Daily Market Comment – Oil, gold up on Middle East tensions; dollar steady ahead of US retail sales

Posted on June 14, 2019 at 8:03 am GMT

Brent crude extends gains following tanker attack in Gulf of Oman; gold lifted too Dollar heads for weekly gains as US retails sales and Fed meeting eyed Aussie and kiwi sag on growing rate cut bets Oil jumps on renewed tensions in Middle East Market sentiment was mixed on Friday as ongoing trade uncertainty and a flare up in Middle East tensions were partly offset by growing expectations that the Fed will come to the rescue of a weakening economic [..]

Daily Market Comment – Yen up on trade deal pessimism; pound down on failed bid to block no-deal Brexit

Posted on June 13, 2019 at 8:11 am GMT

Major pairs struggle against the yen as the market mood sours on low hopes of a US-China trade deal US dollar also supported from risk-off despite softer-than-expected inflation data Pound gains then falls again as opposition MPs fail to get backing for legislation blocking a no-deal Brexit Safe havens back in demand Fading hopes that there could be a breakthrough in the stalled trade talks between the United States and China at the G20 summit weighed on market sentiment for [..]

Daily Market Comment – Dollar drifts lower ahead of US inflation data; euro edges up on Trump tweet

Posted on June 12, 2019 at 8:17 am GMT

US dollar drifts lower as markets await US inflation data for Fed rate clues Stocks turn negative as Trump says he’s “holding up the deal” with China Euro eyes fresh highs, gets a lift from Trump’s currency comments Risk appetite fades as US-China deal looking unlikely at G20 US stocks ended their five-day winning streak as hopes that the US and China would still be able to get the trade negotiations back on track at the G20 summit fast dwindled. [..]

Technical Analysis – Gold turns overbought near former key resistance

Posted on June 10, 2019 at 8:30 am GMT

Gold recorded its best weekly performance so far this year, topping near a former key resistance of 1,346 on Friday. The RSI and the Stochastics, however, indicated that the bulls are exhausted as the measures peaked in overbought territory – letting the bears take over on Monday. Yet, with the 20-day simple moving average (SMA) increasing its distance above the 50-day SMA, the positive market trend may likely extend forward in the short-term. Should the market close comfortably below the 1,320 level, the bearish action may extend towards the upper surface of the Ichimoku cloud and the 23.6% [..]

Daily Market Comment – Dollar see-saws on mixed data, trade risks; euro steady ahead of ECB

Posted on June 6, 2019 at 8:24 am GMT

US dollar stabilizes after roller-coaster session amid mixed data and little progress in US-Mexico talks Euro eases from 7-week highs as ECB meeting eyed for direction Oil plunges on rising stocks, global growth jitters but gold soars Fragile risk sentiment as hopes of Mexico deal fade Markets were mostly in a risk-averse mood on Thursday as hopes of a quick deal between the United States and Mexico over illegal migration were dashed after President Trump tweeted yesterday that “not nearly [..]

Daily Market Comment – Dollar extends slide as Fed rate cut bets intensify; Powell speech eyed

Posted on June 4, 2019 at 8:16 am GMT

US dollar continues to nosedive as Treasury yields touch fresh lows on rising rate cut expectations RBA cuts rates but Australian dollar defiant as it climbs to 3-week high Tech stocks tumble as US giants, including Facebook and Apple, face antitrust probe Dollar sell-off shows no sign of abating The US currency is headed for its third straight day of sharp losses against a basket of currencies as traders continue to price in an increasing probability that the Federal Reserve [..]


Technical Analysis – Gold advances considerably towards 2-month high

Posted on June 3, 2019 at 9:41 am GMT

Gold prices have been in a flying mode over the last couple of days, hitting a new two-month high around 1,315. The yellow metal jumped above the Ichimoku cloud and the 23.6% Fibonacci retracement level of the upleg from 1,160 to 1,346.61, near 1,302 as well as above the 1,310 barrier. The RSI and the stochastic oscillator signal that room for improvement is limited as the former is approaching the 70 overbought mark and the latter is rising above the 80 level in the daily timeframe. Yet the [..]

Daily Market Comment – Yen shines bright as Trump slaps tariffs on Mexico

Posted on May 31, 2019 at 7:47 am GMT

Risk aversion engulfs markets after US unleashes more trade havoc Dollar holds its ground even as Fed easing bets grow further US PCE inflation, German preliminary CPIs, and Canadian GDP due today Yen soars, loonie & peso crumble as Trump fires another tariff salvo Following a relatively calm session yesterday, risk aversion returned with a vengeance early on Friday, after the US President announced new tariffs overnight. All goods coming to the US from Mexico after June 10 will be [..]

Technical Analysis – Gold finds obstacle near 1,287; indicator suggest bearish bias

Posted on May 27, 2019 at 8:46 am GMT

Gold prices had another touch of the 1,287 resistance level today, remaining above the 23.6% Fibonacci retracement level of the descending movement from 1,346.60 to 1,266 near 1,285 and is standing within the Ichimoku cloud in the 4-hour chart. The RSI and the stochastic oscillator signal that the next move in the price is more likely to be on the downside as the former is negatively sloped above its 50 neutral mark and the latter continues to weaken slowly in the overbought zone, recording [..]

Technical Analysis – Gold eyes key support around 1,266

Posted on May 20, 2019 at 8:18 am GMT

Gold made another lower high last week after finding resistance at 1,303. The market action is currently taking place at the bottom of the symmetrical triangle and both the RSI and the MACD signal that the next move in the price is more likely to be on the downside as the former is negatively sloped below its 50 neutral mark and the latter continues to weaken slowly towards its red signal line. While a cross under the triangle (1,274) could be discouraging, a decisive close under the previous low of [..]

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