Gold sees some selling on Friday and breaks a three-day gain streak after hitting one-week highs yesterday. Fed expectations help revive demand for dollars and put pressure on commodities. Investors will now look to the US PCE data for some momentum ahead of the Fed Chairman’s Jackson Hole appearance. Gold is under some selling pressure […]
Tag: Commodities
Forex Today: All eyes on Powell’s Jackson Hole speech
This is what you need to know to trade today friday august 26: Markets remain relatively quiet early on Friday as investors remain on the sidelines waiting for FOMC Chairman Jerome Powell to deliver his keynote address at the annual Jackson Hole Symposium. On Thursday, improving market sentiment made it difficult for the dollar to […]
Forex Today: Dollar correction continues, focus on key data release
This is what you need to know to trade today Thursday August 25: The positive change in risk sentiment weighed on the dollar in the early European session on Thursday and caused the Dollar Index to drop towards 108.00. Reflecting the upbeat mood, US stock index futures are up 0.65%-1% on the day. The IFO […]
Gold Forecast: XAU/USD declines as USD nears two-decade highs again
Gold meets fresh supply on Wednesday and trims a portion of overnight gains. Resurgent demand for dollars and rising US bond yields are putting some downward pressure on the metal. Recession fears could help limit XAU/USD losses ahead of Fed Powell’s meeting on Friday. Gold veers south after an early rally to the $1,754 area […]
Forex Today: Markets churn ahead of key events
This is what you need to know to trade today Wednesday August 24: Having snapped a four-day winning streak following disappointing data releases on Tuesday, the Dollar Index (DXY) started to rise early in the European morning on Wednesday. In the absence of high-level data releases, market action turns choppy, with investors remaining cautious ahead […]
Gold Forecast: XAU/USD updates daily high after disappointing US PMIs.
Gold gets some bids on Tuesday and rallies further from a multi-week low. A softer risk-off tone coupled with a modest dollar pullback offers support for the metal. Aggressive Fed expectations and high US bond yields should limit further gains. Gold reverses an intraday drop to the $1,730 area and rises to a new daily […]
Saudi Energy Minister: Oil Decoupling From Fundamentals May Force OPEC To Act
In response to written questions from Bloomberg News, the Saudi Arabian Minister of EnergyPrince Abdulaziz bin Salman said OPEC and its allies (OPEC+) may be forced to cut oil production as physical and futures markets drift further and further away from fundamentals. Featured Statements “The paper and physical markets are increasingly disconnected.” “Futures prices do […]
Gold Forecast: XAU/USD Looks Vulnerable Near 3-Week Lows Amid Rising Dollar and Bond Yields
Gold continues to lose ground for the fifth day in a row and falls to a multi-week low. Gloomy expectations from the Fed, rising US bond yields and sustained dollar buying are putting pressure on. Recession fears and risk aversion momentum fail to impress bulls or lend any support to the metal. The Prayed it […]
Forex Today: Dollar consolidates gains after Thursday’s impressive rally
This is what you need to know to trade today friday august 19: The Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, gained momentum in the second half of trading on Thursday, rising to its highest level in a month above 107.50. . In the absence of high-level macro […]
Gold Forecast: XAU/USD trims modest intraday gains, holds above two-week lows
Gold gains some positive traction on Thursday, although it lacks follow-up buying. Pullback in US bond yields and recession fears offer safe haven XAU/USD support. Federal Reserve expectations and a strengthening dollar should limit any significant gains. The Prayed It maintains its modest intraday gains during the early North American session and is currently sitting […]