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Gold Price: Building Momentum on Weak USD, Growing Nuclear Risk
Abstract：Gold is looking likely to move higher again, helped by a slightly weaker US dollar and escalating conflict between nuclear powers India and Pakistan.
Gold (XAU) Price, News and Chart:
Fed Chair Powell preaches patience.
India and Pakistan raise political tensions.
Q1 2019 Gold Forecast and Top Trading Opportunitie
Gold continues to consolidate above the $1,320/oz. level after its recent rally and may make a fresh attempt at the recent 10-month high at $1,347/oz. FOMC Chair Jerome Powell told lawmakers yesterday that the Fed is no rush to increase rates and reiterated the central bank‘s ’patient stance, pushing the greenback marginally lower. With US and global growth slowing, expectations are now growing that the Fed rate tightening cycle is now over, and interest rate cuts may be needed in 2020 to help boost growth and inflation.
Gold should also get an uplift from increasing political tensions between India and Pakistan over the disputed Kashmir region. On Tuesday, Indian planes flew into Pakistan airspace and bombed a terrorist camp, sparking conflict between the two nuclear powers. And today, Pakistan shot down two Indian Air Force planes inside Pakistan airspace and captured one Indian pilot in an act of retaliation that will provoke further actions from India.
Gold has been trading sideways for the last handful of sessions, consolidating its recent rally. From a technical view, the precious metal trades above all three-moving averages and the RSI indicator has moved out of overbought territory but remains positive. Support starts around $1,320/oz. and includes a cluster of recent lows and the 20-day ma before the $1,302/oz. comes into play. Last Fridays high just under $1,333/oz. is the initial target before $1,347/oz. comes into play.
How to Trade Gold – Top Strategies and Ti
Gold Daily Price Chart (June 2018 – February 27, 2019)
Retail traders are 69.7% net-long Gold according to the latest IC Client Sentiment Data, a bearish contrarian indicator. Recent changes in daily and weekly sentiment however give us a stronger bearish trading bias.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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The U.S. dollar index and U.S. Treasury yields rebounded at the same time; gold fell by more than 1%!
The initial value of the US S&P Global Manufacturing PMI in August was 48, which was lower than expected and the lowest in 8 months; the service PMI was 55.2, which exceeded the expected 54. The number of initial jobless claims in the week ending August 17 was 232,000, slightly higher than expected, and the previous value was revised from 227,000 to 228,000. Existing home sales in July increased for the first time in five months. The PMI data was lower than expected, which was bad for the US eco
The U.S. dollar index returned to the 103 mark; gold once plunged nearly $40 from its intraday high!
The monthly rate of retail sales in the United States in July was 1%, far exceeding expectations; the number of initial claims last week was slightly lower than expected, falling to the lowest level since July; traders cut their expectations of a rate cut by the Federal Reserve, and interest rate futures priced that the Federal Reserve would reduce the rate cut to 93 basis points this year. The probability of a 50 basis point rate cut in September fell to 27%. The data broke the expectation of a
Gold Price Stimulates by Geopolitical Tension
Gold prices experienced their largest gain in three weeks, driven by escalating tensions in the Middle East and the easing of the U.S. dollar as markets await the crucial CPI reading due on Wednesday. Gold has surged to an all-time high above $2,460, as uncertainties surrounding developments in both the Middle East and Eastern Europe persist push the demand for safe-haven assets higher.
KVB Today's Analysis: USD/JPY Eyes Volatility Ahead of BoJ Policy Meeting and US Data
The USD/JPY pair rises to 154.35 during the Asian session as the Yen strengthens against the Dollar for the fourth consecutive session, nearing a 12-week high. This is due to traders unwinding carry trades ahead of the Bank of Japan's expected rate hike and bond purchase tapering. Recent strong US PMI data supports the Federal Reserve's restrictive policy. Investors await US GDP and PCE inflation data, indicating potential volatility ahead of key central bank events.
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