The price of gold trades to a fresh weekly high ($1984), with bitcoin reflecting a similar behavior going to the end of March.
The price of gold and bitcoin may continue to share a positive relationship as the correlation coefficient current stands at a more significant reading of +0.93 compared to the +0.76 reading from last week.
Gold Price Outlook
The price...
A close above the 61.8% retracement of the 2022 decline threatens a test of key resistance just higher at the September uncovered-gap / 61.8% extension of the yearly advance at 163.43-164.42 - look for a larger reaction there IF reached.
Key support now at former resistance at 155.74-156.29.
Michael Boutros , Sr Technical Strategist with FOREX.com
Follow...
SPY is approaching confluent downtrend resistance at 402.90-403.92 - a region defined by the 61.8% extension of the monthly advance, the March high-day close and the 61.8% retracement of the yearly range . Look for a larger reaction there IF reached.
Key support now rests with the 200-day moving average / March 22 outside reversal close at 392 (near-term...
USD/JPY approaches the 50-Day SMA (132.79) as it climbs to a fresh weekly high (132.77), with the 10-Year US Treasury yield reflecting a similar development as it retraces the decline from last week.
The positive relationship between USD/JPY and US Treasury yields looks poised to persist as the correlation coefficient sits at a significant level, with the gauge...
EUR/USD approaches the monthly high (1.0930) as it continues to bounce back from the 50-Day SMA (1.0731), with the price of gold at a similar place as it holds above last week’s low ($1934).
The positive relationship between EUR/USD and the price of gold looks poised to persist as the correlation coefficient current stands at +0.84, with a break/close above the...
Stock markets have been uninspiring so far today, mainly due to the lack of fresh catalysts to encourage market participants to trade. At the time of writing, the markets were holding losses in Europe and US. That said, the losses were limited, and lacked any real momentum. So, we may yet see some bargain hunting later in the session for some downbeat stocks,...
AUD/JPY traded at its lowest level since March 2022 as it slipped to a fresh yearly low (86.06) last week, while the S&P 500 index advances for the third consecutive day to indicate an improvement in risk sentiment.
The positive relationship between AUD/JPY and the S&P 500 appears to be unraveling as the correlation coefficient currently sits at +0.39 from a more...
Key levels on the major currency pairs, gold and indices, as well as macro events to watch by our market analyst Fawad Razaqzada. NOT intended for U.S. audience
Oil prices bounced sharply off their earlier lows, but at the time of writing, both oil contracts were testing some key technical levels, along with the major indices. So, the oil market is not out of the woods just yet.
I think there’s a feeling in the market that the major central banks are going to pause their rate hikes, but that’s not to say the economy will...
USD/JPY registers a fresh monthly low (130.42) following the Federal Reserve interest rate decision, with US Treasury yields reflecting a similar behavior as the 10-Year yield gives back the rebound from the yearly low (3.29%).
In turn, the correlation coefficient now stands at +0.95 and the indicator may continue to reflect a significant relationship as market...
The price of gold continues to pullback from a fresh yearly high ($2010), with bitcoin reflecting a similar behavior as it trades within the previous day’s range.
The correlation coefficient may mirror the readings from earlier this year as it turns positive, with the indicator approaching more significant levels as it climbs to +0.76.
Gold Price Outlook
The...
Gold prices have reversed off uptrend resistance ahead of tomorrow's highly anticipated FOMC interest rate decision.
Look for initial support along that parallel on a stretch deeper here.
USD/JPY trades to a fresh monthly low (130.54) while the price of gold registers a fresh yearly high ($2010) amid the ongoing weakness in US Treasury yields.
The inverse relationship between USD/JPY and the price of gold may gain increased attention as the correlation coefficient falls to -0.92 from a less significant reading of -0.58 earlier this month.
...
• Gold and silver have been boosted on haven flows, falling yields
• Fed’s rate decision key risk event for metals
• Higher high above $22 means path of least resistance to the upside
The precious metals rally has taken a pause for breather. But I don’t think they are done just yet. Gold remains on course to potentially hit a new all-time high above $2075, after...
• Metal hits new high for 2023
• Falling yields and raised financial stability concerns boost appetite for low- and zero-yielding assets
• Gold under 6% from all-time high
Gold hit fresh record highs in British pounds and Japanese yen terms on Friday. In the standard US dollar terms, the precious metal has risen to a new high for the year above $1960. It was...
AUD/JPY bounces back from a fresh yearly low (87.36), with the S&P 500 reflecting a similar behavior as the index climbs to a fresh weekly high (3963).
The positive relationship between AUD/JPY and the S&P 500 index may persist as the correlation coefficient holds around +0.80 to mark the highest reading since November 2022.
AUD/JPY Rate Outlook
AUD/JPY...
• Oil prices remain under pressure despite receding banking fears
• Major technical breakdown suggests more losses could be on the way
• Will the OPEC come to the rescue?
After falling by 8% at one point, crude oil prices managed to bounce back from their worst levels on Wednesday along with everything else. The rebound came on the back of news the Swiss...
The price of gold pulls back from a fresh monthly high ($1915) as US Treasury yields recover following the failure of Silicon Valley Bank (SVB).
The correlation coefficient with the 10-Year yield currently stands at -0.81, with bullion more than 4% higher from the start of the year.
Gold Price Outlook
The recent rally in bullion takes shape following the...
