Gold Price News and Forecast: XAU/USD bull market still technically fundamentally in place [Video]
|Gold bulls are starting to get going again [Video]
For a while now, we have been looking to use a near term correction on gold to be a medium term buying opportunity. After the 10% correction in the past week, the move appears to be settling down now. Subsequently, we believe that this run higher is likely to be getting back on track once more. The technicals are stabilising, with RSI around 50 and Stochastics also beginning to tick higher, although the MACD lines which are more of a medium term indicator, are still in retreat. The main caveat for us comes not from technicals, but of how the market would respond to a US fiscal support package. This is likely to cause some near term volatility again if/when announced. Read More...
Gold bull market still technically fundamentally in place
At the start of the week, a number of clients had it pointed out to them that gold’s recent highs could be starting to look vulnerable. It is important to realise that markets don’t tend to move in straight lines. What goes up quickly can also come down quickly. This turned out to be the case with gold. Earlier this week gold saw its largest daily drop in 7 years.
The large falls in gold had some traders panicking. You may be one of them. Read More...
Gold continues to be a strong winner from the pandemic
European markets turned south on Friday led by a decline in travel and leisure stocks after the UK added France to its 14-day quarantine list. Yesterday, US stocks dipped after a run at the all-time highs failed again – the S&P 500 finished the day down 0.2%, but the Nasdaq eked out a small gain. Asian markets ticked up amid a mixed bag of data and economic indicators and European stocks slipped in early trade after falling across the board on Thursday. After a decent start to the week it looks like equity markets are finishing off rather meekly.
With France being added to the quarantine list for the UK, travel & leisure is under pressure. Shares in IAG, Ryanair, Tui and EasyJet were all sharply lower as the move will force a large swathe of cancellations right at the peak of the summer holiday season for one of the largest markets for UK tourists. Half a million Brits are thought to be in France right now. Related stocks were also hit. Read More...
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