Andrew-Trading

Andrew-Trading Updated 

The gold price is oscillating around US$ 1,900 in the spot market going into Wednesday’s trading session as markets lie in wait for the Federal Reserve’s Jackson Hole economic symposium to get underway on Thursday. The precious metal has held up reasonably well considering the recent surge in Treasury yields. Yesterday, the benchmark 10-year note traded at its...

Andrew-Trading Updated 

The world gold price gained modestly after a series of quiet days thanks to the weakening of the USD. Early this morning, the US Dollar Index, which measures the volatility of the greenback, fell 0.19%, increasing the attractiveness of gold to buyers holding other currencies. Traders and investors are eagerly awaiting the annual Jackson Hole symposium later this...

Andrew-Trading Updated 

Recent support in the precious metals across the board is partially based on the CME’s FedWatch tool which is predicting an 88.5% probability that the Federal Reserve will not raise their benchmark Fed funds rate at the September FOMC meeting. However, whether recent support in both gold and silver marks the beginning of a sustained rally or a short-term upside...

Andrew-Trading Updated 

Gold prices did not stray too far from flat levels in quieter US trading on Wednesday. Traders are waiting for the minutes of the Federal Reserve's final Open Market Committee (FOMC) meeting to be released this afternoon. A growing number of economists and market observers believe that the Federal Reserve's series of rate hikes has succeeded in curbing price...

Andrew-Trading Updated 

Many forecasts suggest that the USD will increase in the short term. Gold prices may remain under downward pressure for the rest of the summer. However, market observers noted that the short-term decline in gold is seen as an entry opportunity. Gold is likely to increase rapidly in the spring and next year. Gold's long-term uptrend is appreciated.

Andrew-Trading Updated 

Gold prices fell and hit a five-month low, as yields on US Treasuries were rising, with 10-year yields hitting their highest yield in 15 years at around 4.3%. The current rally in the US dollar index is another bearish factor that keeps gold sellers in control overall. For the last time, December gold fell $5.20 at $1,923.20. Minutes from the Federal Reserve's...

Andrew-Trading Updated 

Gold tends to do much better in times of low or negative interest rates when small yields on offer elsewhere serve to gloss over the complete lack of yield inherent in holding the metal. Those days are clearly long gone, and the jury remains out as to if, or when, they might come back. Moreover, the stronger Dollar those yields inevitably bring also hits gold,...

Andrew-Trading Updated 

The world gold price extended 7 consecutive sessions of decline from last week to now because major economies such as the US, Japan, and China all showed positive signs of recovery, with GDP increases in the second quarter of 2023. the above countries are 2.4%, 6% and 6.3% respectively over the same period last year. All of the above GDP growth rates were higher...

Andrew-Trading Updated 

The Federal Reserve's tightening cycle seems to have strengthened the bond market, with 2-year yields near 5.0%, just below last month's peak of 5.11%. This appears to have bolstered the DXY (USD) index. Meanwhile, recent volatility in gold has eased, but it has seen some increases in recent trading sessions, suggesting uncertainty in the market and significant...

Andrew-Trading Updated 

So far this month, gold prices have weakened about -3.2 percent as a combination of rising Treasury yields and a stronger US Dollar pressured the yellow metal. If losses are sustained, this could be the worst month for XAU/USD since February. In response, retail traders have continued to increase upside exposure. This can be seen via IG Client Sentiment (IGCS)....

Andrew-Trading Updated 

The world gold price stood at 1,915 USD/ounce, slightly down 3 USD/ounce compared to the same hour last morning. The US Dollar Index rose 0.13% to 102.63 points, further depriving gold of its appeal to buyers holding other currencies. New reports show that inflation in the US continues to cool down, and the job market is showing signs of weakness. Specifically,...

Andrew-Trading Updated 

These developments are leaving the yellow metal in a precarious state heading into the final 24 hours of this week. On the daily chart below, gold appears to be confirming a breakout under a rising trendline from February. From here, immediate support is the 38.2% Fibonacci retracement level at 1903. Pushing below this price opens the door to an increasingly...

Andrew-Trading Updated 

The US dollar surged to its highest level in over a month due to concerns about China's economy, making gold more expensive for foreign buyers, while benchmark 10-year bond yields rose. Senior analyst Ricardo Evangelista of ActivTrades said, "With consumer prices and producer prices slightly higher than expected last weekend, some certainty about the end of the...

Andrew-Trading Updated 

The gold market remains stable as bond yields and the US dollar continue to rise. However, the market is facing difficulties with further liquidation of gold-backed exchange-traded products. According to the latest market report released on Tuesday, analysts at the World Gold Council stated that global ETF market saw a decrease in holdings by 34 tons, worth $2.3...

Andrew-Trading Updated 

Gold prices fell in midday US trading on Wednesday, the metal falling to a four-week low. Precious metals were pressured by another economic report from China that showed less consumer demand for goods and services, including metals. Histogram-based selling also appeared midweek, as the short-term technical views on gold and silver have turned more bearish.

Andrew-Trading

OANDA:GBPUSD has slightly declined since its YTD high on July 13th due to price being squeezed between the 50-day moving average at 1.2677 and the 100-day MA around 1.26120. Despite attempting to break positive GDP data last week, GBPUSD couldn't sustain its gains, a trend that seems to be dominating recent market movements. Looking ahead, we have yet to see a...

Andrew-Trading Updated 

Despite Thursday's late rebound, GBP/USD trades within the descending regression channel and the Relative Strength Index (RSI) indicator on the 4-hour chart stays below 50, suggesting that the pair remains technically bearish. 1.2700 (mid-point of the channel) aligns as immediate support. Once that level is confirmed as resistance, sellers could target 1.2630...

Andrew-Trading Updated 

GBP/USD reached a low of 1.2685, just above the historical breakpoints of 1.2670-1.2680, which could act as support. Further support may be found at 1.2620 and 1.2590, coinciding with the 100-day SMA. The price is above the 55-, 100-, and 200-day SMAs, indicating positive long-term momentum. However, it is below the 10- and 21-day SMAs, suggesting near-term...