Pull Back in Treasury Yields Boosted Stocks to New Record, Dollar Set Up for More Downside
Dollar tumbled broadly again as falling treasury yield pushed US and German stocks to new record highs. Near term trend in the greenback should have reversed, but it's unsure whether it's ready for medium term down trend resumption yet. At least, EUR/USD will have to break through 1.2 handle...
CFTC Commitments of Traders – Bets on Lower Crude Oil Price Soared
According to the CFTC Commitments of Traders report for the week ended April 13, NET LENGTH for crude oil futures plunged -19 047 contracts to 492 678 for the week. Speculative long position dropped -5 430 contracts, while shorts rose +13 617 contracts. For refined oil products, NET LENGTH...
Week Ahead: Bank of Canada to Reduce Purchases; Global Economic Recovery to Pickup
The global economic recovery is gaining momentum as the world’s two largest economies continue to deliver robust economic readings. China’s economy grew 18.3% in the first quarter, a record rate that sets the example of what we can expect as the rest of the world recovers from COVID-19. The...
XAU/USD Outlook: Gold Rises to Seven-Week High, Fresh Advance Completes Double-Bottom Pattern
Spot gold rose to seven-week high on Friday, gaining 0.8% for the day in extension of Thursday’s 1.5% advance.
Weaker dollar and US Treasury yields holding near one-month low were the main drivers of the yellow metal in past two days.
Fresh strength generated bullish signal on eventual break above $1755...
Has Gold Ended the Eight Months Correction?
There’s a lot of talk in Fintwit lately suggesting that precious metals may have ended the long 8 months correction and ready for the next glorious rally. In this article, I will attempt to answer the question whether Gold has ended correction or not using technical analysis. I will...
GOLD Breaks March High
The yellow metal's price has reached above the March high level zone that was located above the 1,755.00 level. On Friday, the price found support in the 1,760.00 level. Due to that reason the zone was extended and remains on the chart, as it is expected that it would...
Yields Plunge, Defy Logic, After Blowout Data, But Dollar Steadies
US economy firing on all cylinders as data keeps getting better
But Treasury yields in surprise fall; dollar off lows as gold jumps to 7-week high
Wall Street hits another record on upbeat earnings
US recovery gathers steam but Treasuries in puzzling move
The US economic outlook continued to brighten...
Gold and Oil Return To Strong Gains
Since the beginning of April, the dollar's continued weakening seems to be moving beyond monthly or quarterly rebalancing. US equity indices are rewriting all-time highs, and emerging market currencies are rising at an accelerated pace. These are all clear demonstrations of the recovery in demand for risky assets.
Markets are...
US-China Show How Its Done
Risk appetite reliant on sustained global economic reopening.
US stock indexes still poised for more gains over coming days.
$1800 gold could re-energise bullion bulls.
Brent needs robust demand recovery to retake $70 handle.
US benchmark stock indices posted new record highs on Thursday as markets cheered signs that...
European Open: China GDP Accelerates To Highest On Record
China's growth more than delivered in Q1 with a rise of 18.3% YoY. Still, it was slightly below expectations but, with number as punchy as these, it will do.
Asian Indices:
Australia's ASX 200 index rose by 1.5 points (0.02%) and currently trades at 7,060.10
Japan's Nikkei 225 index has...
XAUUSD Breakout Out
Gold has rallied sharply alongside other precious metals after finally breaking through the technically important $1,755 resistance area. A bullish reversal pattern is warning that the price of gold could be set to rally towards the $1,800 area in the short-term. The overall bid-tone towards the yellow-metal is likely...
Strong Economic Data Boosts Appetite, But Coinbase Struggles
The Chinese GDP grew at a record pace in the first quarter, +18.3% from 6.5% printed a quarter earlier. The Chinese growth figure could be seen as a rebound ball after the pandemic-hit economy recovers quickly toward normal activity levels. And there is nothing more promising than seeing China...
Market Morning Briefing: Dollar-Yen Has Just Started To Bounce From 108.61
STOCKS
Dow has risen past 34000 and while this break sustains our view of seeing a corrective fall will get negated and a further rise to 35000 is possible. DAX is stuck in the narrow 15100-15300 range and looks mixed in the near-term. Nikkei and Shanghai can oscillate in the...
China React: Record GDP At 18.3%, Retail Sales Impresses, IP Disappoints, Gold Softens
A wrath of Chinese economic data mostly came in below expectations and that along with heavy global bond yields was enough to drag sentiment down. China's CSI 300 index extended its slide following the mixed economic data. S&P 500 and Nasdaq futures slid slightly but are still near record...
Don’t Fight The Fed! Yields, Gold, And DXY
The Federal Reserve has been telling us time and time again that they are going to keep monetary policy accommodative until ACTUAL inflation is within the 2%-3% range. They told us inflationary expectations are transitory and that the rising in yields was unsustainable. Yet even with strong US data...
Gold in strong bullish run, targets 1828 fibonacci level next
Gold's strong rally today should now have 1755.29 resistance taken out firmly, completing a double bottom reversal pattern (1676.54, 1677.69). The development is also the first sign that whole correction from 2075.18 has completed with three waves down to 1676.65, after hitting channel support.
Further rise is now expected back...
GOLD Once Again Tests 1,750.00
The yellow metal found support in the 1,735.00 level and surged. At mid-day on Thursday, the commodity price was testing the resistance zone, which was located just below the 1,750.00 mark.
Note that this is the second attempt being made during this week's trading. In general, the future forecasts still...
Two Trades To Watch: Gold, USD/CAD
Gold looks to US retail sales for direction
Gold is edging higher on Thursday, clawing back yesterday’s losses, when gold bulls failed to capitalise on US Dollar weakness
The precious metal trades within a familiar range and awaits US retail sales for a potential breakout.
Expectations are for a blowout 6.3% jump...
Market Morning Briefing: Aussie Has Bounced Well As 0.7580 Holds Good
STOCKS
Equities remain mixed. Dow is stuck in between 33500 and 34000 while DAX between 15100 and 15300. They will have to break above 34000 (Dow) and 15300 (DAX) to move up further. Else a fall can be seen from here itself. Nikkei can fall within its 28000-31000 range. Shanghai...
Gold Snags Necessary Footing for Retest of Range’s Ceiling
Gold recently established some positive traction off the converged simple moving averages (SMAs) and the Ichimoku cloud’s upper surface, after failing to previously clear the resistance band of 1,756-1,760. Currently the SMAs do not confirm a commanding price direction, however, the rising 50-period SMA is aiding the latest positive...
Oil Rises On Stockpiles, Gold Vulnerable
Oil rises as crude stockpiles decline
Oil prices are on the rise, breaking out of a tight trading range that has limited directional movement over the past week.
Upbeat industry stockpile data, an upwardly-revised OPEC demand forecast, a weaker US dollar, and geopolitical concerns over Iran favour oil buyers. The growing...
GOLD Remains Below 1,750.00
The sharp surge of the yellow metal's price ended just before the metal reached the 1,750.00 level. Since the middle of Tuesday's trading, the price was trading sideways between the 100-hour simple moving average and the 1,750.00 level.
In the case of the metal passing the resistance of the 1,750.00...
Oil Rises On OPEC, Gold Surges
Oil lifted on OPEC projections
Oil markets rose overnight and this morning after the US dollar weakened and OPEC lifted its consumption projections higher for the rest of 2021. Brent crude rallied 1.30% to USD63.90 a barrel overnight, rising to USD64.10 this morning. WTI jumped by 1.40% to USD60.45 a...
USD Drops On US CPI Rates Release
The financial markets showed their anticipation for the US CPI rates for March released on Tuesday, as a reaction was observed throughout the board. The monthly US CPI rate increased to 0.6% surpassing both previous and forecasted rates, while the yearly figure also followed with a rise to 2.6%...
Dollar Selling Taking Off, Aussie and Kiwi Strong
Dollar remains generally pressured in Asian session, as selling appeared to have taken off overnight. J&J's vaccine saga is raising some concerns that it would take longer for US to achieve herd immunity. Or, at least, it's not brightening the outlook. On the other hand, New Zealand Dollar jumps...
Gold Price Eyes Additional Gains Above $1,750
Key Highlights
Gold price recovered higher above the $1,720 resistance zone.
It is now facing resistance near $1,750 and $1,760 on the 4-hours chart.
EUR/USD extended gains above 1.1920, GBP/USD is consolidating above 1.3670.
USD/JPY could decline further if it breaks the 109.00 support zone.
Gold Price Technical Analysis
After retesting...
GOLD Bounces Off Support
On Tuesday, the yellow metal's price bounced off the support zone of the 1,720.00/1,725.00 levels. As soon as the price managed to pass the short term resistance of the 200-hour simple moving average, the price sharply surged.
The surge was expected to possibly stop at the 1,745.00 level, which had...
Oil Ticks Upwards, Gold Edges Lower
Oil treads water
Oil prices rose slightly overnight as Middle East concerns underpinned prices. Brent crude finished just 0.20% higher at USD63.10 a barrel, while WTI crept 0.45% higher to USD59.65 a barrel. Although the closes were neutral, both contracts traded in busy two-dollar ranges, hinting that interest remains high,...
XAUUSD Approaching Critical Levels
Gold is on the decline on Tuesday, with the yellow-metal slipping towards the $1,720 support zone after the recent failure above the March swing-high. Lower time frame analysis shows that negative price divergence has nearly been completely reversed. It is likely that gold will either bounce sharply from current...
European Open: China’s Imports Rise, CPI Up Next
Whilst China's exports missed expectations, imports rose an impressive 38.1% YoY to show demand from the world's second largest economy is also on the rise.
Asian Indices:
Australia's ASX 200 index fell by -6 points (-0.09%) to close at 6,968.00
Japan's Nikkei 225 index has risen by 248.91 points (0.48%)...