar remain under pressure. However, the Fed will ultimately be forced to taper, so the endgame seems bearish. Tough first quarter It has been a rocky year [..]

US Open Note – Stocks stabilize with US inflation uncertainty, dollar flickers green

Posted on May 12, 2021 at 1:28 pm GMT

Market retraction pauses; US CPI shocks markets but effects fade Investors have been patiently awaiting hints from US inflation today on whether the stride of the recovery has somewhat slowed. The risk-off climate is not receiving any assistance from yields and it seems profit taking and inflation could be the premise for the latest risk-off environment. The pullback of the highs in the major US indices continues to denote the deterioration in near-term risk sentiment despite the release of [..]

US Open Note – Stocks slip and yields muted; dollar takes back seat as inflation fears remain

Posted on May 11, 2021 at 1:27 pm GMT

Stocks in the red and dollar’s might curbed as yields steady The major US indices have pulled back from their highs with the Nasdaq 100 slipping 2.63% and the Dow Jones falling the least. It seems some aftereffects from the freshly inflicted wound of the disappointing NFP payrolls for April may be curbing dollar strength, but subdued yields are also playing their part. The dollar index is flirting with the 90.00 mark after the greenback surrendered to bearish forces. Moreover, [..]

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