The pound surged on Friday as statistics indicated that retail sales volumes in the United Kingdom increased at their quickest rate in nearly two years, as restored consumer confidence helped offset the pain of high inflation and interest rates. According to figures from the Office for National Statistics, sales increased …
Read More »Gold is under selling pressure 26/5/2023
Gold prices achieved the negative consideration, as we expected within the corrective decline mentioned during the current week’s trading, touching the required official station 1945 and touching the additional target 1936, recording its lowest level at $1936 per ounce. Technically, the intraday movements witness stability above 1945, Fibonacci correction 50.0%. …
Read More »Market Drivers – US Session – 25/05/2023
US data pointed to a resilient economy while progress on US debt ceiling talks remained elusive, helping Treasury yields higher and the US Dollar to score its highest level in over two months. Traders were wary of a possible default in early June while US President Joe Biden and top …
Read More »Gold price retreats to March lows after US data
Gold price has retreated to $1,940.00, during Thursday’s US session after US GDP revised up to 1.3% in the first quarter of 2023, while Jobless Claims come in below expectations.Core PCE inflation rises by 5% in Q1, the strong US data was dragging gold to its lowest level since March …
Read More »Gold is hitting resistance and the corrective decline is still intact 25/5/2023
The resistance levels referred to during the previous report at 1977, limited the bullish tendency and forced gold prices to complete its downward path as we expected, to gradually approach the official target of 1945, recording its lowest level at $1955 per ounce. Today’s technical vision indicates the possibility of …
Read More »How has gold reacted to FOMC minutes?
Gold price is mixed around the FOMC minutes that showed that Fed policymakers are divided on backing further rate hikes, however FOMC members still agreed that inflation risks are still unacceptably high, but the extent of further hikes is now made less certain. Gold price has ranged between a low …
Read More »Gold testing resistance, eyes on the Fed 24/5/2023
Gold prices continued the corrective decline mentioned during the last technical report, touching the first target located at 1960, recording its lowest level at $1954 per ounce. Technically, gold prices are trying to bounce back due to touching the 1954 support level, which forced it to achieve a scenario of …
Read More »Gold is falling amid the strength of dollar
Gold prices fell on Tuesday, affected by the strength of the dollar, while investors watched the continued attempts to reach an agreement to end the debt ceiling crisis in the United States. Spot gold fell 0.4 percent to $1,962.06 an ounce by 0306 GMT. US gold futures also fell 0.6 …
Read More »Market Drivers – US Session – 22/05/2023
Gold’s gains from Friday were partially reversed, with XAU/USD slipping towards $1,970/oz. Additionally falling, silver finished the day at $23.60. The performance of cryptocurrencies was uneven, with BTC/USD failing to recoup $27,000. Prices for crude oil increased somewhat; WTI got close to $72.00. On a quiet Monday in the financial …
Read More »Gold is looking for a stronger trend 22/5/2023
Gold prices ended last week’s trading sessions with a noticeable increase, after several successive sessions of the aforementioned corrective decline, to record its lowest level at $1954 per ounce, to start an upward rebound as a result of the US dollar’s decline after Jerome Powell’s statements regarding interest rates. Technically, …
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