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Blog posts of '2024' 'January'

Zaner Daily Precious Metals Commentary
Wednesday, January 31, 2024

While the charts in gold tilt in favor of the bull camp, the upward bias is likely a simple drift toward the top of the last month and a half consolidation pattern.

Outside market influences early today are offsetting with supportive treasuries countered by minimal strength in the dollar.

The gold market is likely experiencing some headwinds following the release of the World Gold Council's latest report. In fact, global gold demand fell by 5% last year even without including the negative demand registered by outflows from ETF and OTC gold-based instruments...[MORE]

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Gold set to end lacklustre January with eyes on Fed decision
Wednesday, January 31, 2024
Jan 31 (Reuters) - Gold prices are set to end January in negative territory, snapping a three-month gaining streak on Wednesday, following lowered expectations of early interest rate cuts ahead of the U.S. central bank's outlook on policy rates later in the day.
 
Spot gold was flat at $2,037.30 per ounce by 1237 GMT, while U.S. gold futures rose 0.3% to $2,037.30...[LINK]
Morning Call
Wednesday, January 31, 2024
Good morning. The precious metals are mixed in early U.S. trading.
 
Quote Board
 
U.S. calendar features ADP Employment Survey, Q4 ECI Chicago PMI, EIA Data, FOMC Policy Statement, Ag Prices.
Zaner Daily Precious Metals Commentary
Tuesday, January 30, 2024

With April gold breaking out to the highest level since January 19th, US interest rates continuing to decline, and a tight range bound dollar that leaves the bull camp with the edge.

Furthermore, the market should find fresh support from news that Indian 2023 gold imports in their latest fiscal year increased by 26.7%.

However, comparative Indian gold imports from the prior year were also sharply higher potentially suggesting an improved Indian gold import pattern...[MORE]

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Gold prices edge up as traders brace for Fed rate decision
Tuesday, January 30, 2024
Jan 30 (Reuters) - Gold prices ticked up on Tuesday supported by a slightly weaker dollar and lower Treasury yields as investors primed for the U.S. Federal Reserve's policy meeting for updates on the timing of its interest rate cuts.
 
Spot gold was up 0.1% at $2,032.70 per ounce by 1239 GMT. U.S. gold futures rose 0.4% to $2,032.60...[LINK]
 
Morning Call
Tuesday, January 30, 2024
Good morning. The precious metals are mostly lower in early U.S. trading.
 
Quote Board
 
U.S. calendar features Case-Shiller Home Price Index, FHFA Home Price Index, Consumer Confidence, JOLTS Job Openings.
 
2-Day FOMC meeting begins.
Zaner Daily Precious Metals Commentary
Monday, January 29, 2024

With a three-day high and a developing pattern of higher highs and higher lows, the technical picture for gold has improved.

However, with a stronger Dollar to start, the positive start in gold and silver might indicate the metals are embracing flight to quality uncertainty from China which saw a major property company forced by a Hong Kong Court to liquidate its assets.

The markets continue to see chatter regarding rate cuts from the ECB and stories suggesting the Fed is already acting which signal a pivot...[MORE]

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Gold gains on Middle East risks; Fed meeting in focus
Monday, January 29, 2024
Jan 29 (Reuters) - Gold prices firmed on Monday as growing concern over the Middle East bolstered bullion's safe-haven appeal while markets await this week's U.S. Federal Reserve policy meeting for a steer on interest rate expectations.
 
Spot gold gained 0.5% to $2,029.10 an ounce by 1325 GMT and U.S. gold futures were up 0.6% at $2,029.50...[LINK]
Morning Call
Monday, January 29, 2024
Good morning. The precious metals are mostly higher in early U.S. trading.
 
Quote Board
 
U.S. calendar features Dallas Fed Index.
Zaner Daily Precious Metals Commentary
Friday, January 26, 2024

While the CME Fed watch tool pegs the probability of rate cuts in the January, March, and May Fed meetings at 2.6%, 48.1%, and 50.1% respectively we feel there is a slightly higher whisper expectation for a rate cut in the market.

However, with the Feds favored inflation measure (PCE) scheduled for release today and expectations calling for a +0.2%, the prospect of a near-term cut in US rates should remain very small.

In fact, to see a rate cut by the June meeting will likely require some contractionary monthly PCE readings...[MORE]

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