- This topic has 28,092 replies, 54 voices, and was last updated 12 hours, 13 minutes ago by .
-
XAUUSD (GOLD)
Anyway you look at his it was a confounding day for the bull side unless you followed Bobby’s post where ihe indicated a risk of a correction.
Now dependent on 3377 holding to check the downside (3338 is risk below it)
Back above 3400-07 needed to neutralize the risk, back above 3425 would shift risk to 3450.
Note risk on mood easing but XAUUSD so far not paying notice.
XAUUSD (GOLD) 1 HOUR CHART
SocGen’s Economic News Summary
Societe Generale in its early Monday economic news summary pointed out:
— Risk aversion subsides, S&P futures +0.2%, USDCHF steady at 0.8110. Yields up led by Australian government bonds (10-year +8bps), United States Treasury +3bps to 4.42%.
— European Central Bank’s de Guindos: tariffs will weigh on eurozone economic growth and prices for years, but there is little risk of inflation falling too low, euro surge against the US dollar isn’t a major worry.
— China’s retail sales surprise to the upside in May, Q2 gross domestic product tracking 5%. Industrial production eased to 5.8% year over year, FAI year-to-date 3.7%. Retail sales accelerate to 6.4% on Labor Day holiday, consumption subsidies and earlier start of 618 shopping festival. Property investment slump worsens to -10.7% year over year. USDCNY bid at 7.1850. 10-year CGB yield flat at 1.70%.
— CFTC weekly positioning: long euro raised to 11.5%, long yen trimmed to 37.3%, long sterling upped to 24.1%, short Canadian dollar (CAD or loonie) cut to 32.3%, Australian dollar shorts steady at 31.2%, short Swiss franc drop to 32.3% and long Mexican peso trimmed to 34.7%.
— Week ahead: G7 in Canada, Federal Reserve to stand pat, update forecasts and dot-plot. U.S. retail sales. Bank of Japan, Bank of England, Norway’s Norges Bank, Turkey, Taiwan, Brazil and Indonesia central banks forecast to keep rates on hold. Swiss central bank (SNB) forecast to cut 25bps, Sweden’s Riksbank 25bps cut in the balance. Final eurozone and United Kingdom consumer price index. Chinese banks to leave the one- and five-year LPRs unchanged at 3.0% and 3.5%.
— Nikkei +1.1%, EUR 10-year IRS +3bps at 2.59%, Brent crude +0.5% at $74.6/barrel, Gold -0.5% at $3,416/oz.
Nikkei chart
DAX
After reaching 23.360 low on Friday, Dax rebounded today sharply – high 23.711.00
Resistances above the head are at : 23.735, 23.905 & 24.050
Supports: 23.505, 23.360 & 23.200
Most important is for Dax to stabilise above  23.200 and to slowly start turning Up again.
However, loss of that support would open a can of worms and for now I wouldn’t like to go there 😀
What’s Hot and What’s Not?
What’s Hot?
All currencies vs, USD, led by NZD, AUD and EUR in that order
US stock indices
US bonds (lukewarm) yields down slightly
Bitcoin up
What’s Not?
USD… Down on risk on and Iran looking for a ceasefire but expect it to be met with skepticism
GOLD… more than reversing opening week spike that failed around 3450
Crude oil… more than reversing opening week spike and helping to set a risk on tone
Is Iran looking to buy time?… a ceasefire will be a sticking point as Israel will be in no rush to call a truce
Not much reaction to the headline..XAUUSD slipping but still above 3400, risk on mood in stocks
- You must be logged in to reply to this topic.