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Blog posts of '2024' 'February'

Zaner Daily Precious Metals Commentary
Thursday, February 29, 2024

Not surprisingly, the markets expected to be impacted by today's critical US inflation reading (PCE) and they have forged tight trading ranges again overnight as many traders avoid implementing fresh positions in front of what could be a critical trend-deciding report in the form of US PCE later today.

Fortunately for the bull camp, open interest in gold has come down significantly since the middle of last month, potentially suggesting the market found solid value earlier this month around $2,000.

Unfortunately for the bull camp, a US PCE reading above +0.3% will likely relaunch the dollar sharply higher and set the stage for a return to $2,000 in April gold in the coming sessions...[MORE]

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Gold treads cautiously as US PCE data takes spotlight
Thursday, February 29, 2024
Feb 29 (Reuters) - Gold remained trapped within a narrow range on Thursday, as investors exercised patience in the run up to a key U.S. inflation number and remarks from Federal Reserve officials to glean clarity on the trajectory of interest rates.
 
Spot gold was little changed at $2,030.62 per ounce, as of 1058 GMT, trading in a narrow $7 range in the session so far. U.S. gold futures eased 0.2% at $2,038.80...[LINK]
Morning Call
Thursday, February 29, 2024

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

Quote Board

U.S. calendar features Personal Income, PCE, Initial Jobless Claims, Chicago PMI, Pending Home Sales Index, Ag Prices.

FedSpeak dues from Bostic, Goolsbee, Mester & Williams.

Zaner Daily Precious Metals Commentary
Wednesday, February 28, 2024

With an upside breakout in the US dollar overnight surprisingly forged in the wake of a series of soft US data points over the last 5 sessions, the markets are expecting today's US GDP report to partially right the ship of the US economy.

However, it is also possible the dollar is feeding higher off persistent hawkish views from Federal Reserve members which could be expected to reach a fever pitch just before midsession today with the Fed's Bostic, Collins, and Williams speaking just ahead of midsession.

Expectations for US GDP call for no revision in a previous growth rate of 3.3%. While not a definitive bullish impact, a Russian gold mining group indicated last year's gold production declined by 6.8% on a base output of 412,500 Troy ounces...[MORE]

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Gold hurt by dollar rebound; traders eye key data for Fed rate cut timing
Wednesday, February 28, 2024
Feb 28 (Reuters) - Gold prices edged down for a third straight day on Wednesday, hurt by a rebounding U.S. dollar, ahead of crucial economic data which help shape investors' view on the timing of the Federal Reserve's interest rate cuts.
 
Spot gold slipped 0.1% at $2,026.71 per ounce, as of 1049 GMT. U.S. gold futures fell 0.4% to $2,035.90 per ounce...[LINK]
Morning Call
Wednesday, February 28, 2024
Good morning. The precious metals are lower in early U.S. trading.
 
Quote Board
 
U.S. calendar features Adv. Indicators: Goods Trade, Q4 GDP 2nd Report, EIA Data.
 
FedSpeak due from Bostic, Collins, & Williams.
Zaner Daily Precious Metals Commentary
Tuesday, February 27, 2024

With a three-day low in the dollar extending a lower high and lower low pattern and US treasuries posting early gains, gold and silver bulls have an edge from outside market action.

The dollar was clearly undermined by disappointing US new home sales readings for January yesterday, and we suspect the trade saw some anticipatory selling ahead of what is expected to be a very soft US durable goods report today (expectations -4.5%).

While we think softer economic activity will undermine gold and silver prices because of the recent focus on the potential for improved physical demand, it is possible a very disappointing US durable goods report will knock the dollar sharply lower and in turn help gold and silver find firm support...[MORE]

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Gold rebounds as US dollar, yields slip with eyes on Fed guidance
Tuesday, February 27, 2024
Feb 27 (Reuters) - Gold prices inched up on Tuesday, buoyed by a weaker U.S. dollar and bond yields, ahead of a key inflation report and comments from Federal Reserve officials for further clues on when interest rate cuts will commence.
 
Spot gold was up 0.4% at $2,038.15 per ounce as of 1229 GMT, hovering near its highest since Feb. 7 hit on Friday. U.S. gold futures rose 0.4% to $2,047.30 per ounce...[LINK]
Morning Call
Tuesday, February 27, 2024
Good morning. The precious metals are higher in early U.S. trading.
 
Quote Board
 
U.S. calendar features Durable Orders, S&P/Case-Shiller Home Price Index, FHFA Home Price Index, Consumer Confidence, Richmond Fed Index, M2, FedSpeak from Barr.
Zaner Daily Precious Metals Commentary
Monday, February 26, 2024

The action in gold this morning should be concerning to the bull camp as the dollar remains vulnerable on its charts with five straight days of lower highs.

While not a major supportive development, treasury prices have added to last week's late rebound early today.

With a lack of global economic data overnight, generally lower equities, and a veritable avalanche of US scheduled data ahead this week some gold longs might be taking profits and moving to the sidelines temporarily...[MORE]

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