With very strong buying saturation based on both the slow stochastic and Bollinger Bands and the presence of an important psychological resistance, another move up in the immediate future doesn’t look likely. Instead, new buyers would traditionally look for a fairly small retracement to the area of about $1,880 based on ATR before looking to…
Read more
Gold Gold prices are edging down during early Friday trading but remaining close to the $1900 level reached on Thursday and at the start of today’s session. The precious metal rose above $1900 for the first time since June, on the back of a weakening dollar and concerns over developments in Eastern Europe, where the…
Read more
Gold Gold is up during early Thursday trading, approaching the multi-month high reached earlier in the week. The precious metal’s strength arises from concerns over developments in Eastern Europe, where the impasse between Russia and the West continues to be a cause for concern. Such a climate is conducive to greater demand for gold, due…
Read more
From a technical point of view, the recent breakout above the medium-term downward trendline has yet to be confirmed although it seems strong. Somewhat higher volume of buying over the last few sessions, rising ATR and price clearly above all three of the simple moving averages seem to point to possible continuation. Traders in this…
Read more
Gold Gold prices are recovering some of the losses recorded during the previous session, as Wednesday’s trading gets underway in Europe, but not yet coming close to the multi-month maximums reached on Tuesday morning. Moscow’s partial troop withdrawal from the border with Ukraine appears to have improved the mood in the financial markets, with some…
Read more
Oil WTI crude oil prices eased down from the seven-year maximums reached during the previous session. Tension between Russia and the West over the potential invasion of Ukraine, has been one of the main factors behind the recent increases in the price of the barrel, with traders pricing-in the increasing likelihood of an armed conflict…
Read more
GOLD Early Monday trading saw gold hedging down from the 2022 maximums reached on Friday, albeit not by much as geopolitical tension continues to build up. Russia’s invasion of Ukraine is, according to several Western authorities, imminent, and the markets are reacting by seeking safe-haven assets, in a dynamic that strongly supports the precious metal.…
Read more
The 100% weekly Fibonacci retracement, i.e. full retracement of losses in Q1 2020, is the main technical reference here and still a very strong support. A clear break below this would probably need a new catalyst from the RBA on Tuesday or Thursday morning’s balance of trade. Usually, a single NFP is unlikely to have…
Read more
$1,800 remains the main technical reference; the price is currently testing this zone. Based on TA, at least a temporary breakout is likely this week with ATR at about $15. Continuation upward is uncertain and probably looks unlikely for now given the presence of price within the value area between the fairly tightly bunched moving…
Read more
From a technical point of view, a clear move back above $80 seems to be unlikely as of now given this area’s importance as a psychological resistance and buying saturation based on the slow stochastic. ATR of around $2.20 is now about half the peak in December, though, so a retest of $80 seems very…
Read more