The near-term chart for gold tells a better story on price action in the precious metal so far this year: Gold (XAU/USD) hourly chart During the downside push two weeks ago, gold struggled to get above the key hourly moving averages. And after a break of the 100-hour (red line) and 200-hour (blue line) moving
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I already outlined the technical predicament for AUD/USD earlier here. And the charts for USD/CAD and NZD/USD are also pointing to a lack of technical follow through by dollar bulls on the week. USD/CAD daily chart In the case of USD/CAD, the pair did manage a push above its 200-day moving average (blue line) but
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Oil prices drifted lower on Friday after a rally the day before, as geopolitical tensions and disruptions in U.S. oil production from a cold blast were countered by concerns over slow demand growth in China. Brent crude futures fell 17 cents, or 0.2%, to $78.93 a barrel by 0151 GMT, and U.S. West Texas Intermediate
Gold prices were set on Friday for their worst week in more than a month, as the dollar and Treasury yields strengthened after U.S. central bankers pushed back against expectations of early rate cuts amid signs of resilience in the economy. FUNDAMENTALS * Spot gold edged 0.1% higher to $2,023.52 per ounce by 0158 GMT.
Notwithstanding a Friday uptick, Gold is set to close the week on declines dragged by a higher dollar index (DXY). Today, in the early trade the yellow metal advanced with some softening in the greenback. Taking cues from the international market, MCX February gold futures were trading at Rs 61,884 per 10 grams, up Rs
The forex market displayed relative tranquility in Asian session, with major currencies confined to tight ranges. This subdued atmosphere reflects a degree of stabilization in investor sentiment, mirrored in the performance of major Asian stock indexes which are either experiencing mild recoveries or registering only slight losses. A notable exception to this picture is China’s
Dollar bounces in early US session, buoyed by unexpectedly low initial jobless claims data, which also lifts US 10-year yield. One of the key themes emerging this week is recalibration of market expectations regarding rate cut by Fed in March, with the probability now down to around 56%. Today’s job data is likely another factor
Yen’ decline resume today after release of Japan’s latest CPI data, which suggests that BoJ is not be under immediate pressure to exit its negative interest rate policy. . Economists have noted a crucial aspect of Japan’s inflation dynamics: while cost-push inflation is clearly easing, the transition to demand-pull inflation remains unconfirmed. The market’s attention
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Oil fell more than $1 on Wednesday as economic growth in China was a little short of expectations, raising concerns about future demand, while U.S. dollar strength dented investors’ risk appetite. Brent crude futures fell $1.38, or 1.8%, to $76.91 a barrel by 1428 GMT. U.S. West Texas Intermediate crude futures (WTI) were down $1.35,
Sterling emerged as the star performer in today’s market, largely driven by surprising inflation data from the UK. CPI inflation in December showed an unexpected acceleration, with core CPI remaining at elevated level. This development led to a swift change in the market’s perspective concerning BoE’s policy, reducing the anticipated number rate cuts this year
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Gold prices slipped on Wednesday in early trade amid gains in the dollar index. Taking cues from the international market, MCX February gold futures were trading lackluster. Gold futures were trading flat at around Rs 62,000 per 10 grams, though the bias was slightly negative. Meanwhile, the March Silver futures were trading at Rs 71,865
Prevailing mood of risk aversion was evident in Asian session today. Hong Kong stocks led the region lower, reflecting investors’ dissatisfaction with the latest batch of Chinese economic data. While China’s Q4 GDP growth wasn’t far off from analysts’ expectations, it still fell short for some, contributing to the market’s cautious stance. Additionally, concerns were
Reuters Tankan for January 2023: Manufacturing index +6, down for the first time in 4 months from +12 in December manufacturing index seen at +6 in April Services index +29 in January from +26 in December services index seen at +27 in April Concerns noted in the report: weak demand from China and elsewhere fragile
Oil prices rose by around 1% on Tuesday, as investors weighed the impact of tensions in the Middle East. Brent crude futures gained 81 cents, or about 1.04%, to $78.96 a barrel at 1333 GMT. The contract had lost 14 cents on Monday. U.S. West Texas Intermediate crude was up 41 cents, or 0.56%, from
Dollar continues its strong rally in early U.S. session, making an attempt to surpass January high against Euro. The market appears to be ignoring surprisingly poor results of Empire State Manufacturing survey. Instead, mild risk-off sentiment is prevailing, offering some support to the greenback. New Zealand and Australian Dollars are the weakest performers so far