Gold spikes to near two-week tops

19 December, 2017

Last week’s recovery move supported by persistent USD weakness. Reviving safe-haven demand/subdued US bond yields provides an additional boost. Focus remains on the US tax bill vote, expected later today.

After an initial dip to $1260 area, gold regained traction and touched a two-week high near $1265 level during the early European session on Tuesday.

The precious metal extended last week's strong rebound move from near 5-month lows and held in positive territory for the fifth session in the previous six. 

Persistent US Dollar selling bias, despite the latest optimism over the passage of a sweeping US tax overhaul legislation, has been one of the key factors driving the dollar-denominated yellow metal higher. 

Adding to this, a cautious opening across European bourses, coupled with a subdued action surrounding the US Treasury bond yields further underpinned the non-yielding yellow metal's safe-haven appeal and collaborated to the up-move.

The commodity has now recovered around 2.5% and inched back closer to the very important 200-day SMA hurdle as investors remained cautious ahead of a Senate vote, expected later today.

Technical levels to watch

A follow-through up-move now seems to confront immediate resistance near the $1268 region (200-DMA), above which a fresh bout of short-covering could lift the metal towards $1275-77 supply zone.

On the flip side, $1261-60 area now seems to protect the immediate downside, which if broken might accelerate the fall back towards $1252 intermediate level area ahead of $1247-46 support.


Source link  
Stock markets were underpinned

Asian Market Wrap: Core yields moved higher and stock markets were underpinned as Trump tweeted enthusiastically about the summit with North Korea's leader...

Gold falls at Friday close to 1275

The key commodity was pivoting around $1285 with support at $1282 and resistance around 1286. The London close, put pay to that as a raft of futures...

Stock market recovery continued

Still, U.K. and U.S. futures are also moving higher, indicating that abating fears over North Korea are keeping markets underpinned, while earnings optimism...


NZDJPY beneficiary of Asian session

With a the NZD is overvalued on one side and Sabre rattling between North Korea and the US continuing overnight there was really only...

Euro above 1.18 against the dollar

Asian stock markets moved higher, with a rally in banks underpinned by earnings reports and helping to offset pressure on exporters and automakers...

Gold support at 1258 but rolled over 15m

Gold remains bullish having posted at high over 1265 yesterday. My bias remains long and I entered again at 1258 last night. However, the intraday...


FOMC held rates steady

The Fed’s reluctance to commit to a time for QT beyond “relatively soon” and the fact that the Fed appeared to be moderately more concerned...

FOMC decision to outline its balance

U.S. markets will have a lot on their plates this week as they continue to assess the June jobs data, global developments in the aftermath of the G20 meeting...

Dollar majors have been challenged

EURUSD has settled around 1.1350, modestly above the five-session low posted yesterday at 1.1336. USDJPY has been trading on either side of 113.00...


In the past 24 hours Bitcoin has gained 1.94% and reached $3470.88531106. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.4129% and is now at $1.1327. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -14.8% and is now at $90.6498608677. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Forex Market Analysis



Forex Currencies Forecasts



Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets92%
2FXTMFXTM88%
3HYCMHYCM87%
4Alfa-ForexAlfa-Forex86%
5FxProFxPro85%
6FIBO GroupFIBO Group84%
7OctaFXOctaFX83%
8HotForexHotForex82%
9AvaTradeAvaTrade80%
10FXCMFXCM78%
  


Share: