Gold trades with gains, around $1215

15 November, 2018

A subdued USD demand helps build on this week’s rebound. Improving risk sentiment does little to prompt fresh selling. US-China trade optimism/Fed rate hike expectations to cap gains.

Gold prices edged higher on Thursday, with bulls making a fresh attempt to extend the positive momentum further beyond 50-day SMA.

The precious metal built on this week's goodish rebound from over one-month lows, set earlier this week and rallied hard during the US trading session on Wednesday, albeit struggled to sustain at higher levels. 

The recent US Dollar corrective slide from roughly 1-1/2 year tops turned out to be one of the key factors benefitting the dollar-denominated commodity. This coupled the overnight selloff in the US equity markets further underpinned the precious metal's safe-haven appeal and provided an additional boost. 

With the USD now seemed to have found some support, a slight risk-recovery on Thursday, as depicted by a positive tone around equity markets, did little to prompt any fresh selling, albeit might now contribute towards keeping a lid on any meaningful up-move. 

This coupled with some renewed optimism over a possible de-escalation of US-China trade disputes, and firming expectations for a gradual Fed monetary policy tightening, even beyond 2018, might further collaborate towards capping the non-yielding yellow metal. 

Hence, it would be prudent to wait for a strong follow-through buying before traders start positioning for any further near-term appreciating move. 

Market participants now look forward to the US economic docket, highlighting the release of monthly retail sales data, along with the usual initial weekly jobless claims and regional manufacturing indices, in order to grab some short-term trading opportunities. 

The $1216-17 region might continue to act as an immediate resistance, above which the positive momentum could get extended towards $1221-22 supply zone. On the flip side, the $1209-07 region now becomes an immediate support to defend, which if broken might turn the commodity vulnerable to slide back below the $1200 psychological mark and retest $1197-95 horizontal support.


Source link  
Dollar retreats farther from year tops

Fed rate hike uncertainty kept the USD bulls on the defensive at the start of a new trading week. Global growth concerns underpin safe-haven demand...

Gold remains vulnerable

On Tuesday, the precious metal faced rejection near a short-term descending trend-line, extending from over three-month tops set in October through highs...

WTI vulnerable, but holds $ 66

Bearish API report, Saudi's pledge and stronger US weigh down on oil. Attention turns towards EIA crude stocks data for fresh impetus to the oil markets...


Gold holds steady below 2 month highs

Rising diplomatic tensions continue to underpin safe-haven demand. Subdued USD price-action remains supportive of a mildly positive tone. A modest...

USD/JPY remains in daily range

Struggles to build on overnight strong up-move despite a goodish USD rebound. Bulls tracked retracing US bond yields, tough risk-on mood...

US Dollar Index challenges recent tops

The index rebounds from tops and tests 95.70. Yields of the US 10-year note ease a tad from peaks around 2.90%. US trade balance figures next of relevance...


USD losing ground in the longer run

USD weakness came to a halt yesterday after the Fed's Kaplan emphasised the central bank's independence, thus reassuring markets that

GBP/USD on the offers around 1.2750

Brexit uncertainty, Turkish contagion fears leave the higher-yielding GBP vulnerable. Attention turns to Tuesday UK jobs report amid empty docket today...

Gold bears await a break below

The commodity extended last week's rejection slide from $1235 horizontal resistance and remains within striking distance of an important horizontal...


In the past 24 hours Bitcoin has lost -0.19% and reached $3599.17406438. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has gained 1.5351% and is now at $1.1563. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -4.83% and is now at $118.130634428. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2019

# Broker Review
1easyMarketseasyMarkets91%
2FXTMFXTM87%
3HYCMHYCM86%
4FxProFxPro84%
5FIBO GroupFIBO Group83%
6OctaFXOctaFX82%
7HotForexHotForex81%
8FXCMFXCM80%
9XMXM72%
10FP MarketsFP Markets69%
  


Share: