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Gold analysis: Rising yields could send metal below $2,000 again

The opportunity cost of holding gold rises with bond yields on the rise on stronger and amid a racier US equity market. Gold technical analysis suggests a potential break below $2015 could initiate renewed selling pressure

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U.S. Dollar Price Action (Webinar): EUR/USD, GBP/USD, USD/JPY, XAU/USD (Gold)

The U.S. Dollar retains bullish trend capacity and there’s another spot of support just below recent lows at the 200-day moving average. European inflation is the next major data point on the horizon for FX markets.

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Gold Short-term Outlook: XAU/USD Bulls Pounce on 2K Test

Gold prices are attempting to mark a five-day rally with the bulls trying to build on rebound off support. Battle lines drawn on the XAU/USD short-term technical charts.

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Gold rises on renewed Fed-cut bets, crude oil falters at resistance

Soft inflation figures from Canada and a poll of economists backing a June Fed cut sent gold higher on Wednesday, as traders refreshed their dovish bets. Crude oil has also faltered once more at a key resistance area.

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February 20, 2024 05:27 PM
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US Dollar Majors, Gold, Oil, S&P 500, Dow Weekly Technical Outlook

Sr. Technical Strategist Michael Boutros highlights the targets & invalidation levels that matter on the technical charts into the weekly-open.

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Gold analysis: Short-term outlook remains murky despite bounce

Given that the odds of rate cuts have been trimmed by hotter inflation data last week, this is increasing the opportunity cost of holding gold over bonds. Therefore, the short-term gains could evaporate soon. Gold is more likely to hit new records closer to time of rate cuts, though.

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Gold didn’t last long below $2000 despite higher US yields and dollar

Higher bond yields, stronger US dollar, no major escalation in geopolitical tensions in the Middle East. It’s the kind of backdrop you wouldn’t expect gold to thrive in. But its first probe below $2000 per ounce in 2024 didn’t last long, rebounding strongly to push back into the range it’s been operating in since mid-December.

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February 18, 2024 08:40 PM
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JPY futures near sentiment extreme, USD set to retrace? COT report

With the USD showing signs of a potential pullbacks and JPY futures nearing a potential sentiment extreme, USD/JPY may well struggle to break and hold above 152. EUR/USD also looks set to bounce despite lower net-long exposure, and gold future may struggle to hold above $2000 given the rise in short and trimming of long bets.

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Gold Price Forecast: XAU/USD Bulls Respond to First 2024 Test Below $2k

Gold has been resilient so far in 2024 even as USD strength re-appeared. The big question now is whether bulls can find a more favorable outcome on tests of resistance at $2,032 or $2,050.

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February 16, 2024 09:00 PM
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Gold, crude oil looking heavy despite reversal in bond yields, US dollar

Gold and crude oil are looking heavy despite a large reversal in US bond yields from the highs struck on Tuesday, unable to find any meaningful traction despite the improvement in risk appetite and softer US dollar.

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February 15, 2024 12:46 AM
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U.S. Dollar Price Action Webinar: DXY, Gold, Bitcoin, FX Majors

The U.S. Dollar set another fresh high yesterday, extending the bullish structure that’s priced in so far this year.

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U.S. Dollar Post-CPI: EUR/USD, GBP/USD, USD/JPY, XAU/USD (Gold)

The U.S. Dollar broke out and set another fresh 2024 high this morning as the currency continues to claw back Q4 losses.

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Gold analysis: Metal drops below $2K on hot inflation

Bears in charge of metal amid hot CPI and hawkish Fed. Today saw US CPI print 3.1% with core CPI remaining unchanged at 3.9%, both hotter than expected, Consequently, gold sold off along with bonds and equities.

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February 13, 2024 11:00 AM
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EUR/USD falters at 1.08 on CPI-eve, USD/JPY remains buoyant: Asian Open

EUR/USD snapped a 4-day winning Streak around a key resistance zone, and USD/JPY traded less than 50-pips from 150 ahead of a key YS CPI report.

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February 12, 2024 05:08 PM
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US bond yields threatening to break higher in blow to soft landing beneficiaries

US two-year Treasury yields are at risk of breaking back into the higher range they traded in prior to the Federal Reserve’s policy pivot last year, creating opportunities in markets sensitive to shifts in US rate expectations such as Australia’s ASX 200, USD/JPY and gold.

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February 11, 2024 07:39 PM
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S&P 500, DJIA, Gold: How 40+ Years of Fed Rate Cuts Have Impacted Stock Markets and Gold

The start of a new Fed rate cut cycle doesn’t necessarily lead to the “obvious” bullish reaction in the S&P 500 and DJIA that the “don’t fight the Fed” mantra would have you believe... read on to see the actual data!

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Gold outlook: Home on the range with significant risk events ahead

Gold held up well last week despite rising US yields, assisted in part by continued geopolitical tension in the Middle East. But in week with key inflation reports in the United States and United Kingdom, there are plenty of catalysts looming on the horizon that could shake gold from its slumber.

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February 9, 2024 01:02 AM

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Crude oil drifts into pivotal level, bears circle gold: European Open

WTI crude is trying to rise for a third day in line with my bullish bias, although resistance nearby hints at a pullback at the least. Momentum for gold has turned lower, and it looks like bears may not quite be done yet.

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February 7, 2024 11:42 PM
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XAU/USD Price Forecast: Gold Holds at Multi-Year Range Resistance

The USD pushed its strongest two-day rally in a year, yet gold prices have held higher-low support above the $2k psychological level.

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February 7, 2024 02:20 PM
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Range highs for US yields brings reversal risk for Gold, USD/JPY

A blowout payrolls report, another pushback from Jerome Powell against excessive rate cut bets and a surprise reacceleration in US service sector activity has seen the short end of the US Treasury curve come roaring back to life with yields surging higher.

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February 6, 2024 11:12 PM
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U.S. Dollar Price Action Setups: EUR/USD, GBP/USD, USD/JPY, XAU/USD (Gold)

The U.S. Dollar has woken up after the NFP report and that’s led to the strongest two-day rally in DXY in a year. But can bulls continue to drive with EUR/USD bears pushing to fresh lows?

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Gold Forecast: Commodity Deflation and Wall Street’s Short Positions

Read on to see how inflation and Fed policy could impact the price of commodities like gold this year!

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February 6, 2024 11:00 AM
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USD Majors, Gold, Oil, S&P 500, Nasdaq Weekly Technical Outlook

Sr. Technical Strategist Michael Boutros highlights the targets & invalidation levels that matter on the technical charts into the weekly-open.