Gold prices were poised for their biggest weekly jump in five months on Friday, hovering near a historic high, as Chair Jerome Powell’s remarks cemented mid-year rate cut bets, ahead of a key jobs report later in the day. was little changed at $2,157.16 per ounce, as of 0350 GMT, hovering around a record peak of $2,164.09 hit in the previous session
The next AUD/USD news to watch will be the upcoming US initial and continuing jobless claims numbers. Expectations are that initial jobless claims rose to 218/7k last week. These numbers will be followed by the latest existing home sales. Existing home sales are expected to come in at 3.95 million in January. The other important data will be the flash...
Powell’s remarks, coupled with data released the same day indicating a softening of labour market conditions, resulted in U.S. Treasury yields and dollar sliding, increasing the appeal of gold. If Friday’s labor market data or next week’s inflation data shows any weakness, $2,300 would be the short term target based on technical levels, but that would be fairly a...
Fed chair Powell will be appearing twice this week, on both Wednesday and Thursday as the head of the US central bank testifies about the Fed’s Semi-Annual Monetary Policy Report to the US government’s House Financial Services Committee. Headlines are expected throughout both days as the Fed chairman answers policymaker
which is generally a sign of weakening momentum often followed by pullbacks or reversals. In this case, if the price were to break to the upside the reversal would be confirmed, and the buyers would pile in more aggressively to extend the rally into the highs. The sellers, on the other hand, will likely lean on the resistance to position for a break below
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...
It's up $2834 to $65,445 with a nearly 30% in the past week alone. It's been an incredible run that started in late October at the same time as US equities turned and accelerated as bitcoin spot ETF approval loomed. Not coincidentally, the Nasdaq also hit ran to its November 2021 highs last week and then broke them. Another day or two like today will have bitcoin...
Retail trader data shows 43.76% of traders are net-long with the ratio of traders short to long at 1.29 to 1. Our data shows traders are now at their least net-long Gold since Dec 02 when Gold traded near 2,071.85 The number of traders net-long is 7.46% higher than yesterday and 20.48% lower from last week, while the number of traders net-short is 13.62% higher...
In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern to rise from 0.9534 (2022 low). Rise from 1.0446 is seen as the second leg. While further rally could cannot be ruled out, upside should be limited by 1.1272 to bring the third leg of the pattern. Meanwhile, sustained break of 1.0693 support will argue that the third leg has...
The Fed must be holding back the temptation to say, ‘we told you so’ now that market expectations match those released in the Fed’s December summary of economic projections. Three rate cuts in 2024 is the new expectation, down from six and potentially seven at one stage. As such, the dollar has found its footing in the early weeks
Xauusd aims for a strong weekly gain as investors choose the early rate-cut narrative in the US, shrugging off recent doubts over its timing. In the monetary policy statement, the Federal Reserve (Fed) didn’t explicitly refer to upcoming rate cuts amid the absence of enough evidence that underlying inflation will sustainably return to the 2% target. However,...
The USDJPY is moving to new at session highs, and in the process as extended above the swing area between 149.81 and 150.158. Yields in the US have turned around and are now higher on the day. The two year yield is at 4.642% up 3.0 basis points. The 10 year yield is up 2.4 basis points at 4.30%. At 1 PM today, the U.S. Treasury will auction off 20-year notes. At 2 PM
Today, 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...
have topped $76barrel in the past two sessions for US benchmark West Texas Intermediate crude, with broad oil prices lifted further by signs of some demand resilience in China. Refineries there are reportedly still buying plenty of crude which has gone some way to lift the gloom over likely Chinese energy demand, a major headwind for oil prices in the past year
Gold is down 0.2% to $2,041 after a push earlier to $2,047 levels to start European morning trade. It coincides with a move higher in yields, with 10-year Treasury yields now up 2.7bps to 4.27% on the day. But perhaps gold's slight retreat is also a more technical-related one. Here is a look at the daily chart
The EUR/USD daily chart sees the pair remaining confined to the 1.0801 -1.0861 area during the last three days, bracing around the 200-day moving average (DMA) at 1.0822 Relative Strength Index (RSI) studies turned bullish, but buyers need to achieve a daily close above last Friday’s high, to remain hopeful of testing the 50-DMA at 1.0881 ahead of the 1.0900...
Gold according to the 1-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 100 SMA Technical indicators, in the meantime, eased from near overbought readings,...
Eurusd On the 1 hour chart, we can see more closely the recent price action with the consolidation between the 1.07 support and the black trendline. We should find the sellers around the trendline if the price were to get there, but overall it will be a waiting game until we get a breakout on either side