Blog posts tagged with 'copper'

While gains this morning are not significant in #gold, the market has managed to maintain positive traction despite modest EARLY strength in the #dollar.

However, US treasury rates have posted a lower low in yield, with the lowest yield registered since August 15th. Unfortunately for the bull camp, gold ETF holdings fell by a significant 163,346 ounces yesterday pushing year-to-date sales to 4.1%.

In another negative demand development overnight Chinese net gold imports through Hong Kong declined 26% last month with overall Chinese net imports AT 25.7 metric tons compared to 34.6 in the previous month...[MORE]

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Not surprisingly, with the #dollar posting a 4-day low overnight, the #gold market has extended the reversal and forged a 3-day high in the early trade today.

Adding to the slight improvement in outside market conditions is a slight dip in treasury yields, which have been applying significant pressure to gold, especially with yesterday's treasury yields reaching the highest levels in 16 years.

Traders should expect little reaction in gold to US scheduled data today and instead expect an avalanche of Fed speeches from Jackson Hole to provide the beginning of a narrative for the Fed's September policy decision...[MORE]

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While the dollar remains below its multi-month high in the early action today, it appears to be poised to forge a higher high later today which will certainly threaten gold which is tracking moderately higher in the early going.

Fortunately for the bull camp, US interest rates are showing a lower track early and commodities in general are showing positive action.

However, gold continues to face bearish internal forces with gold ETF holdings reduced for the fifth straight session and UBS cutting its year-end gold price forecast...[MORE]

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While the dollar is slightly lower, US rates are slightly lower early and expectations for a pause by the US Fed next month expanded overnight gold and silver do not appear to be interested in a minor shift in outside market influences.

However, the December gold chart has a very uniform and entrenched pattern of lower highs and lower lows leaving the bear camp with a definitive edge from the charts.

Not surprisingly, both gold and silver ETF holdings posted significant declines yesterday as investors flee from instruments that have consistently eroded over the past 35 trading sessions...[MORE]

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With the gold market falling below its 200-day moving average last week, the dollar index rising above its 200-day moving average last Friday, and the dollar managing to strengthen despite mixed to slightly softer US data, outside market forces look to remain a direct pressure on gold and silver prices.

Surprisingly, with growing signs of a loss of momentum in the US jobs market and signs of lingering inflation, the dollar remains in favor which in turn puts the gold and silver markets "out of favor".

Even though gold and silver ETF holdings saw pattern-breaking inflows last Friday, gold holdings last week fell by 141,157 ounces while silver holdings declined by 2.7 million ounces highlighting ongoing investor skittishness toward the instruments...[MORE]

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With a fresh lower low for the move the path of least resistance looks to remain down with today's US PPI report likely to result in the same price reaction as was seen following the US CPI report yesterday.

Certainly, seeing ETFs push money into gold is a positive but we do not detect a full shift in market sentiment in favor of the bull camp.

However, gold and silver might benefit from a generally weaker dollar which partially offsets negative spillover from overnight declines in global equities...[MORE]

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