Aaron-Hill

Aaron-Hill

Amidst a softer dollar—US Dollar Index trading a touch off session lows—the price of spot gold (XAU/USD) recently refreshed YTD highs of $2,032, a whisker shy of the all-time high at $2,075. What’s driving the price of gold? Soft demand for the buck is a primary catalyst behind the yellow metal’s spirited advance. Fed policy tightening expectations are...

Aaron-Hill

Trending lower since March 2022, the daily timeframe of WTI oil is in the process of chalking up what is referred to as a complex inverted head and shoulders pattern. We have yet to see a completion—a close above the neckline, taken from the high $83.32—but it is certainly something to be mindful of going forward. You can also see a potential double bottom...

Aaron-Hill

Following its largest one-week fall since July 2022 (down 3.0%), follow-through selling failed to surface last week for spot gold, spending the week ranging between $1,890 and $1,852 at the prior week’s session low. Overall, technical studies still suggest bears have the upper hand in the weeks ahead. Having noted the Relative Strength Index (RSI) rejected the...

Aaron-Hill

It was another week of red for Europe’s common currency last week, shedding more than 1.0% versus the US dollar. For those technically aware, this should not surprise. In the recent Weekly Market Insight on the weekly timeframe, I noted the following (italics): The key technical development on the weekly timeframe last week was the formation of a shooting star....

Aaron-Hill

Week to date, the US dollar added 0.6% according to the US Dollar Index. Month to date, gains for the index has also eclipsed January’s losses, up 1.5% and on track to snap a four-month bearish phase. Although clipping the lower boundary of the monthly decision point at 101.30-103.91, this unearths a potential dip-buying scenario in a market trending north since...

Aaron-Hill

Major US equity indices were on the ropes during the US morning session, with the S&P 500 trading as low as 1.0%. The technical picture for the monthly, weekly and daily timeframes, however, remains interesting and largely supportive of further outperformance. The monthly chart has remained in a dominant uptrend since early 2009. We had two notable corrections...

Aaron-Hill

US hours, thanks to the US Fed Chair Powell’s responses at the Economic Club of Washington DC, witnessed risk assets initially catch a bid. Procyclical currencies such as the Australian dollar, the New Zealand dollar and the Canadian dollar were underpinned against their US counterpart. Technically speaking, though, this changes little in terms of the higher...

Aaron-Hill

Following a retest of a breached ascending support line on the H1 timeframe on Saturday, extended from the low $20,370, sellers have been at the wheel. Penetrating nearby support at $23,227 and subsequently serving as resistance pushed the crypto to test the mettle of support from $22,767. As you can see, the aforementioned line withstood several downside attempts...

Aaron-Hill

It was another positive week for the yellow metal, adding 0.3% and chalking up a fifth consecutive week in the green. The key development on the weekly timeframe was the break and retest of resistance at $1,916 and reaching highs of $1,937, levels not seen since April 2022. Fashioning support from the aforementioned resistance places the technical spotlight on...

Aaron-Hill

Despite wrapping up the week largely unmoved, the US dollar is on track to finish a fourth consecutive month under water, according to the US Dollar Index. Following a one-sided deterioration in Q4 of 2022 from an ascending channel resistance, extended from the high 103.82, price action on the monthly scale is threatening to confront the lower perimeter of a...