something interesting

<  BACK TO Market Analysis

GBP/JPY Technical Analysis:

GBPJPY_tech-analysis_Forex_FXPIG
  • Middle East tension spurs demand for perceives safe-haven assets.
  • A sharp fall in the US bond yields remained supportive of the move.
  • Investors now eye US ISM PMI, FOMC minutes for a fresh impetus.

Gold continued scaling higher through the early European session on Friday and climbed to four-month tops, around the $1545 region in the last hour.

The precious metal built on its recent strong gains and gained some strong follow-through traction for the fourth consecutive session on the last trading day of the week amid reviving safe-haven demand. Escalating geopolitical tension in the Middle East triggered a fresh wave of the global risk aversion trade and provided a strong boost to traditional safe-haven assets, including gold.

Gold benefits from escalating geopolitical tensions

Tensions in the Middle East intensified on reports that US airstrike killed Qassem Soleimani, the Iranian general who led the Revolutionary Guards’ Quds force. Iran’s supreme leader, Ayatollah Ali Khamenei, has vowed that “severe retaliation” awaits those who killed the commander and raised prospects of a further escalation in geopolitical tensions in the Middle East.

The risk-off mood was evident from a sea of red across the global equity markets and reinforced by a sharp fall in the US Treasury bond yields, which further played their part in providing an additional boost to the non-yielding yellow metal. Meanwhile, a subdued US dollar price action did little to influence the dollar-denominated commodity or hinder the momentum to the highest level since September 5.

Moving ahead, Friday's release of the US ISM Manufacturing PMI will now be looked upon for some short-term trading impetus later during the early North-American session. The key focus, however, will remain on the latest FOMC monetary policy meeting minutes, which might play a key role in determining the commodity's next leg of a directional move.

Source: fxstreet

  • Middle East tension spurs demand for perceives safe-haven assets.
  • A sharp fall in the US bond yields remained supportive of the move.
  • Investors now eye US ISM PMI, FOMC minutes for a fresh impetus.

Gold continued scaling higher through the early European session on Friday and climbed to four-month tops, around the $1545 region in the last hour.

The precious metal built on its recent strong gains and gained some strong follow-through traction for the fourth consecutive session on the last trading day of the week amid reviving safe-haven demand. Escalating geopolitical tension in the Middle East triggered a fresh wave of the global risk aversion trade and provided a strong boost to traditional safe-haven assets, including gold.

Gold benefits from escalating geopolitical tensions

Tensions in the Middle East intensified on reports that US airstrike killed Qassem Soleimani, the Iranian general who led the Revolutionary Guards’ Quds force. Iran’s supreme leader, Ayatollah Ali Khamenei, has vowed that “severe retaliation” awaits those who killed the commander and raised prospects of a further escalation in geopolitical tensions in the Middle East.

The risk-off mood was evident from a sea of red across the global equity markets and reinforced by a sharp fall in the US Treasury bond yields, which further played their part in providing an additional boost to the non-yielding yellow metal. Meanwhile, a subdued US dollar price action did little to influence the dollar-denominated commodity or hinder the momentum to the highest level since September 5.

Moving ahead, Friday's release of the US ISM Manufacturing PMI will now be looked upon for some short-term trading impetus later during the early North-American session. The key focus, however, will remain on the latest FOMC monetary policy meeting minutes, which might play a key role in determining the commodity's next leg of a directional move.

Source: fxstreet

lastest Articles

Market Analysis
US: Industrial production to retreat again in December – TDS
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
European stocks aim at fresh record on China data and Wall Street’s optimism
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Breaking: GBP/USD drops below 1.3100 after UK Retail Sales drop 0.6% MoM in Dec vs. +0.7% expected
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Crude Oil Futures: deeper pullback loses traction
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD prints weekly highs above 1.1160 ahead of ECB, data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Mixed feelings about the trade deal, US retail sales eyed, cryptos consolidate
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Futures: further signs of consolidation
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Crude Oil Futures: an interim low seems in place
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Tariffs weigh on markets, pound recovers ahead of data, Bitcoin takes a breather
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD Price Analysis: Focus remains on the 200-day SMA near 1.1140
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US: Focus on Fed speak and CPI today – Rabobank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Trade optimism sends USD/JPY above 110, cryptos climb, US inflation eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week ahead – It’s a trade deal!
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Company News
The WAIT Is Over
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BOE’s Tenreyro: UK labor market is not tightening further, GBP/USD drops 20-pips
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD stays cautious near 1.1100 ahead of Payrolls
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
AUD/USD pares early gains, turns red near 0.6860
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold drops to fresh weekly lows, around $1540 level
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Sell-offs in gold, oil and Bitcoin following Mid-East calm, central bankers eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/JPY Technical Analysis: Bulls struggling near 141.20-30 confluence support
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold hits fresh multi-month tops, around $1545 region
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Fear grips markets as US kills top Iranian commander, ISM, FOMC awaited
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD: Recovery mode intact on 1.32 after UK Final Dec Manufacturing PMI disappoints with 47.5
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
AUD/USD: Weaker around 0.7000 as USD recovers
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Bulls look to test multi-month highs near 1.1240
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
PAMMs Yearly Update
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/CAD struggles to shakes off bearish pressure, trades around 1.3070
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: EUR/USD tops 1.12, AUD/USD nears 0.70, as end-of-year dollar pressure set to extend
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead: Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Company News
Merry Christmas
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Canada: Weakness in consumer spending continues – RBC
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Gold outshines amid trade deal woes in Christmas Eve markets
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Bounce still capped below 1.1100 ahead of US data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Pre-Chirstmas quiet trading seeps in alongside US-China trade optimism, US data eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Asian stocks: Political pessimism weighs over US-China trade progress
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead: Market in Holiday Mode Despite Impeachment and Brexit
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Company News
Christmas and New Year Trading Schedule
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD: Supported here?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: More downside? – Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
China's Premier Li: Pressure on China's economy could be even bigger next year
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BOJ’s Kuroda: Will continue to closely watch developments of US-China trade talks
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Trump’s Forex Today: Trump’s impeachment caps dollar gains, Aussie jobs boost AUD; focus on BOE, Brexit drama
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/GBP: Capped here – Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Former ECB Head Draghi: Central banks must be ready to use all tools in their mandate
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Brexit redux and trade fears continue to hurt risk appetite, favor dollar
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BOJ's next move is to dial back stimulus - Reuters poll
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD off lows, still below 1.1150 amid USD comeback
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Fresh Brexit risks pound GBP, Aussie hit by RBA; UK jobs next of note
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Powell punches dollar, Boris' judgment day, Trump's tariffs decision, Lagarde's ECB debut
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: On a high – Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold sidelined near $1465 level, FOMC awaited
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Fed may cut once more – Danske Bank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Shirking majority for Johnson, Fed to stand pat through 2020?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – The UK election is upon us
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY Technical Analysis: Bears challenge 50-DMA, ascending trend-line confluence support
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD sidelined around 1.1100 ahead of key US data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Happy Friday for trade talks, GBP/USD holding onto Boris boost, all eyes on the NFP
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
OPEC+ said to discuss deeper oil cuts – RTRS
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold holds steady near $1475, weaker USD lends some support
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Kiwi lifted by RBNZ amid cautious optimism; eyes on OPEC+ meet, trade
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Asia: PMIs back in expansion territory – TDS
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD stays firm near 1.1100, looks to data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BoC Preview: Major Banks expecting BoC to hold fire today
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US: Mixed manufacturing data – Deutsche Bank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold: Back in the red around $ 1460 amid USD comeback
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Trump's tariffs weigh on USD before meeting Boris, AUD surges, EUR rising
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Australia: Dwelling approvals weaken – Westpac
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
UK Industry: Brexit, weak global demand to hurt UK in 2020
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: China lifts mood, Boris and Merkel in trouble, critical data kicks off December
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead - Market Awaits China Retaliation on Trade
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BOJ’s Kuroda: Not thinking of further easing at present
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD looks for direction near 1.10 ahead of key data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Soggy Black Friday mood, GBP/USD retreats, EZ inflation awaited
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
AUD/USD struggles near multi-week lows, just above mid-0.6700s
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB’s Villeroy: Brexit uncertainty likely to last for at least some quarters in the future
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Sterling surges as poll backs Boris, dollar bulls thankful, Trump angers China
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
If Trump refuses to roll back tariffs, loss to American farmers could be permanent – Global Times
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD is offered near term – Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Massive pre-holiday US data dump, Trump holding back deal, critical UK poll eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
UK: Disorderly Brexit comes off the table – ABN AMRO
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD faces dual resistance lines, downside is easier – Confluence Detector
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Markets doubt US-Sino progress, Powell sees glass filling, GBP/USD spooked by poll
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD could still re-test the vicinity of 1.1100 – Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Cheering China's olive branch to Trump, Boris extends lead, EUR/USD faces test
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Risk sentiment buoyed by trade optimism, focus on German IFO
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Markets remain fixated with the US-China Trade War and Brexit
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
JPY Futures: looks neutral/bullish near-term
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB’s Lagarde: We face a global environment that is marked by uncertainty
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Breaking: EUR/USD jumps to 1.1085 as German Preliminary Manufacturing PMI surprises positively with 43.8
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD clings to gains near 1.1080 ahead of ECB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold flirting with session lows, around $1470 region
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Trump's trade deal in trouble, Boris bounces back, EUR/USD awaits ECB Minutes
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price News & Forecast: XAU/USD $1,475 continues to cap upside
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOMC minutes: Key event ahead
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: US Senate's HK bill weighs on sentiment, Corbyn crashing the pound, Fed minutes awaits
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY technical lines drawn as trade uncertainty persists – Confluence Detector
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
OPEC's share of Indian oil imports in October hits lowest since 2011 – Reuters
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar depressed amid trade skepticism, Bitcoin battered, Johnson-Corbyn debate eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
AUD/USD Technical Analysis: Upside is likely to remain capped near a support-turned-resistance
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
RBNZ likely to have two further cuts in May and August next year
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613