Black line- bearish RSI divergence Blue lines- Fibonacci retracements Red lines- bullish channel Gold price is trading around $1,971 after making a low around $1,951. Price has broken out of the bullish channel and is now back testing the lower channel boundary from below. Today’s high at $1,973-$1,974 challenged the channel boundary resistance. The bearish […]
Technical analysis: Silver has been trading upside this morning but I found rejection of the resistance at $24.66, which is good sign for the potential drop. Due to the downside trend in the last few days and the rejection of the resistance, I see potential for the further drop towards lower reference. Downside objectives are […]
Gold is rising not thanks to, but in spite of it all. The USD index is going up; however, the precious metal managed to hold above the important level of $1,954 per ounce and is ready to continue its rally. The reasons for this deviation in intermarket relationships should be sought in the Forex market. […]
CFTC data reflects a significant deterioration in sentiment towards the US dollar. The overall short position on the USD increased by 7.39 billion during the reporting week, reaching -19.88 billion, marking the largest weekly change since 2020, and the highest bearish bias since 2021. Significant corrections were observed in positions on the euro and yen. […]
Gold price is trading below $1,960. In the 4 hour chart trend has changed from bullish to neutral as price enters inside the Kumo (cloud). The Chikou span (black line indicator) has turned bearish by breaking below the candlestick pattern. As long as price is inside the Kumo, Gold will be vulnerable to a pull […]
Technical analysis: Gold has been trading downside as I expected and there is still chance for the lower prices and potential for the downside reference to be on the test. Due to the downside momentum and the breakout of rising trendline in the background, I see potential for the further drop towards lower references. Downside […]
Oil is focused more on the future than the present. The commitment of Chinese authorities to support the troubled real estate sector, boost domestic demand, and address local authorities’ debt issues, along with the anticipated conclusion of the monetary restriction cycles by the Fed and other central banks, has enabled Brent to experience a four-week […]
Gold price is trading around $1,958. According to the Ichimoku cloud indicator, trend remains bearish as price is still below the Kumo (cloud). Price is now challenging the tenkan-sen (Red line indicator) that provides short-term support around $1,957. As long as price is below the cloud, Gold is vulnerable to a move lower at least […]
The price of gold is bearish in the short term and it seems determined to hit new lows as the USD is bullish. XAU/USD tried to rebound after registering a strong sell-off. Technically, the rate could test and retest the near-term resistance levels before going down. Fundamentally, the UK, French, German, and Eurozone Flash Manufacturing […]
Early in the American session, Gold (XAU/USD) is trading around 1,966.31, below the 3/8 Murray and below the 21 SMA located at 1,971. Last week, we could see that gold broke out of the uptrend channel formed since July 6 and is now consolidating. Most likely, there is a rejection below 1,970 and gold could […]
The rise in gold at the beginning of last week to a two-month high triggered strong bullish sentiments. Nevertheless, analysts warn investors about the upcoming Federal Reserve meeting, where a decision on the interest rate that affects the U.S. dollar will be made. The latest weekly gold survey shows that retail investors anticipate a price […]
Technical analysis: Silver has been trading downside this morning and I found breakout of the key support cluster at 24.60, which is good sign for the further downside movement. Due to the breakout of the support cluster and the breakout of the rising trend-line in the background, I see potential for the further drop towards […]
Summarizing the preliminary results of the ending week, we see that it has been favorable for the dollar. As of writing, DXY index was near 100.75, recovering from a sharp decline last week following the publication of U.S. CPI indices, which indicated another slowdown in inflation in June. After the release of mixed data from […]
Next Wednesday, the Federal Reserve’s decision on the interest rate will be published. Earlier reports from the Department of Labor and the U.S. Bureau of Labor Statistics confirmed the stability of the U.S. labor market and indicated ongoing inflation slowdown. However, market participants expect another interest rate hike by the Federal Reserve at this meeting. […]
Early in the American session, gold (XAU/USD) is trading around 1,966, above the 200 SMA and below the 21 SMA. We can see that gold is trading within a downtrend channel formed since July 19 when it hit the high of 1,987. So, the bullish cycle is expected to resume. In the next few hours, […]
Black line- bearish RSI divergence Red lines- bullish channel Blue lines- Fibonacci retracement levels Gold price is trading around $1,960 after making a high around $1,987 and getting rejected at the 50% Fibonacci retracement of the last leg down from $2,080. Price remains inside the red upward sloping channel and is now challenging the lower […]
Futures on US stock indices have slightly recovered from yesterday’s losses as investors digest a tense day of corporate reports and new signs of strengthening economies in the US and the UK, supporting the case for further interest rate hikes by central banks. S&P500 futures are up 0.3%, while NASDAQ shows a gain of 0.4%. […]
Gold continues to play a significant role in the reserves of central banks. According to the International Monetary Fund and the World Gold Council, countries all over the world continue to ramp up purchases of the metal. WGC Senior Analyst Krishan Gopaul reported that Qatar purchased 1.6 tons of gold in June, the first increase […]
Technical analysis: Gold has been trading downside as I expected and the price has reached first downside objective at $1.970. I still see potential for the further downside movement. Due to the fake breakout of the swing high at $1.981 in th background and the downside momentum, I see potential for the further downside movmeent […]
Shares of Johnson & Johnson became the real stars of the day, gaining 6.07%, closing at 168.38. Significant growth was also noted in the shares of Goldman Sachs Group Inc, rising by 3.03% and closing at 350.86, while Boeing Co showed a price increase of 2.40%, settling at 213.61. Meanwhile, some sectors, such as technology, […]
The price of gold crashed in the short term and now is located at 1,974 at the time of writing far below today’s high of 1,987. The yellow metal turned to the downside as the USD appreciated versus its rivals today. Technically, XAU/USD signaled exhausted buyers, so a correction could be natural. Fundamentally, XAU/USD accelerated […]
The World Gold Council (WGC) report states that Turkey has returned to replenishing its gold reserves after a three-month surge in sales. In June, the Central Bank of Turkey increased its reserves by 11 tonnes, marking its current total gold reserves at 440 tonnes. This comes after a three-month period of selling, during which 159 […]
On Thursday, futures on US stock indices slumped as disappointing tech company earnings cast doubt on further growth in the tech sector in the second half of the year. Nasdaq 100 futures dropped by 0.7% following the sell-off of Netflix Inc. stocks, prompted by no sales estimates and revenue forecast for the third quarter, which […]
Technical analysis: Gold has been trading upside but I found fake breakout of the swing high at $1.983, which is a good sign for the potential downside rotation. Due to the fake breakout of the swing high and the breakout of the mini rising trend-line, I see potential for further downside movement. Downside objective is […]
If we look on its 4 hour chart, EUR/USD main currency pairs seems like Buyers still dominates where this things confirmed by EMA 12 & 26 which is still intersecting Golden Cross as well as indicator CCI which manages to break above its three levels and hold on to the level 0 which indicates that […]
The price of gold retreated a little after reaching yesterday’s high of 1,984. Now, it is trading at 1,970 at the time of writing. The yellow metal turned to the downside and it seems very heavy in the short term as the Dollar Index rallied even if the US reported poor data. You already know […]
Today, one of the largest American banks, Goldman Sachs, released its Q2 2023 earnings report, which fell short of analysts’ projections. The dip in profits was primarily attributed to losses related to commercial real estate and the sale of its credit division, GreenSky. Earnings per share came in at $3.08, compared to economists’ estimate of […]
Gold price is trading around $1,976 and yesterday price closed inside the Daily Kumo. This has changed trend to neutral from bearish. The Chikou span (black line indicator) has also broken above the candlestick pattern (bullish). Price remains above the tenkan-sen and kijun-sen indicators confirming the short-term bullish momentum. The tenkan-sen (Red line indicator) provides […]
US stock index futures have only slightly corrected after the recent rally that occurred in anticipation of the inflation crisis ending, which is affecting nearly all developed economies worldwide. S&P 500 futures are trading near the zero mark, while NASDAQ has gained about 0.2%. A positive corporate earnings season is benefiting risk assets, including stocks, […]
After 10 consecutive increases, the Federal Reserve halted their rate hike cycle, keeping rates between 5% and 5.25% in June, and will likely continue the pause until the July FOMC meeting. However, Fed Chairman Jerome Powell and several other members of the bank emphasized that this does not signal a shift towards a more flexible […]
