Gold prices extend gains on Monday, fueled by the risk aversion that has intensified at the start of a new trade week. The bullion is trading not far from the highs of this month, registered on Thursday around $1,320. In the short-term charts, the prices were pushed into overbought territory, which suggests some setbacks could occur in the near term. Investor...
Crude oil prices have broken fresh four-month highs on Thursday, with Brent touched a $68.44 figure and started to retreat, clinging to the $68 figure. The general picture in the market remains bullish as the prices have been rallying for a third week in a row. The latest ascent in Brent was due to a widespread dollar weakness on the aftermath of the Federal...
The dollar outperforms its major rivals on Wednesday as investors await the outcome of the FOMC meeting. The muted upside momentum reflects some corrective flows after the recent drawdown amid positioning ahead of the Fed. EURUSD rally has stalled around a tough local resistance 1.1360, where the 100-DMA lies. Further direction in the pair will depend on the...
As the Federal Reserve meeting looming, market activity is getting dampened, with US Treasury yields is little changed, hovering around 2.60%. the greenback is mostly lower against the majors after a mixed trading on Monday. Traders and analysts are weighting in on what to expect from the upcoming FOMC meeting that concludes on Wednesday. The central bank...
Brent crude gained 2.2% last week and registered fresh four-month highs marginally above the $68 handle. The barrel failed to confirm a break of this level but remains elevated, having settled above the $67 figure on Monday. The general sentiment in the market remains positive due to a combination of factors including OPEC-led supply cuts, US sanctions on...
Gold prices fell sharply on Thursday amid a stronger dollar demand across the board. The bullion retreated from the $1,310 level and closed below $1,300. By the way, it was the worst day for the precious metal since the beginning of this month. However, after a sell-off, the bullion resumed the upside move and tries to settle above the $1,300 psychological...
After four days of gains, EURUSD shows signs of waning upside momentum on Thursday. As a result, the pair has reversed last week’s post-ECB sell-off, when the prices dropped to 21-months lows below the 1.12 handle. The advance was mainly due to a weaker dollar demand as the government bond yields hovering near weekly lows. Hopes for avoiding hard Brexit...
Crude oil prices rose marginally on Tuesday, with Brent made a false break above the $67 handle. After reaching fresh three-week highs around $67.40, prices retreated and settled below $67. Today, the barrel is clinging to the psychological resistance, showing signs of a fading momentum. The API reported that US crude stockpiles fell by 2.6 million barrels...
Despite the risk-on sentiment across the markets, fueled by recent Brexit news, the USDJPY pair struggles to show a sustainable rally. The bulls still struggle with the 112.00 barrier but first need to settle above the 100- and 200-DMAs around 111.40. The pair tried to overcome this barrier earlier this month but was rejected from 2019 highs. The UK PM May...
Brent crude is trending higher on Monday, after a brief dip below the $64 handle on Friday. The barrel has recovered since to the levels above $66 but is yet to confirm a break of this handle as the sentiment in the market looks fragile. On the one hand, crude continues to derive support from supply cuts by OPEC and US sanctions on Venezuela and Iran. Traders...
The dollar demand was getting muted towards the end of the trading week but reemerged on Thursday as the ECB dumped the euro and risk-off sentiment intensified. The majors are making some recovery attempts ahead of the US NFP jobs report due later today. Considering a rather high correlation between the ADP and NFP numbers, we could see solid results for...
AUDUSD managed to bounce off fresh three-month lows despite weak retail sales data. The pair extended losses to the lows near 0.7020, where it seems to have found some bids and turned positive on the day. On the upside, the recovery is limited by the 0.7050 area. The Australian retail sales recovered just by 0.1% in January versus +0.3% expected, after a...
Gold prices extended recent loses to fresh late-January lows around $1,281, where the bullion received some support and finished marginally higher yesterday. On Wednesday, the precious metal continues timid recovery attempts despite the dollar remains strong after the data showed a rebound in US housing and services activity. Geopolitical headlines seem to be...
Crude oil prices rose on Monday, with Brent touched a high of $66.30 but failed to stay elevated above the $66 threshold. Today, the prices are retreating, clinging to the $65 mark. The sentiment in the market continues to depend mainly on the risk trades. Risk-on tone has abated on Tuesday as Chinese officials have set the lowest growth target in nearly...
The EURUSD pair is still unable to break above the 1.14 figure that the prices were challenging last week. On Monday, the common currency continues to lose ground amid a better tone around the dollar. The pair reached one-week lows and threatens the 1.13 level that capped the recent downside pressure. Over the weekend, Trump said the dollar was too strong...
USDJPY extends the rally on Friday, with the pair refreshed 2019 highs marginally below the 112.00 handle. The greenback broke above the 111.00 barrier as well as the 100- and 200-DMAs, which added to the bullish technical picture in the short term. The ascent is due to a rally in riskier assets amid rising hopes of striking a US-China trade deal after...
Gold prices are trying to resume the ascent after a drop on Wednesday. The yellow metal failed to stay above the $1,320 figure and slipped to two-week lows below $1,317, where buyers reemerged. Today, the bullion is making attempts to regain the $1,323 threshold amid souring risk sentiment. Stocks are falling on Thursday amid the fading optimism over the...
After Trump interrupted the oil market rally, Brent crude struggles to regain the upside momentum as traders continue to digest the message from the US leader. The futures have recovered by 1% yesterday and trade almost unchanged on Wednesday, trying to find further direction. The API report was fairly bullish, with crude oil stockpiles unexpectedly fell by...