Tracking weakness from its offshore peers, gold prices traded in the red in the opening trade on Tuesday. The street remains cautious ahead of the inflation data due for a release in the US later this week. Softness in the yellow metal over the last few sessions has been on account of dollar uptick The
Month: March 2024
The forex markets display a calm demeanor in the Asian session, with most major pairs and crosses gyrating in very tight ranges. Australian Dollar finds modest support from the state orchestrated rebound in Chinese Yuan. However, this lift hasn’t translated into clear momentum for an extended rally in Aussie. Meanwhile, Yen continues to pare back
Unlocking ASX Trading Success: FORTESCUE LTD – FMG Stock Analysis & Elliott Wave Technical Forecast Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with FORTESCUE LTD – FMG. We have identified that wave (v) may return to FMG to continue pushing higher, but it needs to be monitored closely until the
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Gold prices rose on Monday, driven by expectations of interest rate cuts by the U.S. Federal Reserve this year even as traders await inflation readings this week for confirmation on the timing of these reductions. Spot gold gained 0.5% to $2,175.68 per ounce as of 11:42 a.m. EDT (1542 GMT), while silver rose 0.2% to
Mild risk-off mood is seen in the global financial markets today, starting from the the noticeable retreat in Japan’s Nikkei, then the marginal declines across European stock indices, alongside soft US futures. However, this sense of caution has not significantly rippled through the currency markets, where activity remains largely subdued. Notably, most major currency pairs
Economists at Société Générale analyze Gold (XAU/USD) technical outlook. Pause likely short-lived Gold recently gave breakout above multi-year rectangle denoting resumption in uptrend. It has staged an initial pullback after facing interim hurdle at $2,230 last week. Signals of large downside are not yet visible. Upper part of the pattern at $2,075/$2,065 should be a
BTCUSD 4 hourly chart shows a failed breakout Bitcoin’s recent price action on the 4-hour chart presents a fascinating narrative of a failed breakout, highlighting the constant battle between bulls and bears in the cryptocurrency market. Here’s an in-depth look at the technical analysis of Bitcoin’s performance and what traders might anticipate next. Bitcoin’s Failed
The dollar managed a solid rebound towards the end of last week and is holding on to that coming into this week. Things are fairly calmer today, with light changes overall seen in the major currencies space. The dollar remains steady, as it looks to procure the next leg higher after last week’s moves. So
Gold dipped on Friday as the dollar strengthened, but was on track for a weekly gain after rallying to a record high in the previous session in the wake of the U.S. Federal Reserve‘s rate cut plans. Spot gold was down 0.9% at $2,160.63 per ounce as of 2:13 p.m. EDT (1813 GMT), and was
USD/CAD attempts to continue its winning streak on Monday. Fed member Bostic forecasted only one interest rate cut instead of his earlier projection of two rate cuts in 2024. The higher WTI price might have provided support for the Canadian Dollar. USD/CAD maintains its position in positive territory after paring back some gains on Monday.
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
UPCOMING EVENTS: Tuesday: US Durable Goods Orders, US Consumer Confidence. Wednesday: Australia Monthly CPI, Fed’s Waller. Thursday: BoJ Summary of Opinions, Australia Retail Sales, Canada GDP, US Final Q4 GDP, US Jobless Claims. Friday: US Good Friday Holiday, Japan Jobs data, Tokyo CPI, Japan Industrial Production and Retail Sales, US PCE, Fed Chair Powell. Tuesday
As the financial year 2023-24 (April-March) is set to close in a week, gold’s returns so far amount to an impressive 11% beating the inflation by nearly twice. However, returns by silver over the same period have been a mere 3.2%. Both gold and silver have outperformed their peers in the international market. The yellow
Investors continue to bet on the easing cycle beginning by June, led by incoming data. The Greenback is holding resilient despite the Fed’s somewhat dovish guidance and falling US Treasury yields. Next week, the US will release PCE figures from February. The US Dollar Index (DXY) is currently trading at a robust 104.428, marking the
Crude oil futures are settling at $80.63. That is down $0.44 or -0.54%. The low for the day reached $80.42. The high was up at $81.45. For the trading week, the price is down -0.51% on a decline of $0.41. At session highs this week, the price was up $2.08. At session lows, the price
Goldman Sachs forecasts for USD/JPY: 3 months 155 (the prior forecast for 3 months out was 145) 6 months 150 (prior 142) 12 months 145 (prior 140) These are from a GS note sent to client on Friday. GS cite a “benign macro risk environment” for its bearish view on yen. GS analysts also say
Spot gold hit a fresh record high of $2,222 on a dovish FOMC monetary policy decision before giving back all the gains due to the resurgent dollar. It closed with a weekly gain of nearly 0.40% at $2,166 in an eventful week laden with monetary policy decisions of key central banks. The metal fell to
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