Haresh Menghani

Haresh Menghani

Haresh Menghani, Financial Markets Analyst and New Editor, joined FXStreet team after accumulating 8 year of rich experience in analysing global financial markets. Haresh holds Masters degree in Business Administration and Financial Analysis.

Articles by Haresh Menghani

Gold price remains on the defensive below $2,748-2,750 hurdle amid positive risk tone

Gold price attracts some dip-buying on Monday and draws support from a combination of factors. 
Middle East tensions, US election jitters and a modest USD pullback seem to benefit the XAU/USD. 
Bets for smaller Fed rate cuts and rising US bond yields might cap the upside for the precious metal.
Gold price (XAU/USD) struggles to capitalize on its intraday bounce and remains below the $2,748-2,750 supply zone through the early part of the European session on Monday. Safe-haven demand stemming from Middle East tensions and US election jitters continues to act as a tailwind for the precious metal. Apart from this, a modest US Dollar (USD) pullback from its highest level since July 30 turns out to be another factor lending some support to the commodity. 

That said, the

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Gold price remains on the defensive amid repositioning ahead of the US CPI data release

Gold price trades with modest losses for the second straight day amid a positive risk tone. 
Geopolitical risks, bets for bigger Fed rate cuts and subdued USD demand to lend support.
Traders might also prefer to wait for the release of the crucial US consumer inflation data. 
Gold price (XAU/USD) attracts fresh sellers following an Asian session uptick to the $2,472-2,473 area and turns lower for the second successive day on Wednesday. A generally positive tone around the equity markets is seen as a key factor driving flows away from the safe-haven precious metal. Apart from this, the downtick could further be attributed to some repositioning trade ahead of the crucial US consumer inflation figures, due for release later today.

In the meantime, fears about a wider

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USD/JPY edges higher in a familiar range, retakes 147.00 mark amid risk-on mood

USD/JPY regains positive traction on Tuesday, albeit the uptick lacks bullish conviction. 
A positive risk tone undermines the safe-haven JPY and lends some support to the pair.
Bets for bigger Fed rate cuts weigh on the USD and should cap gains ahead of the US CPI.
The USD/JPY pair attracts some dip-buying during the Asia session on Wednesday and climbs back above the 147.00 mark in the last hour, reversing the previous day’s modest downfall. Spot prices, however, remain confined in a familiar range held over the past week or so as traders keenly await the US consumer inflation figures before positioning for the next leg of a directional move. 

The closely-watched US Consumer Price Index (CPI) report is due for release later today and will be looked upon for cues

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Gold price ticks lower amid positive risk tone and some repositioning ahead of US inflation

Gold price pulls back from the vicinity of the monthly peak retested earlier this Tuesday.
Bulls opt to lighten their bets amid a positive risk tone and ahead of the US inflation data.
Geopolitical risks and bets for a 50-bps rate cut by the Fed should help limit the downside.
Gold price (XAU/USD) attracts some sellers following an Asian session uptick back closer to the monthly peak and erodes a part of the previous day’s strong gains of more than 1%. A generally positive tone around the equity markets turns out to be a key factor undermining demand for the safe-haven precious metal. Bulls further opt to lighten their bets ahead of the release of the key US inflation figures – the Producer Price Index (PPI) and the Consumer Price Index (CPI) on Tuesday and

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Gold price consolidates post-US CPI losses, seems vulnerable near two-month low

Gold price (XAU/USD) extends its sideways consolidative price move and remains depressed below the $2,000 psychological mark, or a two-month low heading into the European session on Monday. The stronger-than-expected US consumer inflation report released on Tuesday fueled speculations that the Federal Reserve (Fed) will wait until the June policy meeting before cutting interest rates.

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USD/CHF sits near 1-week tops, just below mid-0.9700s

Technical levels to watch

USD/CHF edges higher for the fourth consecutive session on Thursday. The risk-on mood weighed on the safe-haven CHF and remained supportive. A pullback in the US bond yields kept a lid on the USD and capped gains. The USD/CHF pair now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow trading band near one-week tops, just below mid-0.9700s.

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USD/CHF consolidates in a range, below 0.9700 handle

Technical levels to watch

USD/CHF consolidates Friday’s goodish intraday positive move. The prevalent cautious mood seemed to have capped the upside. The USD/CHF pair was seen oscillating in a narrow trading band below the 0.9700 mark on Monday and consolidated the previous session’s goodish positive move.

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USD/CHF hammered down to sub-0.9900 levels, 2-week lows

Technical levels to watch

USD/CHF lost some additional ground for the second straight session on Tuesday. A subdued USD demand, stability in equity markets did little to provide any respite. Trump’s latest remarks opened the room for a further intraday depreciating move. The USD/CHF pair witnessed some follow-through selling on Tuesday and dropped to near two-week lows, below the 0.9900 handle in the last hour.

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USD/CHF technical analysis: Bulls struggle to extend the recovery beyond 0.9900 handle

USD/CHF daily chart

Renewed US-China trade optimism helped regain some traction. The uptick lacked bullish conviction and warrants some caution. The USD/CHF pair stalled its recent pullback from levels beyond 200-day SMA and regained some traction on the last trading day of the week. Renewed trade optimism weighed on the Swiss franc’s safe-haven status and led to a modest recovery, though bulls struggled to extend the momentum beyond the 0.9900 handle. 

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USD/CHF technical analysis: Jumps back closer to over 1-week tops

USD/CHF 1-hourly chart

The intraday pullback finds decent support ahead of 0.9900 handle. Move beyond 0.9935 will set the stage for additional near-term gains. The USD/CHF pair did witness some intraday pullback but showed some resilience below 38.2% Fibonacci level of the 1.0028-0.9837 recent downfall. The pair managed to find decent support near 200-hour SMA and has now moved back closer to over one-week tops set earlier this Friday.

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USD/CHF technical analysis: Breaks below 0.9940 confluence support, turns vulnerable

USD/CHF daily chart, June - November 2019

The pair remains under some selling pressure for the second straight session. The ongoing slide dragged it below a two-month-old ascending trend-channel. Bears might now aim towards challenging the 0.9900 round-figure mark. The USD/CHF pair extended this week’s rejection slide from the vicinity of the key parity mark and remained under some selling pressure for the second consecutive session.

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USD/CHF technical analysis: Pivots around 200-day SMA, near mid-0.9900s

USD/CHF daily chart, July-November 2019

Continued with its struggle to extend the momentum beyond 200-DMA. Bears eye a decisive break below the ascending trend-channel support. Bulls are likely to await a sustained strength above the key parity mark. The USD/CHF pair failed to capitalize on last week’s attempted rebound from a support marked by the lower end of a two-month-old ascending trend-channel and met with some fresh supply on Monday.

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USD/CHF technical analysis: Bulls trying to defend multi-week old ascending trend-channel

USD/CHF daily chart, June - October 2019

Fading safe-haven demand undermined the CHF demand and extended some support. Bears await a sustained weakness below short-term ascending channel support. The USD/CHF pair struggled to register any meaningful recovery and remained well within the striking distance of near three-week lows set in the previous session, coinciding with the lower end of a multi-week-old ascending trend-channel.

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USD/CHF technical analysis: Manages to hold above 0.9800 handle, 200-hour SMA

USD/CHF 1-hourly chart

The USD/CHF pair struggled to sustain above 61.8% Fibo. level of the 0.9879-0.9714 recent slump and seems to have stalled this week’s recovery move from the 0.9700 neighbourhood. The intraday downtick remained cushioned near the 0.9800 handle, which coincides with 100/200-hour SMA confluence region and should act as a key pivotal point for intraday traders.

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