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Gold prices are trading slightly above the 19-month low of 1,762 that was posted earlier in the day after the aggressive selling interest on Tuesday.

Daily Market Comment – Euro pinned near 20-year low as recession worries mount but stocks inch up

Euro languishes near two-decade low, dollar stands tall amid heightened recession angst Stocks show sign of life, oil edges higher but copper slips to new lows Fresh political storm adds to pound’s woes as Johnson’s future in doubt 2Y/10Y yield curve inverts ahead of Fed minutes Euro hammered by energy crisis Market sentiment remained mired in recession anxiety as the latest spike in natural gas prices fuelled concerns that the energy crisis will drag Europe into a major economic slump.

Technical Analysis – Gold raises a bullish flag, but how strong are the bulls?

Gold optimism started to shine again after the creation of a bullish hammer candlestick on Friday, which succeeded the sharp bounce on May’s bottom of $1,786/ounce.

Daily Market Comment – Yen enjoys some relief as oil prices cool off

Yen bounces back as growth concerns pressure crude oil and yields New quarter but investors still defensive - stocks, aussie, kiwi down  Striking part is that gold cannot capitalize, hits six-week low instead Yen reprieve  The new quarter has not changed much in global markets.

Gold has been in a sustained downtrend after it failed to cross beyond the 1,857 region. Moreover, in the past few four-hour sessions, the price has dived beneath both 50- and 200-period simple moving averages (SMAs) and is currently battling with its lower Bollinger band, painting a gloomy short-term technical picture for bullion.

Technical Analysis – Gold finds resistance around the 200-day SMA within upward sloping channel

Gold have developing slightly higher over the last five weeks, holding within an upwardly sloping channel.

Gold has been in a sustained downtrend after it failed to cross beyond the 1,857 region. Moreover, in the past few four-hour sessions, the price has dived beneath both 50- and 200-period simple moving averages (SMAs) alongside its lower Bollinger band, painting a doomy short-term technical picture for bullion.

Technical Analysis – Gold indecisive within constraining zone

Gold got immediately congested within the $1,837 – $1,855 region following last week’s bounce off the $1,805 low.

Gold pivoted near May’s support zone of $1,808 early on Wednesday following last week’s quick bearish retracement off the one-month high of $1,878.

Gold prices are regaining some momentum after the aggressive sell-off from 1,878 in the previous session. Chances for an upside reversal, however, are increasing as the 20-day simple moving average (SMA) jumped above the longer-term 200-day SMA after six months.

Gold prices have been moving lower towards the near-term ascending trend line, that started since May 16, failing several times in the previous sessions to surpass above the 20- and 40-period simple moving averages (SMAs).

Technical Analysis – Gold gets rejected, but bulls could retry

Gold faced its second rejection in two weeks around the wall of $1,867 despite inching to a one-month high of $1,874 on Friday, with the price retreating to the $1,850 territory in the aftermath.

Gold has been gaining ground in the last few four-hour sessions after finding its feet at the 1,829 region.

US Open Note – Dollar continues the sell-off after ADP and ahead of NFP; oil erases losses

ADP dissapoints; NFP comes out tomorrow After the disappointing release of the ADP report which announced 128K workers versus 300K that was expected, the dollar is still trading lower.

Daily Market Comment – Oil under pressure ahead of crucial OPEC meeting

OPEC meets today, supply decision could impact euro and stocks too Dollar supported by solid US data and rising yields, sterling tumbles Gold defies fundamental drivers, Swiss franc jumps on inflation data Beyond oil The world’s dominant oil cartel will convene today to decide on production targets.

Technical Analysis – Gold’s propelling forces pause above 200-day SMA

Gold is consolidating between the 1,837 and the 1,868 barriers, which are the 23.6% and the 38.2% Fibonacci retracement levels of the down leg from 1,998 until 1,786.

Gold has been experiencing a minor pullback in the last few four-hour sessions since its recent uptrend failed to cross above the 1,870 region.

US Open Note – Market sentiment dulls with growth worries

US yields ebb and heavy dollar follows A risk-off tone has gripped markets as rekindled growth concerns are being highlighted due to China supply constraints from lockdowns, the domino effects from the Russian invasion on Ukraine and pressures on central banks who are expected to do more to bring inflation lower without pushing their economies into recession.

Technical Analysis – Gold rises back above 200-day SMA

Gold prices are advancing above the 200-day simple moving average (SMA) and find resistance near the 1,853 level and the 20-day SMA at 1,857.

US Open Note – Dollar loses ground after five weeks of gains

Dollar index ticks down as euro approaches $1.06 On Friday, the US dollar was on track to have its worst week against key rivals since the beginning of February.


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