Gold’s double bottom not enough for an outlook reversal [Video]
Gold has created a potential double bottom pattern around 1,676, raising hopes that a bullish trend reversal could be in progress. Traders, however, should be cautious as the blue Kijun-sen line continues to cap upside corrections, while the RSI seems to be struggling to crawl above its 50 neutral mark despite its rebound off the oversold area. The MACD keeps hovering above its red signal line and within the negative region, backing that narrative too. Read more...
Gold Price Forecast: XAU/USD bulls remain at the mercy of USD price dynamics
Gold struggled to capitalize on last week's goodish rebound from the $1,677-76 region, or multi-month lows and traded with a negative bias through the Asian session on Monday. This marked the first day of a negative move in the previous three and was sponsored by a combination of factors. The US dollar was back in demand on the back of Friday's blockbuster US monthly jobs report and a fresh leg up in the US Treasury bond yields. This was seen as a key factor that exerted some downward pressure on the dollar-denominated commodity. The headline NFP showed that the US economy added 916K new jobs in March – the largest gain since last August. Adding to this, February's reading was revised higher to 468K as against 379K reported previously and the unemployment rate fell to 6.0% from 6.2% previous. Read more...
Gold Price Analysis: XAU/USD eyes $1709 support after strong NFP boosts yields – Confluence Detector
Gold (XAU/USD) is holding onto the recent recovery gains at around $1730 on Easter Monday, with thin trades offering little incentives. Meanwhile, strong US NFP jobs reported-led spike in the shorter-duration Treasury yields weigh on the non-yielding bright metal.
The Fed is expected to increases rates sooner than previously anticipated after the US jobs blowout strengthened the prospects of faster economic recovery amidst higher vaccination rates. Read more...
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EUR/USD bounces off lows, retests 1.1370
Following an early drop to the vicinity of 1.1310, EUR/USD now manages to regain pace and retargets the 1.1370-1.1380 band on the back of a tepid knee-jerk in the US Dollar, always amid growing optimism over a potential de-escalation in the US-China trade war.
GBP/USD trades slightly on the defensive in the low-1.3300s
GBP/USD remains under a mild selling pressure just above 1.3300 on Friday, despite firmer-than-expected UK Retail Sales. The pair is weighed down by a renewed buying interest in the Greenback, bolstered by fresh headlines suggesting a softening in the rhetoric surrounding the US-China trade conflict.
Gold remains offered below $3,300
Gold reversed Thursday’s rebound and slipped toward the $3,260 area per troy ounce at the end of the week in response to further improvement in the market sentiment, which was in turn underpinned by hopes of positive developments around the US-China trade crisis.
Ethereum: Accumulation addresses grab 1.11 million ETH as bullish momentum rises
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Week ahead: US GDP, inflation and jobs in focus amid tariff mess – BoJ meets
Barrage of US data to shed light on US economy as tariff war heats up. GDP, PCE inflation and nonfarm payrolls reports to headline the week. Bank of Japan to hold rates but may downgrade growth outlook. Eurozone and Australian CPI also on the agenda, Canadians go to the polls.
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