GOLD Gold is up during early Thursday trading, reflecting the losses of the US dollar due to the inverted correlation between the two assets. The greenback’s weakness resulted from dovish comments made by the Fed’s chairman, Jerome Powell, who pushed back on the timing of rate hikes and asset purchases tapering, highlighting concerns over the…
Read more
OIL Oil is gaining during the early part of Wednesday’s session, supported by a draw in American crude stocks. This reduction feeds into the narrative of supply being insufficient to meet demand, supporting oil prices as a result. Despite the threat posed by the spreading of the Delta variant, the IMF maintained its growth forecast…
Read more
GOLD Gold crept lower during the early part of Tuesday’s session as investors sit tight ahead of tomorrow’s Fed statement, which is likely to impact the performance of the dollar and therefore that of gold, too, due to the negative correlation between the assets. While gold traders wait for clues from the American central bank on…
Read more
The 61.8% area of the weekly Fibonacci fan seems to be quite a strong dynamic support from which a bounce might be expected, but the bunching of the 50, 100 and 200 SMAs might make significant movement upward from here a challenge. 15 July’s high around $1,834 seems to be the main static resistance in…
Read more
GOLD Gold is edging higher during early Monday trading, due to the inverted correlation with the US dollar, which is losing some ground as the trading week gets underway. The performance of the dollar is expected to remain gold’s main driver during the week ahead. Gold traders will be paying close attention to the Fed’s…
Read more
OIL WTI remains firmly above $70 per barrel, having recovered from the losses suffered at the beginning of the week, when concerns over the spreading of the Delta variant triggered a drop in risk appetite and pushed the price to multi-month lows. The main reason for the recovery may lie in the resolution of the…
Read more
GOLD Gold is edging lower during Thursday morning, following a rise in risk appetite in global markets. Investor sentiment rose due to the galvanising effect of strong earnings that boosted global stocks and outweighed lingering uncertainty caused by the advance of the Delta variant. Another factor that may end up weighing down on gold is…
Read more
OIL Oil is trading flat this morning appearing to have found support as risk appetite increases once again. This support comes after the pronounced falls registered during the last few sessions, which were triggered by apprehension over the impact the Delta variant might have on the speed of the economic recovery, as well as the agreement…
Read more
GOLD Gold was steady despite yesterday’s equity market sell off with the price continuing its slow dance above $1,800. However, the technical configuration isn’t reassuring to investors as the market recently broke-out of its short-term bullish trendline following a 50% bullish retracement of the last bearish impulsion from the $1,900 zone. Despite the market’s recent…
Read more
Sentiment on the euro though is weak: strong data around the end of 2020 and beginning of 2021 have generally been replaced by more lacklustre figures from major economies, and the Delta variant is likely to dent many countries’ plans to ease remaining anti-covid measures. Tuesday’s close at R17.33 was a two-month high for EURZAR,…
Read more