We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • 🇮🇹 Retail Sales MoM (MAY) Actual: 25.2% Previous: -10.5% https://www.dailyfx.com/economic-calendar#2020-07-07
  • Chinese gold reserves $110.76bln at the end of June from $108.29bln at the end of May, according to the PBoC
  • EU Commission - Euro Area GDP 2020 forecast at -8.7% (-7.7% previous) - 2021 GDP forecast at 6.1% (6.3% previous)
  • 🇮🇹 Retail Sales MoM (MAY) Actual: 25.2 Previous: -10.5% https://www.dailyfx.com/economic-calendar#2020-07-07
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.38%, while traders in US 500 are at opposite extremes with 71.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tjZNp13KdF
  • Heads Up:🇮🇹 Retail Sales MoM (MAY) due at 08:00 GMT (15min) Previous: -10.5% https://www.dailyfx.com/economic-calendar#2020-07-07
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: -0.11% Silver: -0.86% Oil - US Crude: -0.92% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/lEzwwnbzPY
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:https://t.co/vg7w10la3j https://t.co/s1hwlaOtlm
  • RT @DanielGMoss: France's #CAC40 seems poised to fall alongside Spain's #IBEX35 benchmark index as souring risk appetite fuels European fin…
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.04% 🇬🇧GBP: -0.12% 🇯🇵JPY: -0.16% 🇨🇦CAD: -0.24% 🇳🇿NZD: -0.25% 🇦🇺AUD: -0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lMQ3TjxhBC
Gold Prices Target Late-2013 High as Yield Curve Inversion Widens

Gold Prices Target Late-2013 High as Yield Curve Inversion Widens

2019-06-24 23:00:00
Daniel Dubrovsky, Analyst
Share:

Asia Pacific Market Open Talking Points

  • Gold prices target August 2013 high as US recession fears rise and bond yields fall
  • NZDUSD and AUDUSD maintain gains despite S&P 500 struggle near record-highs
  • GBPUSD lower as Boris Johnson comments on Brexit, Asia stocks may trade mixed

Trade all the major global economic data live as it populates in the economic calendar and follow the live coverage for key events listed in the DailyFX Webinars. We’d love to have you along.

Gold Prices Extends Rally as US Recession Fears Rise

Gold prices are up over 11 percent from the bottom in late April, extending recent aggressive behavior as US government bond yields continue falling in the aftermath of last week’s Fed monetary policy announcement. On Monday, it was no different as the anti-fiat precious metal climbed and the US Dollar aimed cautiously lower.

Yet, Wall Street was unable to capitalize on prospects of easing from the central bank, with a July interest rate cut fully priced in by Fed funds futures. The S&P 500 fell 0.17 percent as it kept struggling to hang on to a record-high close. The spread between 10-year and 3-month bond yields, which remains inverted since May 23, widened after narrowing for three days in a row, possibly indicating rising bets of a US recession.

Gold Technical Analysis

Looking at a gold daily chart, XAUUSD confirmed another close above the March 2014 high at 1392. Prices are quickly approaching the August 2013 high at 1433. From a technical standpoint, gold’s upside momentum picked up pace after testing the rising support line from August 2018, further solidifying it as key support in the event of a downturn in the medium-term.

Gold Daily Chart

Gold Prices Target Late-2013 High as Yield Curve Inversion Widens

*Charts Created in TradingView

Despite the rather lackluster performance in European and US equities, the pro-risk Australian and New Zealand Dollars aimed little higher. The former was boosted earlier in the day when RBA Governor Philip Lowe cooled near-term rate cut expectations. As for NZDUSD, it held to gains accumulated from Monday’s APAC session while capitalizing on Greenback weakness later in the day,

Tuesday’s Asia Pacific Session

Heading into Tuesday’s Asia Pacific trading session, S&P 500 futures are little changed with a slight downside bias. This points to a mixed session ahead as investors await this week’s crucial G20 summit for US-China trade updates. The British Pound is aiming cautiously to the downside after Boris Johnson, favored candidate for UK Prime Minister, said that Parliament is ready to back a “no-deal” Brexit.

FX Trading Resources

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.