Gold needs plenty to go right to maintain its bullish momentum
Gold is knocking on the door of record highs heading into what has recently been an extremely strong period for bullion prices. But having rallied so hard since early October, it comes across as being priced for perfection near-term.
Yen bulls return, EUR/USD benefits from soft dollar bets: COT report
When yen bulls increase their long exposure by 40% in a week, it is probably worth noting. Especially when large speculators had pushed net-short exposure to a 6-year high the week prior. Every turning point must start somewhere, and I continue to suspect this turning point already has.
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Gold, AUD/USD: Softer US dollar and bond yields provide window for upside
A softer US dollar has helped AUD/USD and gold push towards key technical levels, suggesting the near-term price performance may determine their longer-term trajectory as we head towards 2024.
Gold struggling despite softer US dollar ahead of key long-bond auction
Gold faces an interesting start to the week with the US dollar falling to fresh two-month lows ahead of a key US Treasury auction, the latter providing an obvious catalyst that could dictate whether we see a retest of resistance above $2000.
EUR/USD, USD/JPY, Nasdaq, crude oil analysis: COT report – Nov 20, 2023
EUR/USD bears continued to trim shorts while large speculators added to longs. Whilst this might not be a bullish bet on the strength of Europe, it may well be a bet against the US dollar. And with the 2-year note holding above key support and shorts being trimmed, it hints at lower yields and a weaker US dollar.
Gold, USD/JPY: Batter up, bond auctions. It’s your turn to steal the spotlight
In a week when there’s little market moving macroeconomic events scheduled, fresh US Treasury auctions are likely to steal the spotlight. Yield sensitive assets such as gold and USD/JPY will be paying particularly close attention.
AUD/USD, Crude Oil: Cyclicals swoon as global economic concerns intensify
While AUD/USD and WTI are two separate assets, their underwhelming performance recently is undeniably linked: global economic growth concerns are intensifying.
Crude oil looks heavy despite the rollicking risk rally in Asia
It’s noticeable how liquid cyclical assets have not been able to extend the rally sparked by the soft US CPI report for October, including crude oil which is struggling to muster a bid.
EUR, AUD, CAD, WTI analysis: Commitment of traders report (COT)
Large speculators increased their gross-long exposure to AUD/USD futures by 17.1% and trimmed shorts by -2.9% on the day of the RBA’s last hike. And this could be a significant development when you consider net-short exposure recently hit a record level of bearishness just six weeks ago, yet prices defied bears with a sustainable break beneath 63c.
Gold vulnerable as upside risks for US yields build
US benchmark bond yields look like they may have bottomed in the near-term, an outcome that may generate additional headwinds for gold at time when it’s already struggling.
AUD/USD, gold: Reversal roadblocks loom as prices near key levels
AUD/USD and gold have struggled in November, giving back some of the gains achieved in late October. With both sitting near key levels, we look at the prospects for a bounce or extension of the pullback in the days ahead.
Crude Oil Analysis: WTI and Brent Dump to Multi-Month Lows
The bullish supply-demand picture from the third quarter has reversed, driving crude oil prices sharply lower so far this week
Nasdaq 100, WTI crude oil: Divergence beckons as lead economic indicators roll over
It feels like we’ve reached the part of the economic cycle where the pain sets in. For the Nasdaq and crude oil, such a scenario points to the likelihood of divergent performance over the medium-term.
Gold looks tired in an environment where it should be thriving
Gold has four powerful fundamental positives working for it right now yet it can’t muster even a modest bid. That's telling.