London’s gold price benchmark hit an all-time high of $2150.03 per troy ounce at an afternoon auction on Monday “This rally in gold was triggered by the softer-than-expected U.S. data and the pullback in real rates... but there has been a general bias to buy dips and a positive underlying investor sentiment towards gold that has also made the market vulnerable to...
In contrast, the well-known hawk Klaas Knot mentioned June as the most likely meeting with another two cuts favoured in September and December but also opened the door to cuts before June if the data justifies the need for one. Closer to the center of the spectrum, Villeroy and Wunsch communicated a cautious approach ought to be adopted and the governing council...
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The U.S. dollar index headed for its largest weekly gain since mid-January, making gold more expensive for overseas buyers. “We increase our average gold price forecast for 2024 from $2,095/toz to $2,185/toz, targeting a move to $2,300/toz by year-end,” Goldman Sachs wrote in a note
Usdjpy that continues to see a lot of upward pressure due to the interest rate differential between the United States and Japan. I think that continues to be the story here. And therefore, you need to look at it through the prism of a market that is going to take advantage of that. I think you continue to get paid to hang onto this pair. And I think most big...
The USD/CAD pair builds on the previous day's strong move up and climbs to a one-and-half-week high, closer to mid-1.3500s during the early part of the European session on Friday. Crude Oil prices stand tall near the YTD peak in the wake of a sharp decline in US inventories, drone strikes on Russian refineries and a rise in energy demand forecasts. This, in turn,...
The price then topped out at around $0.6652 a couple of days later, and then went on to print lower resistance at $0.6633 with the price consolidating between there and $0.6591 The price action looks very flat, and it is hard to see the next major directional move. I do not have a directional bias. I see the best approach here today as scalping reversals from...
GBP/JPY saw a thin rally on Wednesday, testing into 189.53 before wrapping up the midweek trading session near the 189.20 handle. The pair is cautiously recovering after an early-week dip into the 188.01 handle. The Bank of Japan (BoJ) continues to wink at the possibility of ending the negative rate regime. BoJ Governor Kazuo Ueda nodded at “tweaking negative...
Nzdusd to cut rates just two times this year and decrease the chance of easing policy in June. Investors have priced in 75% odds of a 25 basis points (bps) rate cut in June, down from 94% at the beginning of the week. The Fed is anticipated to keep the benchmark rate steady in the 5.26%–5.50% range in the March policy meeting next week. The Fed wants to see more...
Spot gold gained 0.7% to $2,172.88 per ounce. U.S. gold futures rose 0.5% to $2,176.60. The dollar index was down 0.1%, making gold cheaper for overseas buyers. “The situation for gold bulls right now is a win-win, if Fed cuts rates, gold jumps substantially, if they don’t cut rates, there will be concerns on inflation that could push gold higher,” Bob Haberkorn,...
The GBP/USD retreated sharply and then bounced back after the important UK and US economic numbers. It dropped from last week’s high of 1.2892 to a low of 1.2744. It then rebounded to a high of 1.2786 ahead of key UK GDP numbers. The GBP/USD pair reacted to the mixed economic numbers from the UK. In a report, the Office of National Statistics (ONS) revealed that...
EUR/USD continues its steady decline into midweek after the release of higher-than-expected inflation data from the United States (US) reduced the chances of an early interest-rate cut from the Federal Reserve (Fed). The pair is trading in the 1.0922 at the time of publication, down from the last major peak in the 1.0981 s on Friday
The Bank of England will be keeping a close eye on the employment release. The BoE meets on March 21 and Governor Bailey has eased up on his pushback against rate cut expectations. If Tuesday’s employment numbers are stronger than expected, it will likely raise the odds of a rate cut later this year. In the US, Friday’s employment release was a mix. Job growth...
the GBPUSD experienced an upward movement, driven by a wave of dollar selling in response to lower interest rates. However, the pair's momentum encountered resistance at a key technical level—the 200-bar Moving Average (MA) on the 4-hour chart. This same MA had previously halted the pair's advance a week ago, leading to a decline in price. The fact that this...
Gold set a record peak of $2,194.98 for the fourth straight day on Friday after data signaled a cooling U.S. labor market. “With large speculators having increased net-long exposure at their fastest weekly pace in 3.4 years last Tuesday, gold is clearly in demand and not a market to short for any length of time whilst traders expect Fed cuts,” City Index COMEX...
risk complex, motivating AUD/USD to put the 0.6601 support to the test at the beginning of the week following Friday’s fresh two-month peaks around 0.6670 In the meantime, the continued decline in US yields across various timeframes appears to have met some contention and moved into a consolidative theme, always on the back of ongoing speculation regarding the...
move higher would probably soon encounter resistance in the region of 147.602 -148.01 where the 100 and 50-day Simple Moving Averages (SMA) are situated. Given the pair is now in a short-term downtrend, however, it will probably eventually rollover and start falling again, back down to the 146.48 March 8 lows. If the pair breaks below the 146.48 lows it will...
Gold according to the 4-hour chart, XAU/USD lost momentum but holds on to gains, limiting the risk of a steeper slide. The 20 SMA heads firmly north, far below the current level, momentum, while the longer moving averages remain directionless. XAU/USD hovers around a flat 200 SMA. Technical indicators, in the meantime, eased from near overbought readings,...