Blog posts of '2023' 'May'

With a fresh new high for the move in the dollar to the highest level since March 15th yesterday, the gold market is short-term overbought and is facing ongoing currency-related pressure.

Surprisingly, silver has avoided the pressure seen in the early gold trade thereby signaling its continued focus on physical commodity fundamentals instead of financial/currency-related factors.

However, gold and silver should see minimal support from a continued slide in US interest rates today...[MORE]

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May 31 (Reuters) - Gold prices steadied on Wednesday yet was headed for its first monthly decline in three as the U.S. dollar climbed on expectations the Federal Reserve would keep interest rates higher for longer than previously thought.

Spot gold was largely unchanged at $1,958.69 per ounce by 1123 GMT. It has lost nearly 1.6% so far this month and $120 from its near-record highs earlier in May...[LINK]

Good morning. The precious metals are mixed in early U.S. trading.

U.S. calendar features Chicago PMI, JOLTS Job Openings, Beige Book, Ag Prices.

FedSpeak due from Collins, Barker, Harkin, & Jefferson.

May 30 (Reuters) - Gold prices bounced back from their lowest level in more than two months on Tuesday as the dollar backtracked from highs, while lingering concerns over U.S. debt ceiling negotiations has kept investors on edge and rekindled demand for safe-haven bullion.

Spot gold rose 0.6% to $1,954.79 per ounce by 1045 GMT after hitting its lowest since March 17. U.S. gold futures were up 0.49% to $1,954.00...[LINK]

Good morning. The precious metals are higher in early U.S. trading.

U.S. calendar features Case-Shiller Home Price Index, FHFA Home Price Index, Consumer Confidence, Dallas Fed Index.

Even though August gold has recovered from a fresh low for the move overnight, the charts generally favor the bear camp.

According to some press outlets, gold is higher this morning because of a retrenchment in the dollar, but that retrenchment is insignificant early on with dollar charts retaining a bullish setup.

However, the parties to the debt ceiling negotiations appear to be so confident in their ability to strike a deal next week, that the President and Congress are leaving Washington for the holidays...[MORE]

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May 26 (Reuters) - Gold prices edged up from two-month lows on Friday, helped by a dip in the U.S. dollar as traders assessed the progress of U.S. debt ceiling negotiations and the Federal Reserve’s rate hike path ahead.

Spot gold was up 0.7% to $1,953.03 per ounce at 1002 GMT, while U.S. gold futures were up 0.5% to $1,952.90...[LINK]

Good morning. The precious metals are higher in early U.S. trading.

U.S. calendar features Durable Orders (-1.1% exp), Trade, Personal Income (+0.4% exp), PCE, Michigan Sentiment Final.

May 25 (Reuters) - Gold prices edged up on Thursday as investors waited for developments in drawn-out debt ceiling negotiations in Washington, with gains in bullion capped by the U.S. dollar rising to a more than two-month high.

Spot gold was 0.2% higher at $1,961.77 per ounce by 1155 GMT. U.S. gold futures eased 0.1% to $1,962.60...[LINK]