Taking into account the advanced figures from CME Group for the crude oil futures markets, traders reduced their open interest positions by about 6,700 contracts on Wednesday, further extending the downward trend in place since June 7. Volume instead increased by around 113,200 contracts and partially reversed the earlier pullback. WTI: The $100 level should […]
Tag: Commodities
Gold Forecast: XAU/USD Jumps to New Daily High, Bulls Flirt with 200 DMA Ahead of Powell
Gold attracted some buying on Wednesday and rallied almost $20 from a multi-day low. The boost in risk appetite, the fall in US bond yields and the modest decline in the dollar gave it some support. The Federal Reserve’s expectations, of a rather aggressive nature, prevented significant increases from taking place before Powell’s appearance. The […]
Silver Price Analysis: XAG/USD bears could now aim to test the year low around the $20.45 zone
Silver saw fresh selling on Wednesday and broke the horizontal support at $21.50. The technical setup favors the bears and supports the prospects for an extension of the decline. Sustained strength beyond the $22.00 mark is needed to negate the short-term bearish outlook. On Wednesday, the silver came under renewed selling pressure and broke below […]
Gold Price Forecast: XAU/USD Remains Under Pressure Near Weekly Low Before Powell
Gold moves lower on Wednesday for the fourth day in a row and hits a multi-day low. Expectations of a Fed rate hike benefit the dollar and put pressure on the yellow metal, denominated in dollars. Risk-off sentiment is unsupportive as attention turns to Fed Chairman Jerome Powell’s testimony. The Prayed has seen some selling […]
Forex Today: Dollar Regains Strength as Spotlight Turns to Powell Testimony
This is what you need to know to trade today Wednesday June 22: Dollar Takes Advantage of Safe Haven Money Flows early on Wednesday and strengthens against its main rivals. FOMC Chairman, Jerome Powell, will testify before the US Senate Banking Committee at a hearing entitled “The Semiannual Monetary Policy Report to Congress.” The European […]
Gold Price Analysis: XAU/USD remains confined to a tight range below the 200-day SMA
Gold struggled to gain significant traction and remained confined to a range below the 200-day SMA. Broad dollar weakness offered support to the metal and helped limit any significant decline. Boosting risk appetite, rising US bond yields continued to act as a headwind and capped the upside. Gold reversed an intraday drop to the $1,830 […]
Gold Price Forecast: XAU/USD remains defensive below the 200 SMA around the $1,835 zone
Gold is trading in a tight range below the 200-day SMA for the second day in a row. Risk appetite, rising US bond yields and expectations of a hawkish Fed rate hike are putting pressure. The modest weakness of the dollar offers some support to the yellow metal and justifies the caution of the bears. […]
Forex Today: Dollar remains defensive as risk flows return
This is what you need to know to trade today Tuesday June 21: The US dollar index DXY continues to push lower towards 104.00 early on Tuesday, after closing the first day of the week in negative territory. Market sentiment improves in the European morning, with US stock index futures up more than 1% after […]
Gold Price Forecast: XAU/USD hovers around $1,840 amid weak dollar
Gold price erases recovery gains after bulls run into resistance at the 21-day SMA. The US dollar starts the week on the defensive amid better risk sentiment. The United States celebrates the June Day holiday, leaving XAU/USD in limbo. The price of Gold (XAU/USD) is trading virtually unchanged on the day around $1,840, reversing the […]
WTI refreshes multi-week lows below $110.00
oil prices came under heavy bearish pressure heading into the weekend and the barrel of West Texas Intermediate (WTI) fell below $110.00 for the first time in three weeks. At the time of writing, WTI lost 6.4% on the day, trading at $109.50. Investors are increasingly concerned about the outlook for energy demand as major […]
