Gold Price Analysis: XAU/USD seesaws below $1,800, immediate rising wedge keeps sellers hopeful
Gold reverses the latest pullback moves from multi-day top while taking rounds to $1,794 ahead of Thursday’s European session. Even so, the yellow metal stays inside a bearish chart pattern, rising wedge, on the hourly formation.
Not only the bearish formation but the downbeat MACD conditions and the commodity’s indecisive moves around the two-month high also back the odds of the pullback. Read more...
Gold Price Analysis: XAU/USD slides to fresh session lows, closer to $1,780 level
Gold extended its steady intraday descent and dropped to fresh daily lows, around the $1,782 region during the mid-European session.
The precious metal witnessed a modest pullback from the vicinity of the $1,800 mark and has now eroded a major part of the previous day's positive move to the highest level since late February. A goodish intraday bounce in the US Treasury bond yields was seen as a key factor that prompted traders to lighten their bullish bets around the non-yielding yellow metal. Read more...
Gold Price Analysis: XAU/USD set to rally past $1800 fueled by falling yields
Gold bulls took a breather above $1790 as the yellow metal awaits a strong catalyst to break through the key $1800 barrier. As FXStreet’s Dhwani Mehta notes, falling Treasury yields and DXY remain a key driver for gold’s upside.
The sell-off in the Treasury yields could deepen if the market mood worsens on a likely cautious outlook on the economy from the European Central Bank (ECB). The ECB is widely expected to maintain its current monetary policy settings when they meet later in the European session today. Read more...
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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