Gold: Bulls need to climb above $1720/$1725 to start changing this selling into strength' outlook [Video]
Today’s session could be a very important one. Price action has turned the positive outlook sour in recent weeks. The dominance of strong negative candlesticks is overpowering the attempted recoveries. This is reflected in the consistent failing of momentum as daily RSI, MACD and Stochastics track a path lower. Yesterday’s latest rebound brings the market to another near term crossroads. Since topping out at $1764, the rebound candlesticks have been treated as another chance to sell as the market sets towards a test of the medium term range lows $1660/$1670. Will this latest bounce be once more treated as another selling opportunity? The signals look worrying on the hourly chart this morning. The hourly RSI is again faltering around the 60 level, whilst Stochastics are already pulling lower and MACD lines are threatening another bear cross around neutral. Read More...
Gold gaining ahead of tomorrow’s Fed release
The gold futures contract gained 1.31% on Monday, as it retraced some of its last week's Friday's decline following much better than expected U.S. monthly jobs data release. Global markets went risk-on and gold has sold off as a safe-haven asset. On Monday a week ago the price has reached slightly above $1,760 and Friday's daily low fell at $1,671.70. Gold continues to trade close to the bottom of its medium-term consolidation, as we can see on the daily chart.
Gold is gaining 0.5% this morning, as it retraces more of its Friday's sell-off. Financial markets remain in risk-on mode, as stocks continue to hover along their medium-term highs. What about the other precious metals? Silver gained 2.37% on Monday and today it is 0.9% lower. Platinum gained 3.71% and today it is 1.3% lower. Palladium gained 4.32% yesterday and today it is 2.8% lower. So precious metals' prices are mixed today. Read More...
Gold Price Analysis: XAU/USD extends daily rally to $1,710
The troy ounce of the precious metal lost more than $50 last week as the risk rally made it difficult for gold to attract investors as a safe-haven. After staging a technical recovery and posting modest daily gains on Monday, the XAU/USD pair stretched higher on Tuesday and was last seen gaining 0.7% on the day at $1,710.30.
Renewed worries about the coronavirus with new infections increasing at its strongest pace since the outbreak on Monday is keeping investors on the back foot. Mirroring the risk-off environment, Germany's DAX 30 Index and the Euro Stoxx 50 Index are both down 1.85% on the day. Additionally, the S&P 500 futures are losing 0.85% to suggest that Wall Street is likely to open in the negative territory. Read More...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
USD/JPY holds positive ground around 151.50 following Japanese CPI data
The USD/JPY pair holds positive ground for the second consecutive day near 151.45 on Friday during the early Asian trading hours. The cautious approach from the Bank of Japan to keep monetary conditions accommodative exerts some selling pressure on the Japanese Yen.
AUD/USD buyers lack vigor above 0.6500 amid Good Friday trading lull
AUD/USD is trading listlessly above 0.6500 in the Asian session amid light trading on Good Friday. The Aussie pair shrugs off encouraging comments from China's FX regulator, as price action remains subdued ahead of the US PCE inflation data.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Optimism price could fall as nearly $90 million worth of OP tokens is due flood markets
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.