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Data showed U.S. weekly jobless claims rose moderately as the labor market continues to show few signs of a significant slowdown. The Fed held rates steady on Wednesday as policymakers considered whether financial conditions may be sufficiently tight to control inflation. The market now sees an 80% chance of another Fed pause in December, according to the CME...
Gold prices have risen over the past three weeks as investors flocked towards the yellow metal due to its safe-haven appeal in the aftermath of geopolitical tensions that have erupted due to the Israel-Hamas conflict, Deveya said Gaglani, Research Analyst-Commodities at Axis Securities. Prices have risen nearly 8% from lows despite the dollar index's potential...
Secretary of State Antony Blinken told the agency Tuesday that "a humanitarian pause must be considered" to allow aid to reach civilians in Gaza, though he specifically avoided the phrase "ceasefire." On Monday, National Security Council spokesman John Kirby rejected calls for a ceasefire, telling CNN that Hamas must first release hostages held in Gaza. Nearly...
Gold prices were poised for a third consecutive weekly gain on Friday as the Middle East conflict kept investors drawn towards safety of bullion despite a higher-for-longer U.S. interest rate backdrop. Spot gold edged 0.1% higher to $1,986.76 per ounce by 0341 GMT. U.S. gold futures were steady at $1,996.80.
Trading volumes have since ratcheted higher, and in the past seven days alone, bitcoin has shot up over 22% against the US dollar. Though this Thursday’s early trades have been relatively subdued, the BTC/USDT pair has managed to hold into Wednesday’s 1.7% add and was swapping for more than $34,600 at the time of writing.
Gold prices have weakened and dropped below 1920 on Friday. The yield on the 10-year US Treasury bond remains above 4.1% after data on the Producer Price Index (PPI) for July came in higher than expected, making it difficult for XAU/USD to maintain its position. Predict that gold price will continue to increase in the trend of USD recovering. Downtrend continues.
Gold prices declined slightly earlier today, reaching a low of $1,912.66 during London trading hours. However, the losses were mostly recovered after Wall Street's opening. The US Dollar gained strength in the first half of the day due to a cautious market sentiment caused by tensions between China and the US, which raised concerns about economic growth. Later in...
XAU/USD is experiencing a second consecutive day of decline, although it has managed to rebound from its recent low and is currently trading around 1,190. On the daily chart, technical analysis indicates that the 20 Simple Moving Average (SMA) is showing a bearish trend below the 100 SMA, acting as a resistance level at 1,930.70. The 200 SMA, on the other hand, is...
The price of gold (XAU/USD) continues to rise for the fourth day in a row, although it lacks strong upward momentum around 1,923 as we enter Tuesday's European session. This lack of momentum can be attributed to the US holidays and a light calendar elsewhere, which has resulted in a sluggish market. However, traders remain active due to concerns about the global...
The hawkish stance of major central banks and the prospect of further interest rate hikes continue to act as headwinds for gold prices, which do not provide any yield. Additionally, the emergence of new US dollar purchases has proven to be another factor driving the outflow from XAU/USD. In fact, the US Dollar Index (DXY), which tracks the greenback against a...
Gold prices have rebounded slightly after dropping below 1900 for the first time since March 15, 2023. The prices increased by approximately 0.09% following optimistic economic data from the United States, as speculation grew that the Federal Reserve would raise interest rates. Additionally, the data has dampened expectations of a "hard landing," with the economy...
The XAU/USD pair is experiencing a downward trend for the third day in a row. It reached a low of $1,902.80 during the American session. The US Dollar gained strength before the opening of Wall Street due to negative US data and upcoming statements from central bankers, leading to a risk-off sentiment in financial markets. In the first half of the day, investors...
Late on Tuesday, US President Joe Biden expressed concerns about China's significant challenges, sparking fears about the global economy and a potential conflict between the US and China. These apprehensions have also prompted gold buyers to take action. Adding to this, the Wall Street Journal (WSJ) reported that the Biden administration is contemplating imposing...
XAU/USD holds steady above 1,920 level, not out of the woods yet The Federal Reserve (Fed) has indicated that interest rates may still need to increase by up to 50 basis points by the end of this year. Furthermore, Fed Chair Jerome Powell, in his recent two-day testimony before Congress, stated that the US central bank does not foresee any rate cuts in the near...
Top should happen end this week or beginning next one (monday - tuesday) That would mean futures arnu 1880-1890, with DXY (dollar index) 102-103 points. After that a correction for a bullish continuation. Bull is here to stay and could probably see again the hights of previous years this spring. So.. GDXJ around 41$-42$ also. GDX around 33$ too by the end of...
I’ve been searching for interesting patterns with critical commodities in bear markets. I noticed something interesting. Oil and gas seem to pump before and during the early stages of bear markets. When the largest and most demoralizing drop happens, Oil and gas seem to lead the way. Their previous pump is erased and the market goes with it. Good luck all!
The trend in gold from the top in 2011 to now is following an almost identical log scaled path from 1996 - 2011. A 4 year consolidation followed by 10 year up trend. If the pattern continues the chart points to $8000 gold by end of the decade 2021 - 2028/30. The current cup and handle forming could take gold to $3000 within the next 18 - 24 months.