On the technical side the end of the bearish symmetrical triangle is in sight without any clear signal yet as to where the price will head. The Stochastic oscillator is not showing any overbought or oversold levels while the cross of the 50 day moving average above the 100 day moving average gives some indications…
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On the technical side the price has recently broken above the resistances of the 38.2% of the daily Fibonacci retracement level, the 50 and 100 moving averages as well as the bearish symmetrical triangle formation that was in effect since mid November 2022. This major correction to the upside was somewhat “paused” (at the time…
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Gold The performance of Gold is mostly associated with the strength of the US dollar and yields of long-term bonds in both the US and other major economies. Strong labor market in January and stronger than expected CPI print had boosted the US dollar as bond yields started to grow again. That pressured Gold, driving…
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On the technical side the price on the fiber chart has found support on the 23.6% of the daily Fibonacci retracement level without being able to make a valid break below it for the time being. With the Stochastic oscillator near the extreme oversold level and the 50 day simple moving average trading above the…
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XAU/USD (Gold) The yellow metal kicked off the week in negative territory, down 0.6% heading into the afternoon session in the US. For those who read Monday’s Weekly Market Insight, you may recall the following (italics): It is all about the H1 Quasimodo resistance-turned-support at $1,857 and the 50-day simple moving average on the daily…
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XAU/USD (Gold) Although the price of gold is higher this week, momentum has been sluggish, consequently establishing a potential bearish flag pattern on the daily chart between $1,881 and $1,862. Rupturing the lower boundary, the said pattern not only permits chart pattern traders to project the pattern’s profit objective, it also exposes the 50-day simple…
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XAU/USD (Gold) The price of gold ended European trading considerably off best levels versus the US dollar on Monday after H1 price pencilled in a picture-perfect rejection from Quasimodo support-turned resistance from $1,879. This reaffirms not only the scope for short-term flow to zero in on H1 Quasimodo resistance-turned potential support at $1,857, it also…
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S&P 500 Recent movement on the S&P 500 has largely been one sided since the index journeyed above weekly trendline resistance last week, taken from the high at 4,818. Up 2.7% on the week, the next level of resistance to perhaps throw a spanner in the works is Quasimodo resistance on the weekly scale at…
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European Shares EU shares continued to drift on Tuesday, following another volatile session in Asia, as traders await this week’s central bank meetings. Most benchmarks traded lower in Europe, with all sectors moderately down, as investors weighed the latest patchy macro data from France and Germany, the two biggest economies of the Eurozone. In addition…
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European Shares European markets opened mostly in the green on Tuesday, despite Asian shares closing mixed overnight, while US benchmarks also point to an uneven open. Risk appetite seems to have a taken a short-term break as many investors seek more clarity about how far central banks will go with their monetary tightening cycle. The…
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