Gold suffered its worst week since 2013 making a very big red candle amidst the financial meltdown around the globe where every asset class was sold off heavily. The reason behind this humongous move was the increased fears of pandemic outbreak due to coronavirus which kept spreading at a good pace across the globe. Though this should have acted as a positive...
Gold surged to fresh 52 week high in a big green week just shy of $1650 on back of a weaker dollar and the persisting coronavirus tensions. The price had a one way rally after the pattern was broken on the upside clearly indicating the market sentiment. The coronavirus issue, which in China has likely peaked out but has started a fresh crisis globally again which...
Gold remained in consolidation as it gained $13 on back of the lingering coronavirus issue. The price moved in tandem with the news flow regarding the state of the epidemic that is the deaths and new cases of coronavirus which is poising a threat to global growth. With China announcing that it has started to curb the virus which is visible through Sunday’s data,...
Gold started the month on a backfoot with negative returns of $23 broadly on account of an intense risk-on rally across the globe which sent major indices to lifetime highs. With Impeachment resulting as expected, it further added to the downward pressure as yet another big political event smoothened out without creating much noise. Whereas the ongoing epidemic...
Gold continued to pile on the gains as it added $18 to register a new closing high (weekly) again on the back of major risk off trade worldwide fueled by increased fears of spreading deadly coronavirus. New cases across the globe and growing death toll remained a large concern as the situation was declared as a global emergency by WHO, it quietly pointed in the...
Gold resumed its uptrend after a week of consolidation as it gained $14 to make a new closing high on the weekly timeframe. Chunk of the gains came from yet another fresh fear of a possible outbreak of an epidemic (caused by coronavirus) in China which could spillover worldwide, an event compared to the 2003 SARS virus case which also had the epicenter in China....
Gold consolidated with minor cuts of $4 after making 3 large candles closing above its previous 52 week high again keeping the overall trend intact. Price saw a u-turn from sub $1540s level again signalling a possible near term bottom/key demand zone as dollar remained weak. With next big fundamental event being on the radar – Impeachment of the U.S President, its...
Gold soared above $1600 briefly when the geopolitical tensions were at the peak but the rally fizzled out equivalently faster due to de-escalation of the fears making the metal fall to lows of $1540s before settling the week at $1562 which is again a new closing high. Mounting fears regarding a possible war between U.S and Iran was calmed since both sides...
Gold created another towering green bar with gains of over $40 on the back of heightened geopolitical tensions between U.S and Iran. The flare up, caused by the U.S led drone attack which killed the top Iranian commander resulted in a risk off around the globe whilst pushing gold and oil prices higher further strengthening the bullish trend. With Iran looking for...
Gold made a massive green bar in a holiday thinned trade to close comfortably above $1500 after a gap of 6 weeks. The major contributor to this move was the weakened dollar as risk-on continued across the globe. With low volumes and even lower volatility it was certainly a one way up for gold with $1500 giving a minor resistance before getting conquered. As the...
Gold had a soft week with rangebound activity between support and resistance as expected. Being the last full week of 2019 but a truncated one with holiday/festivities mood at its best nothing much can be expected plus there remains no important news flow or major data points which could have a path breaking impact on the prices either. Gold stays in bullish grip...
Gold finally had a conclusive week with gains of $16 breaking the 4-week consolidation broadly on account of a lower dollar. With the year coming to a close and mostly all important events done and dusted for the month, holiday mood should keep the volumes light and volatility low in remaining days of the year. Fundamentals still remain mixed whilst technical...
Gold continued to consolidate after making a higher high posting a minor negative return for the week. It is still stuck in a range but saw an expansion on the upside which should augur well for the bulls. As the year comes closer to an end, volumes should remain light with no directive move but December has been a good month for gold historically. Fundamentals...
Gold consolidated for third straight week yet again ending above the support with minor gains of less than $2 in a holiday thinned week. As we enter into the final month of the year, much will depend upon year end positioning rather than outright technical or fundamentals though in December important events lined up starting from Election in U.K to fresh tariffs...
Gold remained in consolidation as it moved between support and resistance posting a negative return of nearly $6. The week was a dull one in terms of fundamental news with movement of yellow metal based majorly on the fluctuations in dollar index which remained low throughout the week excepting the last day rally which pushed down gold for a lower close. With...
Gold recovered after making a fresh low as it ended with gains of just over $9 in a ranged week also defending the support of red diagonal trendline which suggests a near term bottom formation. A lower dollar was the key reason for an upswing the yellow metal prices as risk-on intensified further with indexes making new all time highs. The move may have been just...
Gold suffered the worst week of 2019 as it crashed nearly $60 from the highs making a new low slicing through the supports with an unprecedented ease. The closing is also below the previous low which doesnt sound good for the bulls with such negative price action attributed to mainly lowering of trade tensions and a further push towards riskier asset class due to...
Gold continued to register gains with another green candle closing well above the resistance of the black diagonal trendline confirming the change in the trend to bullish after a retest of the breakout which it had in the week before. With U.S Fed chairperson Powell sounding dovish even after another rate cut does provide a further push to the price of gold as the...