The opportunity cost of holding gold, a non-interest-bearing metal, has been rising due to the fact government bonds have been providing much better nominal yields of late. For gold to start shining again, we will need to see clear signs that the days of contractionary monetary policy are numbered. For now, we are not there. But while there is increased risk of...
The price of gold registers a fresh monthly low ($1906) after struggling to push back above the 50-Day SMA ($1932).
Gold Price Outlook
The price of gold continues to trade within the descending channel from earlier this year as it extends the decline from the start of the month, and bullion may continue to give back the rebound from the August low ($1885) as...
AUD/JPY rises for the third consecutive day after testing the monthly low (93.59).
AUD/JPY Rate Outlook
AUD/JPY may attempt to test the monthly high (94.72) as it pushes above the 50-Day SMA (94.33), and the exchange rate seems to be showing a limited response to the negative slope in the moving average as it no longer trades within a descending channel.
A...
The price of oil halts a six-day rally, and a move below 70 in the Relative Strength Index (RSI) may accompany a larger pullback in crude as it reflects a textbook sell-signal.
Crude Oil Outlook
The price of oil trades in a narrow range as it struggles to extend the series of higher highs and lows carried over from last week, and failure to hold above $87.30...
Gold was able to stage a mild rebound along with the major European indices this morning following their recent declines. The rebound was probably driven by traders buying back their short trades they undoubtedly established in the last several days. But as gold bounces back to test former support levels, the selling pressure could resume again, given a weak macro...
The price of gold appears to be falling back from channel resistance as it extends the decline from the start of the month.
Gold Price Outlook
The price of gold extends the series of lower highs and lows from earlier this week to register a fresh monthly low ($1915), and bullion may continue to operate within the descending channel from earlier this year as it...
EUR/JPY appears to be defending the opening range for September as it holds above the 50-Day SMA (157.10).
EUR/JPY Rate Outlook
EUR/JPY consolidates after taking out the September 2008 high (159.61), but the exchange rate may continue to retrace the decline from the yearly high (159.77) as it carves a series of higher highs and lows.
A move above 158.80...
A massive outside-day reversal off confluent support is now approaching a key resistance zone at 4.22/24 - look for a reaction there IF reached.
A topside breach / close above is needed to mark resumption towards 4.33.
Broader bullish Invalidation now raised to the 50-DMA (currently near ~4%).
@MBForex
The price of oil seems to be tracking the positive slope in the 50-Day SMA ($77.50) as it reverses ahead of the moving average.
Crude Oil Outlook
The price of oil may extend the three-day rally as it carves a series of higher highs and lows, with a breach above the monthly high ($84.89) bringing $87.30 (78.6% Fibonacci retracement) on the radar.
Next area of...
AUD/JPY appears to be breaking out of the descending channel from earlier this year as it attempts to trade above the 50-Day SMA (94.65).
AUD/JPY Rate Outlook
AUD/JPY registers a fresh weekly high (95.06) as it carves a series of higher highs and lows, and the exchange rate may attempt to retrace the decline from the monthly high (95.81) if it continues to...
The price of gold trades back above the 50-Day SMA ($1930) as it extends the advance from the start of the week, but bullion may track the negative slope in the moving average should it respond to channel resistance.
Gold Price Outlook
The price of gold may continue to retrace the decline from the monthly high ($1966) following the failed attempts to close...
BTC/USD consolidates after registering a fresh monthly low ($25377) last week, with the recent rebound in price pulling the Relative Strength Index (RSI) out of oversold territory.
BTC/USD Outlook
Keep in mind, BTC/USD snapped the upward trend from earlier this year after failing to defend the opening range for August, with a breach below the June low ($24763)...
The S&P 500 rebounded off confluent support last week at 4343 and the focus is on this recovery within the confines of the July downtrend. the post-Nvidia earnings gap was quickly filled today with Jackson Hole on tap. . .
Initial resistance eyed at 4471 backed closely by 4503 - rallies should be limited to this threshold IF price is heading lower here....
The #NVDA rally halted at the July highs yesterday with all eyes now on today's earnings release.
Initial Support 456 backed by the August 5th reversal close at 439 - look for support there IF price is heading higher on this stretch. Broader bullish invalidation now raised to 406 .
A breach / close above 480 exposes subsequent resistance objectives at the...
#Silver rebounded off confluent technical support last week at the 2021 low-week close / 52-week moving average. The immediate focus remains on a breakout of the 22.36-24.59 range for guidance here.
Ultimately a breach / close above the 2023/2022 high-week closes at 25.67/86 is needed to mark resumption of the broader uptrend.
Break below this key support...
The Dollar Index is testing a major resistance confluence here at 103.47/50 - a region defined by the 61.8% retracement of the yearly range and the objective 2023 yearly open. Note that March Trendline now converges on this threshold as well. . . Looking for a reaction here.
Initial suport now 102.71
A topside breach from here exposes the May high-day close...
BTC/USD threatens the upward trend from earlier this year as it tumbles to a fresh monthly low ($27692).
BTC/USD Outlook
BTC/USD fails to defend the opening range for August as it extends the series of lower highs and lows from earlier this week, and Bitcoin may no longer respond to the positive slope in the 50-Day SMA ($29267) as it no longer holds above the...
Gold has given up earlier gains of around 0.6% and some, to hit its lowest since March below $1890. Rising government bond yields continue to increase the opportunity cost of holding low- and zero-yielding assets, such as gold, silver and yen.
As well as rising bond yields and US dollar, you have concerns about demand from China where the economy is evidently at a...
