Gold prices cling to 50% Fibonacci retracement of its March month pullback.
The bullion remains weak below the confluence of key SMAs.
61.8% Fibonacci retracement, the previous week’s top add to the upside barriers.
While a sustained break below 21/50-day SMAs portrays Gold’s weakness, the yellow m
Euro-area PMIs confirmed that the coronavirus-driven shutdowns are causing unprecedented declines in production levels, analysts at Nordea report.
“The Euro-area PMIs dropped more dramatically than during the financial crisis. The biggest decline was seen in the service sector which dropp
Gold prices remain on the back foot as global central bankers fight hard against coronavirus.
After Fed and RBNZ, BOJ announced a surprise emergency meeting at 03:00 GMT.
EU Finance ministers, G7 are in the pipeline as well.
With the global central bankers running the show, led by Fed and RBNZ, Gol
Global stocks are staging a recovery today after yesterday’s crash. In the currency markets, Canadian and Dollar are currently the strongest ones for today. Yen and Sterling are the weakest. Governments are preparing or announcing special coronavirus relief packages. EU leaders will also have a vide
According to advanced figures for Crude Oil futures from CME Group, traders added around 46.8K contracts to their open interest positions on Monday, reaching the second build in a row. Volume followed suit, up for the third consecutive session, now by nearly 111.4K contracts.
WTI likely to breach $5
Risk-off returns on increasing coronavirus cases outside China.
Gold’s profit-taking slide loses momentum, bulls regain $1650.
Focus on virus headlines and US macro news for fresh impulse.
With risk-aversion seeping back into the European markets on Tuesday, the demand for the safe-haven gold is s
In light of advanced data for Gold futures markets, traders added around 1.1K contracts to their open interest positions in Friday, as per CME Group’s report. Volume, too, went up by almost 13.1K contracts.
Gold now targets the Fibo level at $1,574
The ounce troy of the precious metal is seen extend
Gold Spot ($)
Bullish bias above 1553.50.
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Pivot (invalidation): 1553.50
Our preference Long positions above 1553.50 with targets at 1561.00 & 1564.50 in extension.
Alternative scenario Below 1553.50 look for further downside
Gold has become somewhat stuck betwixt and between in the past couple of sessions. Support at the old breakout of $1536 could be an important development but there is still a corrective bias (of lower highs and lower lows) to gold. The last couple of candles have managed to stem the tide of sel
As the US and China prepare to sign the first phase of their trade agreement, risk appetite has been positive. This drove gold lower yesterday and maintains the negative pressure today. It also means that the retracement of the big bull run continues. The move in the past 24 hours has now broke
Add business sentiment to the growing list of economic data that continues to outperform expectations in NZ.
Back in Q3 the index has dropped to its lowest level since 2009 at -40. And whilst Q4’s read is still technically pessimistic at -21, it has almost halved in just one quarter and posted its s
Gold rose to a near 7-year peak of $1,610 last week after a U.S. drone strike killed a top Iranian commander in Baghdad and Iran launched missiles against U.S. bases in Iraq in retaliation.
The rally, however, faded with a lack of further military escalation in the region.
The United States imposed
Gold consolidated the recent sharp slide to one-week lows.
Investors now seemed reluctant ahead of the US jobs report.
Gold extended its sideways consolidative price action on Friday and remained well within the striking distance of weekly lows set in the previous session.
The de-escalation of geop
An apparent significant de-escalation in the immediate geopolitical risk has reversed the flow out of safe haven assets again. Iran’s foreign minister is suggesting that its response to the Soleimani killing has been “concluded”. US President Trump has also struck very much of a rese