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After failing in their move to breakout above the October high, the gold bulls have been dragged back to be nullified once more. As the market lacks conviction ahead of some crucial fundamental events in the coming days, the near term outlook seems ...
Whilst markets have seemingly been hopeful (or should that be “duped”?) by the apparent signs of progress in the fiscal stimulus negotiations, as yet, there is nothing to show for it. We are now just one week before polling day for the US ...
After a breach of the two month downtrend, gold look to be positioning for the next leg higher. Although resistance is yet to be decisively overcome, the bulls are poised. With renewed dollar weakness, the market seems to be pricing confidently for ...
After weeks of uncertainty, suddenly there seems to be traction in two major macro factors, or at least this is what market reaction would suggest. With Nancy Pelosi’s self-imposed 48 hour deadline, not really a deadline at all, the Democrats and ...
After so many weeks of “will they, won’t they?”, markets have taken one word “optimistic” from Democrat House Speaker Nancy Pelosi and run with it. We are risk-on once more. US Treasury yields are breaking higher, with the 10 year yield above 0.80% ...
Gold continues to trade with a risk positive bias, and so as sentiment improves picks up again, gold is pulling higher. However, the broad sense of consolidation is still playing out and decisive direction is yet to be found. We continue to look at ...
Markets continue to trade with a lack of certainty as newsflow of major macro factors remain on a knife edge. However, slight chinks of light over the weekend are generating a mild positive risk bias this morning. In one final (?) attempt to break a ...
It is still a phase of consolidation for gold as uncertainties for the outlook of US fiscal support leaves markets in a state of limbo. A lack of conviction in moves on the dollar and yields leaves gold at a key crossroads. With conflicting ...
The risk negative bias that has ushered flow back towards safe haven assets in recent sessions is still present as we come towards the end of another frustrating week for major markets. There is a distinct lack of trend or conviction right now ...
The rally has faltered and the market is stuck in a neutral outlook once more. Uncertainty over US fiscal stimulus, has driven a choppy phase for the dollar, which has impacted on gold. Whilst we continue to expect dollar underperformance to take ...
“Will they? Won’t they?” Uncertainty seems to be a common theme for the key factors driving major markets right now. It should therefore come as little surprise that major forex and commodities are stuck in a risk-on/risk-off loop, lacking ...
There is a mixed feel to markets today as the risk positive intent of recent sessions has begun to ebb away. With US pharma giant Johnson & Johnson pausing its COVID-19 vaccination trial there is a jolt to recent bullishness. Pausing trials are ...
The dollar down, gold up. This is a consistent playbook of recent months as the negative correlation between the two has become increasingly strong (currently around -0.92). So with the Dollar Index breaking below its 93.5/94.0 support band, this ...
Major markets look somewhat cautious in early moves today as several key issues remain on a knife-edge. US politics remains front and centre. Whilst the market appears to be positioning for a Biden victory in the US Presidential election, there is a ...
If ever there was a lesson in watching the newsflow as well as the technicals it was yesterday. The dollar weakening and positive risk appetite was turned completely on a sixpence with Trump’s announcement to end negotiations on fiscal support. ...
Markets have taken on a more positive attitude to risk as President Trump has been allowed to leave hospital to return to the White House. Whilst it is still too early to declare the President clear of COVID, for now, the immediate risk to ...
How gold reacts around the key resistance band $1902/$1926 could be crucial to the near term direction. A bull failure on Friday and early weakness today leaves a recovery outlook highly questionable. The near term outlook is very much on a knife ...
Traders are still trying to make sense of what Donald Trump’s COVID-19 infection means to risk appetite. There are some suggestions that he is stable yet also that he is on a steroid treatment only used for the more severe of cases. The broad ...
President Trump has tested positive for COVID-19. The implications of this could be numerous and it is far too early to gauge its true impact. Firstly and primarily, someone in their mid-70s getting coronavirus is worrying and whatever your ...
The outlook is on a knife edge as a rally towards old overhead supply between $1902/$1926 has begun to consolidate. Dollar moves remain crucial to the near term direction for gold. Uncertainty over the progress over US fiscal support is generating ...