Blog posts of '2024' 'January'

While it appears gold and silver have settled into sideways consolidation patterns, that is likely to end with tomorrow's US CPI report, especially if a slightly hotter reading is posted. However, analysis of the data is difficult given the potential for fractional change.

The range trade is certainly justified considering that neither gold nor silver has a definitive internal fundamental driven bias with prices of gold within proximity to all-time highs and the speculative positioning in gold futures and options leaving the market vulnerable to stop loss selling on violations of key support.

With the US dollar posting a higher high yesterday and posting a higher low, and treasury prices likely to remain capped, the gold market could fail at the $2,025 level in the coming sessions...[MORE]

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Jan 10 (Reuters) - Gold prices edged up on Wednesday, supported by a slightly weaker U.S. dollar ahead of a critical inflation report that could offer some clues on whether the Federal Reserve will begin cutting interest rates this year.

Spot gold gained 0.2% to $2,033.90 per ounce, as of 1148 GMT. U.S. gold futures rose 0.3% to $2,040.00 per ounce...[LINK]

While gold has recovered from yesterday's spike-down move and has spent the overnight trade in positive territory, the charts have not reversed course and we suspect more declines ahead which in turn should pull down open interest.

In fact, it should be noted that the declines in gold have been accompanied by periodic jumps in trading volume which we think confirms the downward tilt.

While gold has seen outside market influence wain, treasury prices appear to be trending negative for gold, and we see the general impact from outside markets as bearish in the near term...[MORE]

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Gold prices rose on Tuesday after touching a three-week low in the previous session as traders reassessed interest rate cut expectations from the Federal Reserve after a report showed consumers expect lower inflation this year.

Spot gold was up 0.5% at $2,038.99 per ounce after hitting its lowest level since Dec. 18 on Monday. U.S. gold futures rose 0.6% to $2,045.4 per ounce...[LINK]

With a fresh lower low and the lowest trade since December 13th in February gold overnight the downtrend of the last two weeks looks to extend.

Certainly, the gold bulls were initially heartened by the failure to sustain dollar gains after a better-than-expected US jobs report but given the lack of definitively bullish internal fundamental storylines for gold, the bull camp "needs" a definitively weaker dollar!

Not surprisingly, investors remain cool toward gold with ETF holdings last week falling by 349,662 ounces leaving holdings down 0.4% early in the new year...[MORE]

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Jan 8 (Reuters) - Gold prices slid on Monday to trade near a three-week low touched in the last session, as the U.S. dollar and bond yields were buoyant on reduced hopes of an early rate cut by the Federal Reserve and as markets awaited for a key inflation print this week.

Spot gold slipped 0.9% at $2,027.87 per ounce as of 1033 GMT, hovering near its lowest level since Dec. 19 touched in the last session. U.S. gold futures GCcv1 fell 0.7% to $2,034.40...[LINK]