AbdallaAmgad

AbdallaAmgad

Gold prices started the year on defense with XAU/USD poised to close the week down more than 2% to trade at 1792 in early US trade on Friday. Prices have carved out the January opening-range between competing Fibonacci levels and the focus in the days ahead is on a breakout to offer guidance on our near-term directional bias. These are the updated targets and...

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Bitcoin prices have edged slightly higher as a culmination of factors boost the demand for riskier assets. Over the past month, fears over the rapid spread of the Omicron variant, regulatory concerns and rising inflation have weighed on the industry, allowing bears to dominate the systemic, prominent trend. However, after falling by approximately 30% since the...

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The Bank of England (BoE) started the cycle of tightening monetary policy by hiking the UK Base Rate by 15 basis points to 0.25%, the first-rate hike in over three years, at the last Monetary Policy Committee (MPC) meeting of 2021. And additional rate hikes are already penciled in by economists for 2022 as UK inflation hits extreme levels last seen over 10-years...

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After peaking in August 2020, Gold prices have since declined, forming a wall of resistance above the key psychological level of $1,800. Over the past three weeks, Gold bulls have managed to regain temporary control over the systemic, prominent trend in an effort to drive prices back towards the 38.2% Fibonacci retracement of the 2020 move, currently providing...

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Gold (XAU/USD) Fundamental Forecast: Slightly Bearish A return to the bullish Fed narrative drives USD, weighs on gold US non-farm payroll miss throws the Fed another curveball - possible tailwind for gold? Omicron Induced Volatility After a rather volatile week gold is on track to finish the week within 1% of its opening level (at the time of writing). This,...

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Gold is once again back at familiar resistance as the latest uptick stems from rising odds of Fed’s Brainard becoming the next Fed Chair. A reminder that in light of last week’s reports of Fed’s Powell and Brainard meeting Biden at the White House, gold closed at its highest level in two months. While overnight, source reports noted that Brainard had been...

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Gold prices are idling having pulled back from a two-month high as all eyes turn to third-quarter US GDP data. The outcome will offer critical stage-setting for next week’s FOMC monetary policy announcement, which is expected to formalize plans to start tapering stimulus this year with an eye to rate hikes in 2022. The annualized economic growth rate is expected...

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After a mixed day for Bitcoin and the broader market on Monday, it’s been a broadly mixed morning for the crypto market. The Bitcoin cryptocurrency has edged higher by 56% against the US Dollar since September 30. The cryptocurrency pair breached the $66K mark during the Asian session on Wednesday. Technical indicators suggest buying signals on the 4H, daily...

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AUD/USD extends the advance from the start of the month as the Reserve Bank of Australia (RBA) Minutes warn of rising home prices, and looming developments in the Relative Strength Index (RSI) may show the bullish momentum gathering pace if the oscillator pushes into overbought territory. AUD/USD EYES SEPTEMBER HIGH AS RSI APPROACHES OVERBOUGHT TERRITORY The...

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The price of gold looks poised to test the 200-Day SMA ($1794) for the second time this month as it bounces back ahead of the October low ($1746), and a larger pullback in longer-dated Treasury yields may keep the precious metal afloat as it retraces the decline following the update to the US Consumer Price Index (CPI). Looking ahead, it remains to be seen if...

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The daily EUR/USD chart remains weak despite the 100 pip bounce back over the last few days. All three simple moving averages are negative with the 20-/50-day sma cross at the end of September accelerating the move lower. The pair are currently back above the short-dated sma, which may provide some support, but a move back below would suggest that the recent...

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A continuation of the surge of the price for gold might eventually reach and once again test the resistance of the 1,800.00 mark. The 1,800.00 mark acted as a resistance level on October 14. However, a decline might look for support in the 1,760.25/1,763.40 zone, which acted as support on Monday. Below this zone, the October low levels below 1,750.00 could act as...

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Coming into 3Q’21 it was noted that “while the long copper/short gold pair trade still makes sense thematically, there is an argument to be made that recent shifts in the fundamental backdrop for copper make it a less viable vehicle to express a pure growth view.” The shift in the backdrop? The news out of China regarding Evergrande and the country’s heavily...

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GOLD TECHNICAL HIGHLIGHTS: Gold continues to trade with a negative tone Support levels to watch below in the near and long-term Break above 200-day could send modestly higher Last week, gold broke solidly above a key reversal candle formed on October 8, but that had price running into the 200-day and a trend-line from May. This meant that while gold negated a...

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Another round of commentary from the BoE over the weekend with Governor Bailey signalling yet again that the BoE will have to act in order to curb down inflation. The Governor noted that while monetary policy cannot solve supply-side problems, which the UK economy is currently facing, the Bank will have to act and must do so if there is a risk to medium-term...

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Talk of a futures-based Bitcoin ETF has been swirling around the market for months but recent commentary suggests that the SEC may soon approve at least one if not two applications as early as next week. Recent reports suggest that two ETF proposals by ProShares and Invesco may be given the green light next Tuesday to launch their products, although the SEC can...

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USD/JPY: Retail trader data shows 26.08% of traders are net-long with the ratio of traders short to long at 2.83 to 1. The number of traders net-long is 1.43% higher than yesterday and 19.25% lower from last week, while the number of traders net-short is 2.78% higher than yesterday and 27.31% higher from last week. We typically take a contrarian view to crowd...

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The price of gold attempts to trade back above the 200-Day SMA ($1795) as the 10-Year Treasury yield continues to pullback from the monthly high (1.64%), and looming data prints coming out of the US may keep the precious metal afloat as household spending is expected to contract for the fourth time in 2021. The update to the US Retail Sales report is anticipated...