Blog posts of '2023' 'November'

The technical and fundamental bias has shifted up for gold and silver following the latest update on the status of US Fed policy.

Obviously, the idea that the Fed will be on hold in the December 13th meeting, the downside breakout in US treasury yields today, and the definitive reversal/gap downslide in the dollar early this morning gives the edge to the bull camps in gold and silver.

However, the initial gains are somewhat disappointing given the noted favorable shift in market psychology, especially with the potential for the war to provide out-of-nowhere buying...[MORE]

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Nov 2 (Reuters) - Gold prices rose on Thursday, supported by a retreat in the U.S. dollar and Treasury yields as investors wagered that the Federal Reserve may have concluded rate hikes after the central bank held interest rates steady.

Spot gold was up 0.3% at $1,988.40 per ounce at 1120 GMT. U.S. gold futures gained 0.5% to $1,996.70...[LINK]

After starting the week with a gap-up opening, gold prices are now back to where they started, despite the Middle East conflict continuing to get messier. Yesterday saw the Israelis blow up a refugee camp where a Hamas commander was hiding.

Of more importance today is the Federal Reserve's interest rate decision and, more importantly, wording from the statement and Fed press conference.

While the gold market has displayed some bullish resiliency throughout October, a lack of incendiary developments in the Middle East and renewed strength in the US dollar initially stalled December gold again around the $2,017.70 level and ultimately prompted a wave of long profit-taking yesterday...[MORE]

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Nov 1 (Reuters) - Gold was flat on Wednesday ahead of the Federal Reserve’s policy decision, while all eyes will be on Chair Jerome Powell’s speech later for guidance on rate path.

Spot gold was little changed at $1,983.32 per ounce by 1214 GMT. U.S. gold futures ticked lower by 0.1% to $1,992.40...[LINK]