Groton-Scaping

Groton-Scaping Updated 

The price of gold is continuing its losing streak, now entering the sixth consecutive day of decline. This can be attributed to the US Dollar, which is currently seeking fresh demand despite the United States avoiding a government shutdown. Over the weekend, the US Congress passed a stopgap funding bill with strong support from Democrats in an effort to prevent a...

Groton-Scaping Updated 

Following the loss of the $1,900 mark, Spot Gold experienced a significant decline due to the surge of the US Dollar in a risk-averse environment. XAU/USD is currently trading below $1,880 at levels not seen since March of this year as financial markets closely monitor developments in the United States (US). The country is on the verge of a federal shutdown as...

Groton-Scaping Updated 

Following the loss of the $1,900 mark, Spot Gold experienced a significant decline due to the surge of the US Dollar in a risk-averse environment. XAU/USD is currently trading below $1,880 at levels not seen since March of this year as financial markets closely monitor developments in the United States (US). The country is on the verge of a federal shutdown as...

Groton-Scaping Updated 

The price of gold may also receive a boost from the exceptionally high premiums in the Chinese physical bullion market. According to Bloomberg, demand for bullion in China has surged this month, with prices at times exceeding international rates by over $100 per ounce. This is significantly higher than the average premium of less than $6 per ounce seen over the...

Groton-Scaping Updated 

Gold price experienced another rejection at the critical support-turned-resistance level of $1,926, where the 21- and 200-Daily Moving Averages (DMA) intersect. As a result, Gold price resumed its downward movement on Monday. Currently, the Gold price is testing the multi-day low around the $1,910 mark. If it breaks below this level and sustains it, there will be...

Groton-Scaping Updated 

The direction of the Gold price will depend on the outcome of the US NFP. The current technical setup is mixed, with a Bear Cross confirmation counteracting any potential rebound based on oversold RSI conditions. On Wednesday, the 100-Daily Moving Average (DMA) crossed the 200 DMA from above, indicating a bearish crossover. If the recovery holds, Gold buyers will...

Groton-Scaping Updated 

Gold prices are taking a breather as the US Dollar consolidates after a downward correction. The subdued tone around the Dollar is due to a slightly positive mood in the Asian session, despite mixed developments in the Chinese property market. Sunac China Holdings Ltd.'s shares surged after obtaining approval for a debt restructuring plan, while China Evergrande...

Groton-Scaping

Following the loss of the $1,900 mark, Spot Gold experienced a significant decline due to the surge of the US Dollar in a risk-averse environment. XAU/USD is currently trading below $1,880 at levels not seen since March of this year as financial markets closely monitor developments in the United States (US). The country is on the verge of a federal shutdown as...

Groton-Scaping

Gold price experienced another rejection at the critical support-turned-resistance level of $1,926, where the 21- and 200-Daily Moving Averages (DMA) intersect. As a result, Gold price resumed its downward movement on Monday. Currently, the Gold price is testing the multi-day low around the $1,910 mark. If it breaks below this level and sustains it, there will be...

Groton-Scaping

Investors are cautious about making significant investments in the major foreign exchange currencies and gold prices due to concerns about inflation in the US and Eurozone. They are also eagerly awaiting China's business activity data to assess whether its economy, the second-largest in the world, is recovering. The recent increase in oil prices is also causing...

Groton-Scaping

The price of gold is taking advantage of a wide retreat in the US Dollar, bouncing back to an important resistance level. However, it seems difficult for gold to continue its recovery due to an increase in US Treasury bond yields. The yield on the benchmark 10-year US Treasury bond is nearing its highest point in 16 years at 4.511%. Later today, gold traders will...

Groton-Scaping Updated 

XAU/USD has lost its weekly gains and is currently trading below all of its moving averages. Technical indicators show downward momentum, indicating persistent selling pressure. The pair peaked near the 61.8% Fibonacci retracement level and has since retreated sharply. The immediate resistance level is now at $1,921.80. On the 4-hour chart, XAU/USD is facing...

Groton-Scaping Updated 

Amidst a general aversion to risk, the price of gold is stabilizing as investors consider the potential impact of the Federal Reserve's more stringent monetary policy on global markets. Additionally, attention is now turning towards the Bank of England's upcoming interest rate decision. Up until Tuesday, there was an 80% chance that the BoE would raise rates by 25...

Groton-Scaping Updated 

Amidst a general aversion to risk, the price of gold is stabilizing as investors consider the potential impact of the Federal Reserve's more stringent monetary policy on global markets. Additionally, attention is now turning towards the Bank of England's upcoming interest rate decision. Up until Tuesday, there was an 80% chance that the BoE would raise rates by 25...

Groton-Scaping Updated 

The price of gold is currently unable to surpass the critical resistance level at $1,926, which used to be a support level. This resistance level coincides with both the 21-day and 200-day moving averages (DMA). Despite managing to break through this resistance on Friday and reaching the bearish 50 DMA at $1,929, gold was unable to sustain this breakthrough due to...

Groton-Scaping

Investors are cautious about making significant investments in the major foreign exchange currencies and gold prices due to concerns about inflation in the US and Eurozone. They are also eagerly awaiting China's business activity data to assess whether its economy, the second-largest in the world, is recovering. The recent increase in oil prices is also causing...

Groton-Scaping

Investors are cautious about making significant investments in the major foreign exchange currencies and gold prices due to concerns about inflation in the US and Eurozone. They are also eagerly awaiting China's business activity data to assess whether its economy, the second-largest in the world, is recovering. The recent increase in oil prices is also causing...

Groton-Scaping Updated 

In August, the annual inflation rate in the United States increased by 3.7%, slightly higher than the anticipated 3.6% rise. The Consumer Price Index (CPI) experienced its largest monthly gain of 2023, with a 0.6% increase that aligned with market predictions. Additionally, the core CPI rose by 0.3% and reached a total increase of 4.3%, meeting expectations of a...