On the background of accelerating interest rate bets and amid skyrocketing Treasury yields, as well as the Federal Reserve’s conviction that interest rates will stay high for a considerable amount of time, gold prices have declined around $1900. At the time of writing, the precious metal is trading at $1899.90 …
Read More »Gold begins to press on the main support 26/9/2023
We remained neutral for the second session in a row, explaining that we are waiting for gold prices to release from the sideways range confined from the bottom above 1913 and from the top below 1930. Technically, today we find that gold prices have begun to put pressure on the …
Read More »Market Drivers – US Session, September 25
Metals retreated during the US session, with gold falling below $1,920 and moving closer to the $1,915 support region. At monthly highs, the US Dollar Index is just beyond the 106.00 range. On Tuesday, there are no economic events scheduled for the Asian or European sessions. The US will release …
Read More »Gold is struggling to hold on to $1,915
Gold buyers are finding it difficult to maintain $1,915.00 for Monday. The Gold Index is tumbling to new lows due to a strong US dollar. Analysts predict that Gold will hit $2,200 by the end of the year, but there are still policy risks. On Monday, gold fell further, hitting …
Read More »Gold is waiting for a new signal 25/9/2023
During the previous technical report at the end of the trading week ending last Friday, we adhered to momentary neutrality until we got rid of the confined side range from the bottom above 1913 and the top below 1930. On the technical side today, we find gold prices hovering around …
Read More »Financial Markets’ Weekly Recap, September 18-22
The first interest rate cut in the USA is now expected in July 2024, pushed out from the June rate cut priced in before. The Fed’s updated economic outlook shows that the US economy has held up better than expected, with a modest cooling to 1.5% annual growth in 2024 …
Read More »Market Drivers – US Session, September 22
US stocks experienced a fourth consecutive day of losses and even closed as one of the worst weeks since March 2023, with the Dow Jones dropping 0.31% to 33,963.84. The S&P 500 and Nasdaq slipped 0.23% and 0.09%, respectively. Ford ended the day up 1.9% after a source reported progress …
Read More »Gold needs to monitor its price behaviour 22/9/2023
Gold prices found a strong resistance level, as we indicated during the previous technical report, at the price of 1930, which forced the price to trade negatively, explaining that sneaking below 1922 support level forces gold prices to retest the main support of the current trading levels, 1913, touching the …
Read More »Gold touching targets and looking for additional momentum 21/9/2023
Gold prices touched the upward targets required to be achieved during the previous trading session, ahead of the Fed’s decision, heading towards the official stop of 1945, recording its highest level of $1947 per ounce. On the technical side today, gold prices witnessed a bearish tendency as a result of …
Read More »Market Drivers Post FOMC Decision, September 20
The US central bank unanimously decided to keep interest rates at 5.25-5.50%. Comparing the Fed’s announcement to the July meeting, there were little differences. The majority of FOMC members predicted that another rate increase might be necessary before the year is through. During the press conference, Fed Chair Powell made …
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