On the Asian market on Monday (May 27), gold was delivered immediately OANDA:XAUUSD increase rapidly in the short term. Gold price touched 2,347 USD/ounce, setting a session high and increasing strongly by more than 13 USD during the day. OANDA:XAUUSD The gains were supported by a weaker US Dollar and rising geopolitical risks in the Middle East. Tuesday's...
GBP/USD rallied early on Tuesday, briefly reaching its highest point since March 21, but gains were short-lived as sellers quickly pushed the pair down from the psychological 1.2800 level, driving it towards 1.2755. If this ceiling holds in the near term, bulls may start bailing, creating the right conditions for a move toward 1.2700. Further weakness could shift...
Although central bank buying and strong Asian demand have created a long-term fundamental bullish trend for gold, OANDA:XAUUSD , but uncertainty surrounding the Federal Reserve's monetary policy continues to create large short-term fluctuations, mainly with mixed pressure to strengthen the US Dollar's position. Gold prices rose to a record high above $2,450...
Complicated geopolitical developments are counterbalancing the Fed's recent stance to support gold prices. On the one hand, the Fed strengthens the Dollar compared to other major currencies. On the other hand, gold is also supported. Support when potential market risks are likely to flare up and increase the attractiveness of Precious Metals that do not generate...
UK inflation data for April showed a slower-than-expected decrease in consumer inflation. However, services inflation, which has been persistently high, exceeded the estimated level predicted by analysts and economists. This unexpected outcome caused a delay in the expected rate cut from August to November, with only one rate cut now anticipated for this year. As...
EURUSD ticked up on Tuesday but failed to decisively push past confluence resistance between 1.0865 and 1.0880, where the 50% Fibonacci retracement of last year's decline intersects a key short-term descending trendline. Traders should continue to watch this ceiling in the coming days, bearing in mind that a bullish breakout could set the stage for a rally toward...
OANDA:XAUUSD fell to its lowest level in 2 weeks when demand for the US Dollar in the market recovered. A Federal Reserve rate cut in September is looking less and less likely, which is causing some selling pressure on gold. Investors will focus on today's (Friday) speech by Federal Reserve Governor Waller, US durable goods orders and the University of Michigan's...
The lack of US data last week resulted in lower volatility, benefiting the dollar and treasury yields. Low volatility favors higher yielding currencies in the FX market. The upcoming US PCE data could impact the dollar's performance. Better than expected survey data on Friday revealed a decrease in inflation expectations, causing temporary weakness in the dollar...
Gold fell sharply under pressure from profit-taking activities in the market and the Fed's (FOMC) meeting minutes. According to the Federal Open Market Committee meeting minutes, although US monetary policy has become a secondary factor in the gold market, continued inflation could cause additional selling pressure as it could force The Federal Reserve must...
In the Asian market on May 22, spot gold suddenly dropped in the short term but did not affect the main trend. Gold price fell sharply from the highest level of the session as of the time this article was completed, which was 2,426 USD/oz, and set a new intraday low at 2,412 USD/oz. OANDA:XAUUSD fell from record highs earlier this week as the Federal Reserve...
Earlier this week, ECB President Christine Lagarde expressed confidence in the euro zone inflation being under control. In contrast, the recently released Fed minutes indicate a negative impact on the committee's confidence in achieving 2% inflation and suggest that it will take more time to recover. The minutes were recorded before the latest US CPI data,...
USDJPY continued its upward trajectory on Monday, consolidating above the 156.00 handle. Should this momentum pick up later in the week, resistance appears at 158.00, followed by 160.00. It's important to exercise caution with any ascent towards these levels, considering the possibility of FX intervention by Japanese authorities to bolster the yen. Such a move...
Japanese officials recently intervened in the foreign exchange market as the USD/JPY exchange rate approached the 160 level. However, this time the upward movement has been more gradual and less volatile, prompting no action from Japanese officials. The USD/JPY pair is currently trading above 157.00 and has rebounded strongly off the 50-day SMA in early May. The...
On the Asian market, gold is delivered immediately OANDA:XAUUSD suddenly dropped sharply from the session's high of 2,433.13 USD/ounce. Gold price has just touched 2,410 USD/ounce, setting the lowest level of the day as of the time this article was completed. News of the death of the Iranian president has increased tensions in the region and gold prices have...
EURUSD trended lower on Thursday after an unsuccessful attempt to clear the resistance at 1.0725, with prices moving back towards the 1.0700 handle. Traders should closely monitor this support area in the coming days, as a break below it could trigger a pullback towards 1.0645 and potentially even 1.0600. In the event of a bullish reversal from current levels,...
BULLISH US DOLLAR FORECAST OANDA:EURUSD - The mighty dollar is back as CPI data impacts policy paths - EURUSD at risk after the ECB laid out the conditions for lowering rates THE MIGHTY DOLLAR IS BACK AS CPI DATA IMPACTS POLICY PATHS The US dollar is back in the FX market following strong CPI data, leading to a reevaluation of the world's reserve...
At the latest policy meeting, the ECB decided to keep interest rates unchanged but left no doubt about its intention to move to more easing. The guidance prompted traders to increase bets that the organization led by Christine Lagarde will launch an easing campaign at the next monetary policy meeting in June. The prospect of the ECB being ahead of the Fed on...
EURUSD advanced on Monday, clearing both its 50-day and 200-day simple moving averages near 1.0785. If this bullish breakout is sustained, overhead resistance stretches from 1.0805 to 1.0810. While overcoming this barrier may pose a challenge for bulls, a move beyond it could lead to relatively clear sailing towards 1.0865, the 50% Fibonacci retracement of the...