Dec 12 (Reuters) - Gold prices recovered from a three-week low hit the previous session, as a weaker dollar provided support on Tuesday ahead of U.S. inflation data and major central bank policy meetings expected to yield clues on interest rates.
Spot gold was up 0.4% at $1,988.69 per ounce, as of 1211 GMT. U.S. gold futures rose 0.5% to $2,004.10...[LINK]
Given the fundamental and technical events of the last two weeks, the trend in gold and silver has shifted back in favor of the bear camp.
From a technical perspective, the massive rally last week exhibited a classic blowoff top and reversal with confirmation from an explosion in trading volume and a subsequent decline in open interest.
From a fundamental perspective, the mainstay of the bull case in precious metal markets since October has been a weakening dollar which now appears to have recovered especially with the market's decision that despite signs of US slowing, the US will likely hold up better than most in the face of the lagged headwinds from the unprecedented rate hike cycle...[MORE]
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Gold prices declined on Monday pressured by a firm U.S. dollar, as investors look ahead to several major central bank meetings and U.S. inflation data this week for further clarity on the interest rate path.
Spot gold was down 0.4% at $1,994.70 per ounce. U.S. gold futures eased 0.3% to $2,009.10...[LINK]
Predicting the reaction in gold and silver to today's US payroll report is difficult as the precious metal trade this week has periodically delinking with key outside market drivers in place over the prior two months.
Recently, the focus of gold and silver has shifted primarily to the dollar with US treasury rates a secondary and inconsistent influence.
Pushed into the market, we favor the bear track with the aggressive blowoff reversal and a follow-through slide in gold and silver prices this week threatening the bull camp...[MORE]
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Dec 8 (Reuters) - Gold prices were flat on Friday, as markets looked forward to the crucial U.S. jobs data for more clues on the Federal Reserve's monetary policy decision, although a firmer dollar kept bullion on track for its first weekly fall in four.
Spot gold was up 0.1% at $2,029.49 per ounce by 1203 GMT. Bullion, however, has fallen nearly 1.9% for the week so far. U.S. gold futures were flat at $2,046.00...[LINK]
In retrospect, gold and silver bulls should be disappointed/discouraged by the lack of bullish response to what has been a consistently falling implied US treasury yields but that support has been aggressively countered by residual signs of strength in the dollar.
Yesterday the laser focus on the prospect of a US rate cut early next year was lost again as cumulatively this week's jobs reports have signaled slowing.
Perhaps the trade is waiting for ultimate confirmation of slowing from the most important jobs report of the cycle, the nonfarm payroll report on Friday...[MORE]
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Dec 7 (Reuters) - Gold prices climbed on Thursday, buoyed by a weakness in the dollar and Treasury yields, with investors awaiting crucial U.S. payrolls data that could help ascertain the Federal Reserve's interest rate trajectory.
Spot gold rose 0.4% to $2,032.90 per ounce by 1155 GMT. U.S. gold futures gained 0.1% to $2,050.20...[LINK]