Gold

Middle East tensions continued to flare over the weekend, resulting in some impressive gaps to further underscore the risk-off start to 2020. In response to the US airstrike which killed two senior pro-Iranian officials, the Iraqi parliament voted to dispel foreign troops, in a move which would make US presence in Iraq an occupation (an invasion). There […]

As long as 1480 holds as resistance and trade headlines remain favourable, the path of least resistance points lower for gold. Yesterday we noted that yen pairs were testing key support levels whilst the elusive ‘phase one’ trade deal sat on a knife’s edge. Well it was no surprise to see gold (a safe-haven during times of […]

Gold’s Worst Week in 3 Years Sees Bears Firmly Back In Control Bulls failed to conquer key resistance at 1519.70 and prices have since rolled over. Given the series of doji’s, hammers and pinbars around this level it was apparent the level was a key focal point. Therefore, we warned that any weak break of […]

Weekly COT Report: Trade Optimism Supports CAD and AUD As of Tuesday 5th November: Large speculators were net-long USD by $12.2 billion, down by $0.34 billion the prior week CAD traders were their most bullish in two years AUD traders were their least bearish since January AUD also saw the largest weekly change, with net-short exposure […]

Overall, gold has a decent chance of breaking to new highs over the coming month/s. Yet whether is opts for direct gains or morphs into a prolonged, complex correction could become clear over the next week. The breakout from the bearish/corrective channel on Friday threw a spanner in the works with its bearish pinbar.  Whilst […]

A dovish ECB propelled gold to a 2-week high and closed on a key resistance level, suggesting bulls are preparing to break gold from its corrective channel. Gold has rallied an impressive 17% this year so far, although at its peak in September it was over 21% higher. Prices have since retraced, provided a failed […]

Weekly COT Report: Yen Traders Flip To Net-Short As of Tuesday 15th October: Traders increased net-long exposure on USD by $2.1 billion to $20.4 billion, their most bullish stance in 17 weeks (up $2.1 billion to $23.3 billion against G10) Large speculators flipped to net short on the Japanese yen The largest weekly change among FX […]

China has included more than 100 tons of gold to its stores since it continued purchasing in December, fortifying its position as one of the significant authority collectors as national banks load up on the valuable metal. The People’s Bank of China grabbed progressively gold a month ago, raising reserves to 62.64 million ounces in […]

Weekly COT Report: Bullish Exposure To USD Hits A 3-Month High As of Tuesday 24th of September: Bullish exposure to the USD is at $17.4 billion, its highest level in 3-months CAD traders reduced net-long exposure by -15.2k contracts, their least bullish positioning since June Net-long exposure to JPY was reduced by 11.1k contracts Bearish […]

A stronger USD, prompted by the Trump probe, has seen metals under pressure with gold shedding over -1.8% by the close. Whilst prices have remained supported above 1,480 the potential for near-term weakness seems apparent, given yesterday’s 2-bar reversal. Eagle-eyed candlestick traders could note that yesterday’s bearish bar doesn’t quite pass as a bearish engulfing or outside day. Yet...