Crude oil prices continue to drift lower on Monday, extending the decline after a rejection from highs on Friday. Brent crude dipped below the $65 figure and is now trying to cling to this level on order to trim losses. The bearish correction looks appropriate after a period of strong gains. Ahead of Christmas holidays in the Western countries, many traders...
Gold prices continue to show sideways dynamics, trading in a tightening range since the start of the week. Price action is muted amid the lack of trade-related news, which makes markets directionless in the second half of December. The yellow metal registered one-month highs around $1,486 last week and has been consolidating in the $1,475 area since then. On...
Brent crude registered fresh mid-September highs around $66.20 on Tuesday but failed to confirm a bullish break and finished below $66. Today, the futures struggle to resume the ascent and hint toward a potential bearish correction, though in general, prices stay elevated within the upside trend. Rejection from fresh highs was due to overbought conditions...
Gold prices extend gains for a third day in a row after a rejection from more than one-month highs last week. The bullion has been making bullish attempts below $1,480, with upside bias persisting despite risk sentiment improved on Tuesday after fresh all-time highs in Wall Street overnight. Still lack of safe-haven demand prevents the precious metal from making...
After a brief spike to 1.12 on Friday and the subsequent partial correction, EURUSD started the new trading week on a positive note. However, the pair was rejected from local tops around 1.1150, where the 200-DMA lies and turned slightly negative on the day, with the immediate support now coming at 1.11. The trade-related euphoria turned out very short-lived,...
The GBPUSD pair jumped to the best levels since May 2018 marginally above the 1.35 handle on Friday. The rally has accelerated on the outcome of parliamentary election in the UK, where the UK PM Boris Johnson won a majority. After a knee-jerk reaction, cable retreated partially and has settled around 1.34, staying elevated. So, the UK managed to avoid a...
Brent crude briefly dipped to nearly one-week lows around $63 on Wednesday but managed to trim intraday losses substantially by the end of the day. Today, oil prices are back above the $64 key handle, however still struggle to challenge the 200-DMA which serves as the immediate resistance now. The EIA report showed that crude oil inventories increased by...
The greenback is on the offensive against major rivals on Wednesday despite the prevailing risk-on sentiment in the global financial markets amid some signs pointing to China tariff delay. Traders are fairly optimistic about the ongoing Federal Reserve policy meeting that concludes later today. The US central bank is widely expected to deliver a non-dovish...
After a dramatic plunge on Friday amid a broad-based dollar rally on upbeat US jobs data, gold prices have been making recovery attempts since the start of the week. The $1,480 area continues to serve as the key resistance area, standing on the way to the $1,500 figure. Safe-haven demand seems to be reemerging on Tuesday as investors still don’t see any...
EURUSD is making shallow recovery attempts on Monday, struggling to make decent gains after a sell-off witnessed amid unexpectedly strong economic data out of the United States on Friday. Payrolls surged 266,000 in November while unemployment rate declined from 3.6% to 3.5%, to the lowest level since 1969. More importantly, average hourly earnings rose by 3.1%,...
Gold prices struggled to challenge the 100-DMA earlier this week, which continues to serve as the key barrier on the way to the $1,500 psychological level. On Friday, the precious metal shows a bearish bias but stays positive in the weekly charts. Market sentiment has improved today, which caps the safe-haven gold demand amid investor optimism surrounding the...
The aussie turned into a corrective mode on Wednesday, after a rejection from three-week highs around 0.6860 yesterday. The recent two-day rally looks overdone, with profit-taking looking fairly attractive and reasonable at current levels, considering the prevailing risk-off sentiment in the global financial markets. Risk aversion intensified overnight after...
Crude oil prices struggle to shift into a recovery mode on Tuesday after a rejection from the $62 region at the start of the week. Brent has been flirting with the $61 handle, where the 100-DMA lies. The futures struggle for direction despite a modest bullish bias amid a heightened uncertainty on the trade front and ahead of the OPEC+ meeting due later this...
After a rally on Friday, gold prices are back under the selling pressure as risk sentiment has improved at the start of the trading week. Positive data out of China eased investor concerns over the state of the world’s second largest economy and fueled risk appetite across the board. China official manufacturing PMI came in at 50.2 in November up from 49.3 in...
In a muted Black Friday session, EURUSD remain stuck in a tight range, oscillating around the 1.10 key support since the start of the week. The liquidity is fairly low due to holidays in the United States, and many traders have already left the markets on Wednesday, suggesting the consolidation will continue until the end of the day. Despite the bearish bias...
The USDJPY soared to highest since May on Wednesday amid a broad-based rally in risky assets fueled by positive comments from the trade front. The greenback rallied to 109.60 but the bulls were stirred by the 100- and 200-SMAs in the weekly charts. Early on Thursday, the pair shifted into a correction mode as risk appetite wanes across the board. Still, the...
Crude oil prices shifted into a consolidation mode on Wednesday after a local rebound yesterday. Brent has settled above the $63 handle but has yet to confirm a breakout as the upside momentum looks unsustainable fragile. In the daily charts, the futures remain stuck between the 100- and 200-DMAs. Oil market remains sensitive to trade-related headlines, with...
Gold prices dipped to two-week lows on Tuesday after four days of losses. The bullion received support around the $1,451 level and bounced slightly, as investor optimism seems to be waning early in Europe. In the weekly charts, the picture remains bearish amid the lingering hopes for striking a so-called interim trade deal between the US and China. Also, some...