Daily Market Comment – Stimulus deal moves closer; stocks cheer but dollar sags

Posted on October 21, 2020 at 8:58 am GMT

Talks continue on virus relief bill as Trump backs large stimulus Stocks rise but gains contained amid doubts about Republican support Dollar slumps to one-month low as euro soars, gold catches a bid too Markets anxiously await a stimulus deal Growing optimism that a bipartisan deal on a new coronavirus aid package in the United States is within reach lifted equities on Wednesday while investors dumped the safe-haven US dollar. Talks between House Speaker Nancy Pelosi and Treasury Secretary Steven [..]

Technical Analysis – Gold ranges between 50 and 100 SMAs; momentum feeble

Posted on October 19, 2020 at 8:14 am GMT

Gold seems to be adopting a sideways pattern after retreating under the Ichimoku cloud. The guiding and constricting 50- and 100-day simple moving averages (SMAs), as well as the horizontal Ichimoku lines, further back the suspended picture of the commodity. The short-term oscillators suggest a frozen state of directional momentum. The MACD, in the negative region, is holding above its red signal line but slightly below its zero mark, while the RSI is zig zagging around its neutral threshold. A [..]


Technical Analysis – Gold recoups some losses, holding above 100-SMA

Posted on October 14, 2020 at 10:07 am GMT

Gold prices bounced off the 23.6% Fibonacci retracement level of the down leg from 2,015 to 1,848 at 1,887, moving above the 100-period simple moving average (SMA). The technical indicators are endorsing the upside movement of the last couple of sessions. The RSI is standing near the neutral level of 50, while the stochastic is moving higher after the bullish cross within the %K and %D lines. An extension to the upside could take the precious metal until the 40-period [..]

Daily Market Comment – Art of the Deal sends equities higher, torpedoes dollar

Posted on October 12, 2020 at 8:38 am GMT

White House bumps stimulus offer to $1.8 trillion, stock market cheers Kudlow hints this offer could be raised further, keeping optimism alive Dollar slides amid renewed deficit concerns, gold capitalizes ECB chief economist prepares the ground for more easing Markets cheerful as stimulus negotiations resume In an epic reversal after pulling out of the stimulus talks last week, Donald Trump came back to the negotiating table on Friday with a counteroffer of $1.8 trillion, sparking hopes that a deal is [..]

Technical Analysis – Gold flirts with 23.6% Fibonacci; holds in bearish move

Posted on October 12, 2020 at 6:43 am GMT

Gold has found immediate resistance at the 23.6% Fibonacci retracement level of the up leg from 1,454 to 2,074.89 at 1,927 and the 40-day simple moving average (SMA). The downside correction over the last two months is now being confirmed by the weak momentum in the MACD oscillator and the downward slope in the RSI. However, if there is a significant step above the 23.6% Fibonacci, the door could open for the 1,972 barrier and the 2,015 hurdle. Moving higher, [..]


Technical Analysis – Gold recoups some losses; SMAs act as strong resistance

Posted on October 7, 2020 at 7:04 am GMT

Gold is recouping some of the losses it posted on Tuesday, hitting the 23.6% Fibonacci retracement level of the down leg from 2,015 to 1,848 at 1,887. The technical indicators seem to be mixed, as the RSI is sloping upwards in the bearish area, while the MACD is still holding beneath its trigger and zero lines with weak momentum. If the positive bias continues above the 23.6% Fibo, the price could first meet the 40-period simple moving average (SMA) at 1,896.50, before the 20-period SMA at [..]

Daily Market Comment – Equities recover as Trump keeps stimulus hopes alive

Posted on October 5, 2020 at 8:44 am GMT

Sentiment recovers on signs that stimulus deal is still in play Stocks rebound alongside crude oil, Japanese yen and gold retreat Markets to stay focused on ultimate game of ‘Deal or No Deal’ Coming up: ISM non-manufacturing and RBA policy decision Markets take solace from signs stimulus is coming Global markets opened on a cheerful note on Monday, emboldened by hopes that a relief package deal can still be brokered in America and that President Trump’s health is improving. The [..]


Technical Analysis – Gold short-term bias skewed to the downside; long-term uptrend intact

Posted on October 5, 2020 at 7:39 am GMT

Gold opened on the negative side on Monday, unable to remove the barrier around the 38.2% Fibonacci of the 1,670-2,079 upleg and stretch into the 1,900 zone. The 20-day simple moving average (SMA) also happens to be in the neighbourhood, adding extra importance to the region. In the short-term picture, the metal pierced the previous low from August 12, marginally though, before bouncing up, while the 20- and the 50-day SMAs have recently posted a bearish cross, creating speculation that the downward direction may be extended. [..]

Daily Market Comment – Markets tank as Trump tests positive for covid, nonfarm payrolls coming up

Posted on October 2, 2020 at 8:01 am GMT

Equities sink, dollar jumps as President Trump gets coronavirus How does this affect election dynamics? Is Biden bad for markets? Sterling trades like a pinball machine amid conflicting Brexit headlines US jobs report is the main event today, European inflation data too Trump throws markets into disarray Global markets are tanking on Friday after US President Trump confirmed he has tested positive for covid-19, injecting another dose of uncertainty into election dynamics. Wall Street futures were already flashing red because [..]

Technical Analysis – Gold fades from restrictive line to 100-day SMA

Posted on September 28, 2020 at 8:24 am GMT

Gold has found some footing on the 100-day simple moving average (SMA), after deflecting off a preventive line drawn from the all-time high of 2,074 and dropping below the Ichimoku cloud. The paused bearish Ichimoku lines transmit weakness in negative momentum, while all SMAs maintain a bullish tone. That said, the MACD and the RSI reflect the stall in downwards price action, while the stochastics aim to improve. The MACD has eased in bearish territory, while the RSI floats above [..]

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