All Articles Tagged - gold

US Open Note –Stocks strong around highs, yields receive boost, dollar on back foot

Posted on April 29, 2021 at 1:44 pm GMT

Stocks optimistic as yields rise, risk remains somewhat subdued, GDP data key Stocks maintain an upbeat tone with the S&P 500 index winning the race, currently at the 4,214 level. The dollar index has surrendered its latest gains to today’s high of 90.67, pulling slightly lower to 90.53. The stumble in the greenback has strengthened the euro to $1.2133 assisted by a slur of positive Eurozone data, which is outperforming the relatively subdued sterling at $1.3944. The Fed has somewhat [..]

US Open Note – Fed decision in spotlight; dollar rises near 109 yen

Posted on April 28, 2021 at 1:11 pm GMT

FOMC meeting in focus; dollar heads higher The major highlight of the day is the Federal Reserve’s policy announcement at 18:00 GMT. Policymakers will likely recognize the fast economic recovery from the pandemic as the progressing vaccination program brightens the outlook for the economy. Despite that, the central bank is expected to keep interest rates steady within the target range of 0-0.25% and its monthly bond purchases stable at $120 billion. Following the Bank of Canada’s bond tapering announcement, investors will be eaerly waiting to hear whether the Fed is also planning [..]

Technical Analysis – Gold eases in Ichimoku cloud; broader outlook is bullish

Posted on April 28, 2021 at 6:41 am GMT

Gold prices have been slipping over the last session in the 4-hour chart, meeting the 23.6% Fibonacci retracement level of the upward wave from 1,678 to 1,798 at 1,769. The price is capped by the short-term simple moving averages (SMAs), holding in the Ichimoku cloud, while the RSI is falling in the negative territory. However, the stochastic is trying to turn slightly higher in the oversold zone. If the selling interest persists and the 23.6% Fibonacci proves easy to overcome, [..]

US Open Note – Market in calm tone ahead of earnings and FOMC

Posted on April 27, 2021 at 12:57 pm GMT

Dollar and euro tick up The greenback is regaining some ground versus the Japanese yen, holding around 108.40 ahead of the Federal Reserve policy decision tomorrow, no changes are expected in policy settings. The dollar index is still moving with weak momentum near 91.00 and below the 50-day simple moving average (SMA). Jerome Powell will give hints on whether improving economic conditions justify a tapering of monetary easing. Euro/dollar is flattening, remaining below the two-month high at 1.2116 and pound/dollar is surpassing the 1.3900 number. In commodity [..]

US Open Note – Dollar rebounds off new lows ahead of busy week

Posted on April 26, 2021 at 1:18 pm GMT

Dollar remains under pressure; big earnings are coming up The key event of the week is the FOMC meeting on Wednesday and a packed earnings schedule, starting with Tesla after the US market close. As US yields are still depressed, the US dollar index is drifting below the 91.00 crucial level, while dollar/yen is moving horizontally around the 108.00 round number after the pullback off the 13-month peak of 110.95. If there is a turnaround in US yields then there is an expectation of the dollar to regain some ground. US Durable [..]

Daily Market Comment – Dollar slump deepens, stocks quiet ahead of big earnings

Posted on April 26, 2021 at 8:51 am GMT

Dollar rout continues as Fed expected to repeat dovish message Euro capitalizes, climbs to 2-month top on renewed European optimism Stocks lack direction, await key earnings and barrage of US data releases Dollar stuck in the doldrums but yields firmer eyeing Fed It’s Fed week but the dollar can’t catch a break as the US currency extended its slide on Monday against its major peers amid a combination of a dovish Fed rate outlook and rising optimism in other parts [..]

Technical Analysis – Gold seeks to pivot near trendline; bulls still in charge

Posted on April 26, 2021 at 8:00 am GMT

Gold reversed south to seek support near an ascending trendline after last week’s bullish action waned marginally below the 1,800 level. The technical indicators reflect that the bulls remain in charge despite the latest negative correction. The red Tenkan-sen line keeps deviating above the blue Kijun-sen line, while the RSI, although weaker, holds comfortable above its 50 neutral mark. Likewise, the MACD has lost steam, but its upward direction is still intact within the positive area. Notably, the progressing bullish [..]

US Open Note – Asian Covid breakout pauses dollar bears; BoC policy decision ahead

Posted on April 21, 2021 at 1:04 pm GMT

Covid, geopolitics feed some risk off Alarming infection breakouts and new variants of Covid-19 in emerging economies threaten a déjà vu of the past in developed countries, or at least are warning of prolonged lockdown measures (see Japan) and a slow recovery from the pandemic despite the vaccination rollouts. Geopolitical conflicts in several corners of the world are adding to this complexity, forcing some investors to seek safety in the US dollar on Wednesday, though the demand for the currency [..]

Technical Analysis – Gold defends bullish breakout; eyes sharper moves above 1,784

Posted on April 21, 2021 at 9:33 am GMT

Gold is defending its bullish double bottom structure above the key 1,768 support region and the 20-period simple moving average (SMA) on the four-hour chart following the pullback from an almost two-month high of 1,789. The 38.2% Fibonacci retracement of the 1,959 – 1,676 down leg at 1,784 has been under examination over the past few days in the hope that any significant step higher would prompt an exciting rally towards the 50% Fibonacci of 1,818 in the absence of any [..]

US Open Note – Stocks in the red, dollar barely heals, oil surrenders gains

Posted on April 20, 2021 at 1:31 pm GMT

Dollar nudges a tad higher with rising yields, major forex pairs capitalise Major stock markets eased off their recent highs while the dollar index managed to gather some footing around 90.82, prodding just above the 91.00 mark. The recovery narrative, with stimulus in the pipeline and rising yields – 10-year Treasuries advanced to 1.62% – seems to be very much alive, even though the Fed’s insistence that it won’t raise rates prematurely has cooled the dollar lately. Markets’ subdued demeanour [..]

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