Despite a widespread dollar weakness gold prices are struggling to regain a sustainable bullish impetus on Wednesday after a modest recovery yesterday. The bullion failed to break above the $1,286 intermediate resistance that is standing on the way to $1,290 and has settled above $1,280 during the latest trading. It looks like the dollar relationship has...
Crude oil prices are making further recovery attempts on Tuesday, after a steep decline late last week. Brent has regained the $71 figure and now targets the $72 barrier but it looks like the market lacks the upside momentum despite the prevailing bullish bias. The mixed dynamics in crude prices is due to emerging concerns over OPEC production increase which...
The rebound in gold prices accelerated on Friday as Treasury yields and the dollar fell on US GDP data. The precious metal saw the largest daily gain in nearly two months and registered a mid-April high above $1,288 after three days of gains. The headline GDP number was really good, with the US economy unexpectedly grew 3.2% versus 2.3% expected. But the...
Market Cap stucks inside a Red Box, it nearly forms a Bullish Channel pattern moving in a Uptrend. My expectation is to increase by 25% Our plan will fail if any candlesticks close outside and under the box. The bottom of the box is red line Market Cap can increase as fast as the end of March from 26 March to 2 April. First, Altcoin increased strongly like BTC but...
After a false technical break above the 1.12 handle, the dollar came under pressure against the Japanese yen on Thursday and registered decent intraday losses. Today, the pair is making some recovery attempts but the impetus looks unconvincing and too timid, at least so far. Some selling pressure on the yen came from the economic front. According to the...
After a short-term pause and failed corrective attempts on Wednesday, Brent crude resumed the rally today, with prices refreshed early-November highs at $74.55. The market continues to derive support from the “Iranian factor” after the United States said early this week it would end all exemptions for sanctions against the Middle Eastern country. The EIA...
EURUSD slipped decently yesterday and challenged the 1.12 support for the first time in three weeks. It was mainly on rising dollar amid waning concerns over the state of the US economy after stronger-than-expected home sales data. On Wednesday, the common currency remains under pressure and continues to challenge the 1.12 area. Fresh euro zone data added to...
Gold prices extend losses for a third week in a row. Last week, the precious metal failed to hold above the 100-DMA after a break below the $1,300 handle and remains under the selling pressure since then. As a result, the prices are oscillating around 2019 lows, threatening the $1,270 figure. The metal failed to derive support from the news that the US will...
After four week of gains in a row, crude oil prices spiked on Monday, with Brent registered fresh November highs at $73.65. Since the early rally, prices have settled around the $73 handle and remain elevated as traders are digesting news from the US. The latest surge was fueled by reports that the US is set to end sanction waivers on the eight countries...
USDJPY flat on Friday and little changed on the weekly charts as trading activity is muted on Good Friday/Easter holiday. The pair made some bullish attempts above the 112.00 handle earlier this week but failed to show a sustained momentum amid the unstable risk sentiment. The yen ignored better-than expected Japanese CPI figures. March national consumer...
After earlier bullish attempts, the EURUSD pair turned sharply lower on Thursday. The prices failed to break above the 1.13 once again and plunged to nearly one-week lows around 1.1260. The aggressive sell-off was due to fresh data from Germany that disappointed traders. Germany April flash manufacturing PMI came in at 44.5 versus 45.0 expected and 44.1...
EURUSD failed to hold above 1.13 yesterday and finished in the negative territory amid a widespread rally in the greenback despite weak US industrial production data. However, the pair resumed the upside move on Wednesday as dollar turned bearish due to a better risk sentiment in the global financial markets. Investors are cheering stronger-than-expected...
Gold is bleeding for a fourth day in a row, with the prices dipped below the 100-DMA again and registered a daily low around $1,283 so far. The bullion was rejected from highs above $1,310 last week and has been trending lower since then. Global financial markets look undecided on risk appetite but US-China trade optimism reduces the safe-haven appeal of the...
Crude oil prices are losing ground on Monday, coming off from the five-month highs registered last week below $72 amid the ongoing unrest in Libya. The supply cuts from OPEC, US sanctions against Iran and Venezuela, as well as the fighting in Libya are fueling expectations of tightened global supplies these days. Against this backdrop, the market looks strong...
The USDJPY pair jumped above the 200-DMA yesterday and extended gains to the levels marginally below 112.00 on Friday. The pair rallies for a second day in a row, rebounding after three days of losses as buyers reemerged at bearish attempts around 111.00. The greenback saw a limited downside pressure from the dovish FOMC minutes as traders were ready for such...
After a three-day rally, gold prices turned negative on Thursday as risk-on sentiment has improved on positive developments globally. The bullion jumped to the $1,310 area yesterday but failed to preserve the bullish momentum and retreated, testing the key $1,300 handle again. On Wednesday, the U.S. Treasury Secretary Steven Mnuchin said the US and China have...
After a limited correction on Tuesday, crude oil prices are trying to resume the rally today, with Brent struggles to firmly get back above the $71 figure a jump to fresh five-month highs around $71.30 yesterday. The IMF cut its forecast yesterday to the lowest since the financial crisis, which stoke fears that global growth is slowing and curbed demand for...
EURUSD extends its recovery since Monday, with the pair seems to struggle around the 1.1280 region that is standing on the way to the 1.13 handle. The euro derives support from a widespread dollar weakness, while the threat of US tariffs on the EU limits the upside impetus. Interestingly, Istat just announced no change to Italy’s 2019 GDP growth which stood...