Oil Pulls Back, Gold Edges Lower
Oil may see a minor correction
Oil prices are pulling back a little today after failing to break through previous highs on Wednesday. WTI is seeing serious resistance around USD54 which may drain momentum out of the rally that was looking in good shape. Perhaps we’re finally seeing some profit-taking...
XAU/USD Remains Below 1,875.00
As apparent on the chart, the XAU/USD exchange rate failed to surpass the 1,875.00 level.
It is likely gold could gain support from the 100– and 200-hour moving averages near 1,850.00 and trade upwards in the short term. In this case the price for gold could target the psychological level...
Oil Dips Lower, Gold Yawns
Oil corrects lower in Asia markets
Oil prices were mostly steady overnight with Brent crude and WTI almost unchanged at USD56.00 and USD53.00 a barrel respectively. In line with the more cautious tone displayed by financial markets today in Asia, both contracts have retreated. Brent crude is down 1.05% to...
USD Continues Its Slide Lower
The USD seems to be heading for the worst week in the month today as the markets seem to be characterized by a positive mood, probably spurred also by the change of government and its big spending plans. Against EUR, the greenback is in the back foot as the...
Gold Prices Trade Flat As Investors Weight Stimulus Prospects
The precious metal is giving back some of the gains made on Wednesday, after rising to a nine-day high on an intraday basis, prices are pulling back.
This comes as investors wait on further announcements from the new Biden administration. Speculation is high that the new Democrats government, which also...
Market Morning Briefing: Euro Is Headed Towards 1.22
STOCKS
Dow, DAX and Nikkei remain stable at higher levels. While a sideways consolidation looks like a possibility, it will have to be seen if they can see an extended rise before a correction comes into play. Shanghai is hovering around its crucial resistance level of 3600 which has to...
Central Banks Ready and Willing
Stock markets are broadly flat on Thursday as numerous central banks held their first policy meetings of the year and earnings season continued.
So much focus has been on the transition in Washington and Joe Biden's inauguration but today we've had multiple major monetary policy meetings, albeit no action from...
XAU/USD Trades At 1,875.00
The XAU/USD exchange rate has raised to the 1,875.00 level.
It is likely that yellow metal could gain support from the 55-, 100– and 200-hour SMAs, as well the Fibo 23.60% in the 1,846.60/1,860.59 range. Thus, bulls could prevail in the market in the short term.
On the other hand, it...
Crude Oil Steady While Gold Rallies
Oil markets balanced between opposing forces
Oil markets finished almost unchanged overnight, Brent crude ending 0.25% lower at USD55.70 a barrel, and WTI 0.10% lower at USD52.95 a barrel. In Asian trading, markets are equally muted, content to reverse those modest falls overnight, leaving Brent at USD55.90 a barrel, and...
1902 to cap Gold’s upside despite stronger than expected rebound
Gold's rebound from 1810.07 was stronger than expected and broke 1863.51 resistance. The development suggests that the first leg of the fall from 1959.15 has completed and stronger recovery could be seen to 61.8% retracement of 1959.16 to 1810.07 at 1902.20. But upside should be limited there to bring...
Gold Prices Rise To An Eight-Day High
The precious metal has managed to rise to an 8-day high following a close above the 1850 handle on an intraday basis.
The Stochastics oscillator currently looks somewhat bullish with the possibility that the overbought conditions may persist.
If price closes above 1850 on a daily basis, then we expect to...
Market Morning Briefing: Pound Has Been Steadily Rising Towards 1.37
STOCKS
Equities are regaining momentum as the sentiment is getting a boost as Biden has sworn in as the new US President. Dow, Sensex and Nifty are looking bullish. Dow can test 31500. Nifty can move up to 14800-15000 while the Sensex can target 50300-51000. DAX and Nikkei can consolidate...
Gold Price Struggles Near $1,880, Oil Keeps Rising
Key Highlights
Gold price is facing a strong resistance near $1,875 and $1,880.
Crude oil price is trading well above $50.00 and it seems to be eyeing more upsides.
EUR/USD is struggling to recover above 1.2150, while GBP/USD remained well bid.
USD/JPY is stuck in a major range below...
Stocks, Precious Metals And Pound Rise
Following Tuesday's rebound in the reflation trade, there has been further follow-through in risk buying this morning. At the time of writing, we are once again seeing higher prices for crude oil, copper, gold, silver and US index futures. European stock indices were mixed on the session, despite the...
XAU/USD Trades Near 1,860.00
During Wednesday morning hours, the XAU/USD exchange rate broke the upper boundary of the short-term descending channel.
It is likely that yellow metal could bounce off the resistance level—the Fibo 23.60% at 1,860.59 and depreciate against the US Dollar in the short term. The rate could target the 1,820.00 area.
Meanwhile,...
Stocks Climb, Dollar Slips As Yellen Makes Case For More Stimulus
Stocks power higher after Yellen calls for more big spending to fight pandemic
Risk assets rally ahead of Biden inauguration as reflation trade boosted
Dollar under renewed selling pressure, gold capitalized
Yellen talks up big spending
Risk appetite was riding high on Wednesday after Treasury Secretary nominee Janet Yellen reignited...
Oil Rises On Yellen, Gold Steady
Oil rises on Yellen testimony
A downgrade of the global oil consumption outlook by the IEA overnight was not enough to dampen spirits in oil markets, who remain target-fixated on the proposed US fiscal stimulus package to the exclusion of all else. A fall in the US dollar overnight for...
Gold Stays Muted Despite A Weaker USD
The precious metal is trading subdued, unmoved by the weaker US dollar. As a result, prices remain rangebound within the 1850 and 1818 levels for the moment.
The stochastics oscillator also remains rather flat suggesting the sideways movement is likely to continue on for a bit further.
Only a strong breakout...
Market Morning Briefing: Aussie May Attempt To Rise To 0.78
STOCKS
Equities broadly look mixed while they manage to hover at higher levels. Dow will need a strong rise past 31000 to move further higher. DAX, Nikkei and Shanghai can consolidate sideways for some time. Sensex and Nifty have recovered sharply and can move further up if they can sustain...
Stocks Bounce Back, Yellen Testimony Eyed, BAC Earnings, Euro Holds Gains after ZEW
Stocks bounce back, Yellen Testimony eyed, BAC earnings, Euro holds gains after ZEW, Oil rebounds, Gold higher, Bitcoin's competition.
US stocks are off to a strong start as investors focus on President-elect Biden's COVID relief bill and as earnings season heats up. The US will see more stimulus in Biden's...
XAU/USD Likley To Decline
The XAU/USD exchange rate has revealed a short-term descending channel.
From a theoretical perspective, it is likely that the price for gold could bounce off the upper channel line, and yellow metal could depreciate against the US Dollar in the short term.
In the meantime, it is unlikely that bulls could...
Oil Flat, Gold Under Pressure
Oil barely changed in Asia
Oil prices barely moved overnight with trading curtailed by the US public holiday. Like other asset classes, oil has received a gentle US stimulus tailwind in Asia, with both Brent and WTI futures moving modestly higher. Brent crude has risen 0.55% to USD55.00 a barrel,...
Gold Rebounds Off 1817 Support Level
The precious metal touched down below 1817 intraday to a one-month low. However, prices quickly reversed losses to rise above this technical support.
For the moment, prices remain above the 1817 level and could see some upside. But only a close above the 1850 level can confirm this.
In such an...
Market Morning Briefing: Euro Bounced From 1.2053
STOCKS
DAX, Nikkei and Shanghai have bounced-back yesterday thereby easing the danger of falling below their crucial supports. The expected correction seems to be getting delayed again. A sideways consolidation looks like a possibility in the near-term. We will have to wait and watch the price action. Dow was closed...
Quiet Start to the Week
A quiet start to the week, with the US bank holiday meaning trading is likely to remain extremely thin throughout the session.
European stock markets are mixed, lacking any real direction, as has been the case for much of the last week. With so much good news priced in over...
XAU/USD Pressured By 55- And 100-Hour SMAS
During Monday morning hours, the XAU/USD exchange rate bounced off the 1,810.00 level.
Given that yellow metal is pressured by the 55– and 100-hour moving averages in the 1,845.00 area, it is likely that some downside potential could prevail in the market, and the rate could re-test the 1,810.00 mark.
In...
Oil Prices Slide, Gold Range Trades
Oil prices correct lower
Oil prices suffered a sharp fall on Friday, with a rising US dollar enough to see extended speculative longs heading for the exit door. Brent crude fell by 2.90% to USD54.80 a barrel, and WTI fell by 2.95% to USD52.10. In Asia, both contracts have eased...
Gold Bears Continue To Dominate
Gold should continue with the bearish trend. We should see a continuation towards 1800 and lower.
2 POC will try to reject GOLD. Those zones are selling zones. 1831-37 and 1845-50 whichever comes first. 1810 has already been tested so I expect the break lower towards 1800 and 1792. The...
Gold Prices Hold Steady In A Sideways Range
The precious metal was also trading weaker on Friday with prices down over 1%.
However, price action remains subdued for the moment with the sideways range between 1850 and 1818 levels holding up for the moment.
The lack of further bearish momentum is likely to see this possible consolidation resulting in...
Gold Is Capped By 200-Day SMA, Holds In Descending Channel
Gold prices are posting some gains, touching the 200-day simple moving average (SMA), which is acting as strong resistance in the short-term. In the broader picture, the price has been holding in a descending channel since the pullback from the record high of 2,074.89 on August 7.
In terms of...