gold

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US Open Note – Dollar moves south after soft CPI; euro rises above 1.21 

Posted on February 10, 2021 at 2:34 pm GMT

Dollar eases after US CPI; US stocks still up The selling interest in the US dollar is continuing, with its index against a basket of currencies flirting with the fourth consecutive red day after the release of the US CPI data. The annual inflation rate remained unchanged at 1.4% for January, the same as in December and marginally below expectations of 1.5%. Month-on-month, consumer prices went up 0.3%, in line with forecasts from 0.2% before. Powell and other policymakers at the Fed have suggested that [..]

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Technical Analysis – Gold’s advances tackle 100-MA and Ichimoku cloud

Posted on February 10, 2021 at 7:17 am GMT

Gold’s latest climb is simultaneously confronting the curbing Ichimoku cloud and the 100-period simple moving average (SMA) around 1,844. The Ichimoku lines are reflecting a pause in positive momentum, while the relatively horizontal SMAs are promoting a sideways market. The short-term oscillators suggest sentiment remains positively skewed. The MACD, in the positive region, is slightly above its red trigger line, while the RSI is persisting in bullish territory. Furthermore, the stochastic oscillator has shifted to positive, endorsing more price gains. [..]

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Technical Analysis – Gold fails to increase buying interest; holds in descending channel

Posted on February 8, 2021 at 7:33 am GMT

Gold has been holding in a bearish sloping channel over the last six months, developing beneath the simple moving averages (SMAs) and the Ichimoku cloud in the daily timeframe. Technically, the stochastic oscillator posted a bullish crossover within the %K and %D lines in the oversold zone, while the RSI is pointing up in the negative territory, indicating an upside retracement in the very short-term. However, if the price fails to jump above the 1,817 resistance, this could pull the price back towards the 1,764 [..]

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Technical Analysis – Gold crashes below 1800, hits to 2-month low

Posted on February 4, 2021 at 4:06 pm GMT

Gold has accelerated its decline, tumbling below the 1800 level on Thursday for the first time in two months. The precious metal is on track for a third straight day of losses but although the momentum indicators remain overwhelmingly bearish, there is a hint of some easing in the selloff in the short term. The RSI has slipped below the 30 oversold level and continues to trend lower. However, the stochastic oscillator is indicating the possibility of a bullish crossover [..]

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US Open Note – Dollar keeps heading higher; pound back to gains after BoE decision

Posted on February 4, 2021 at 1:48 pm GMT

Pound return to gains after BoE decision; Eurozone retail sales come up The key driver of the day is the Bank of England (BoE) interest rate decision. The pound jumped higher, returning above 1.3650 versus the US dollar, as the BoE left its bank rate unchanged at a record low of 0.1% and its bond-buying program unaltered during its meeting. The crucial point is that the BoE said that its actions should not be taken as a signal that negative rates are coming and that has seen a push back [..]

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Daily Market Comment – Dollar gains more ground on stimulus hopes but stocks softer

Posted on February 4, 2021 at 9:57 am GMT

Dollar at fresh 2-month high as US yields rise further on stimulus expectations But Wall Street turns more cautious, Asian stocks wobble on Chinese liquidity worries Pound skids ahead of Bank of England decision, euro can’t catch a break Dollar strengthens further on rosy US outlook Rising optimism about the US economic outlook lifted the greenback to a fresh 2-month top on Thursday as investors bet that the American economy will outperform on the back of the Biden administration’s pledge [..]

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Technical Analysis – Gold gets congested near tough resistance after positive gap

Posted on February 1, 2021 at 8:35 am GMT

Gold opened Monday’s session with a small positive gap, which settled the price slightly above its constraining simple moving averages (SMAs) and near the tough topline of the descending channel at 1,864. A decisive close above that resistance trendline is required to keep the bulls in play. However, the 38.2% Fibonacci retracement of the August downfall at 1,883 and the surface of the Ichimoku cloud are placed in the same location, increasing the difficulty of such a violation. The RSI [..]

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Technical Analysis – Gold edges sideways, confined by SMAs

Posted on January 25, 2021 at 9:05 am GMT

Gold is consolidating around its 200-day simple moving average (SMA), after recently collapsing from the resistance ceiling of 1,960-1,974, which has been curbing gains since early September 2019. The converging SMAs and their fairly reduced gradients are fuelling a more neutral demeanour in the commodity. The short-term oscillators are suggesting directional momentum has somewhat dried up but are leaning ever so slightly towards the downside. The MACD, marginally underneath zero, is merely below its red trigger line, while the RSI [..]

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Technical Analysis – Gold meets 100-SMA again; neutral bias

Posted on January 20, 2021 at 3:06 pm GMT

Gold prices have been developing within a consolidation area over the last almost two-weeks with upper boundary the 1,863 resistance and the 100-period simple moving average (SMA) and lower boundary the 1,817 support level. However, the technical indicators are not supporting this horizontal trajectory, but they are showing mix signals. The stochastic is standing in the overbought zone but is pointing down and the RSI is heading north in the positive area. A successful climb above the 1,863 crucial level could take the yellow [..]

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Daily Market Comment – Stocks climb, dollar slips as Yellen makes case for more stimulus

Posted on January 20, 2021 at 9:53 am GMT

Stocks power higher after Yellen calls for more big spending to fight pandemic Risk assets rally ahead of Biden inauguration as reflation trade boosted Dollar under renewed selling pressure, gold capitalizes Yellen talks up big spending Risk appetite was riding high on Wednesday after Treasury Secretary nominee Janet Yellen reignited hopes of more massive stimulus packages in the United States in her confirmation hearing yesterday. Yellen went out of her way to make the case for higher spending to counter [..]

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