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GOLD


XM Research

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.

US Open Note – Recession fears keep jolting markets

Signs of recession pop up in earnings Sellers stormed into stock markets as giant US retailers Target and Walmart revealed a hit in margins on the back of rising labor and energy costs, with the former losing more than a third of its share value on Wednesday despite serving only local clients.

US Open Note – Stocks pare gains; European currencies slip too after nice rally

Recession not fully priced in Who will pay the price? That's the question that bothers investors nowadays as businesses feel more confident to transfer rising production costs to consumers and central banks constantly message markets that additional rate increases are the immediate solution for spiraling inflation.

Gold got trapped within the $1,798 – $1,832 region following the upturn from the three-month low of $1,786.

US Open Note – Dollar cools off, euro turns up and gold back to $1,800

Chinese data drives dollar higher In the wake of disappointing Chinese economic statistics, which sent the British pound and the Australian dollar down, the US dollar held onto its two-decade high earlier in the day.

Technical Analysis - Gold around 1,800 border, bearish risks linger

Gold is trading near its lower Bollinger band around 1,793 after the four-week decline from the 1,998 peak was curbed by the 1,780-1,788 support base, which was formed by the lows from the second half of December 2021 until the end of January 2022.

US Open Note – Dollar unlocks 20-year high; euro breaks $1.04

Dollar surges but dips against yen The dollar touched a two-decade high against a basket of currencies after US inflation fell less than expected in April.



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