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Downward trend

AUD/USD, gold stall around key levels ahead of US inflation: Asian Open

The US PCE inflation report is arguably the event of the week, and with traders having vigorously sold the US dollar ahead of it I am left wondering if it is a case of ‘sell the rumour, buy the fact’ – especially if it comes on hot. And with AUD/USD and gold stalling around key levels on Wednesday, the potential for mean reversion seems apparent.

Gold nuggets

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.

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Gold nuggets

Gold analysis: Precious metals, stocks climb as yields and dollar drop

Gold was up nearly 1.3% by late afternoon trading in London, near $2040 while silver was closing in on the $25.00 level. The precious metals have been supported by two factors: Bond yields and US dollar, both falling.

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November 28, 2023 05:52 PM

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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.

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November 27, 2023 12:23 AM
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Gold Forecast: $2000 acting as a barrier for Gold

Gold edges towards $2000 in holiday thinned trade, but the rally appears to be running out of steam.

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November 23, 2023 06:25 PM
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Gold falters around $2k, crude oil looks set for a pre-OPEC bounce: Asian Open

Gold has formed a double top around $2000 which leaves the potential for a pullback before its next leg higher. And crude oil shows the potential for a bounce towards $80 or $82 ahead of next week's OPEC meeting.

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November 22, 2023 10:53 PM
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Gold analysis: Precious metals climb as yields dip – Technical Tuesday

Welcome to another edition of Technical Tuesday, a weekly report where we highlight some of the most interesting markets that will hopefully appease technical analysts and traders alike. In this week’s report, we will analysis gold and silver following last week’s bullish price action.

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November 21, 2023 04:59 PM
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Gold and silver analysis: Silver looks set to resume rally?

Gold and silver should remain supported on the dips amid peak interest rates narrative, with the latter likely to be more active given that we are in a positive market environment with stocks also rising.

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November 20, 2023 05:31 PM
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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.

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November 20, 2023 04:32 AM
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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.

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November 17, 2023 02:59 AM
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Gold set to bounce? EUR/CHF looks ready to roll (over): European open

Today we look at a cheeky long setup on gold with its double bottom pattern at support, and an interesting setup on EUR/CHF which could appeal to bearish swing traders.

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November 16, 2023 05:19 AM
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Gold, S&P 500: US dollar turning point may deliver significant upside

If Tuesday was a significant turning point on the outlook for US inflation, interest rates and dollar, it may have major ramifications for assets such as gold and the S&P 500.

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November 16, 2023 01:06 AM
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Gold glistens as the US dollar plunges (XAU/USD, DXY)

It seems the dollar correction is finally underway, with the US dollar index suffering its worst single day in one year. And it shows the potential for further losses, even if it has found support for now. Gold also shows the potential to have another crack at $2000.

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November 15, 2023 03:02 AM
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Gold and silver analysis: US CPI sends dollar and yields sharply lower - Technical Tuesday

US inflation turned out to be weaker than expected on both the headline and core fronts, and the market’s response was a swift one. We saw gold and silver rise, as yields and the dollar dropped, while index futures jumped with the pace of the rally gaining further momentum once the cash markets opened on Wall Street.

Research

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.

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November 14, 2023 02:56 AM
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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.

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November 13, 2023 07:25 AM
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Gold analysis: Metal extends drop to test key support

Markets have been very quiet in the last couple of days, with the lack of any major data causing stocks to drift higher, extending their recent trend, while the dollar has drifted back higher following last week’s data-driven sell-off. As a result, gold and silver have weakened so far this week. But are we now going to see a recovery?

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November 9, 2023 01:00 PM

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Downward trend

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.

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November 9, 2023 12:17 AM
Gold nuggets

Gold analysis: Is silver about to outperform gold?

Precious metals prices have weakened over the last couple of weeks, following gold’s impressive +7% gains in October, and silver’s not-so-impressive 3% rise. Last month’s gains for gold were mostly driven by safe-haven demand as the flare up in the Middle East conflict saw investors rush out of risk-sensitive assets.

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November 8, 2023 05:29 PM
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Gold falters around $2,000, although seasonality could be on its side

Gold enjoyed its best month in seven in October, with its 7.3% rise forming a clear bullish engulfing candle and was its third best month of the year. Whether it can extend its rally and make a run for a new record high remains to be seen, but we have seen gold failed around the $2075 highs three times since 2020. What would be so different this time?

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Gold analysis: Metal falls back as yields rebound

Gold spent the whole of last week consolidating its sharp 7% rise recorded in October, ending a run of three consecutive weekly gains. The precious metal has struggled to move north of the key $2000 mark, though the metal hasn’t exactly sold off yet.

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November 6, 2023 05:00 PM
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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.

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November 6, 2023 05:10 AM
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AUD/USD, US dollar, Gold, WTI analysis: Commitment of traders report (COT)

It seems a combination of short covering and fresh initiation of longs helped AUD/USD enjoy its best week of the year last week, just a few weeks after large speculators hit a record level of net-short exposure. The same could likely be said for the Dow Jones which also reached a record level of net-short exposure. WTI crude oil failed to capitalise on the risk-on vibe and fell for a second week.