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Blog posts tagged with 'copper'

Zaner Daily Precious Metals Commentary
Wednesday, June 7, 2023

While early action today in gold and silver could produce a narrow trade, the bear camp is somewhat emboldened by comments from a former vice chair of the Fed who predicted further rate hikes this cycle.

The bear camp should also be emboldened by 6 straight outflows from gold and silver ETF holdings. In fact, silver ETF holdings flipped from a net inflow for the year to a net outflow for the year with net sales reaching 3.08 million ounces.

In a minimally supportive demand development (more psychological than physical) Chinese gold reserves at the end of May were 67.27 million ounces compared to 66.76 million ounces at the end of April...[MORE]

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Zaner Daily Precious Metals Commentary
Tuesday, June 6, 2023
While August gold has managed to maintain yesterday's recovery bounce, the gold market starts Tuesday's trade in the middle of the near-term anticipated trading range of $1950 and $2000.
 
With the August gold contract falling sharply yesterday, posting a 4-day low early and then mounting an impressive $22 per ounce recovery off the low, the market might have become short-term oversold.
 
Not surprisingly, the silver market also forged a range-down reversal from the initial low of $0.25. We suspect the ability to reject the early washouts on Monday was primarily the result of a reversal down in the dollar index which by midsession was trading 38 ticks below the early high...[MORE]
 
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Zaner Daily Precious Metals Commentary
Monday, June 5, 2023
Gold and silver prices followed Friday's breakdown with further notable losses this morning off dollar strength.
 
Therefore, both markets damaged their charts and are likely to set back to consolidation support at recent lows of $1,950 in August gold and at $23.00 in July silver.
 
On the one hand, Chinese trade desks are suggesting buyers there are waiting on the premium and/or flat prices to cheapen before becoming buyers, but that should be offset by a move by the Indian government to reduce the gold import price basis for taxation...[MORE]
 
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Zaner Daily Precious Metals Commentary
Friday, June 2, 2023
With the dollar adding to yesterday's significant decline again this morning there is talk that the currency index has made a major trend reversal and that should be a major bullish force for gold and silver ahead.
 
In addition to gains from strength in the dollar, gold, and silver both appear to be embracing the idea the Ferd will pause in their June 16th FOMC meeting.
 
Therefore, today's monthly jobs data will be a major data point in the Fed's calculus, with stronger-than-expected numbers likely to be negative for precious metals...[MORE]
 
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Zaner Daily Precious Metals Commentary
Thursday, June 1, 2023
While the dollar action overnight is not patently negative to gold and silver, the charts in the dollar show no signs of vulnerability thereby leaving gold and silver under currency-related pressure.
 
In retrospect, gold and silver have seen some flight to quality liquidation following the quick House passage of its debt ceiling bill and further but even less significant flight to quality liquidation might be seen when the bill passes the Senate.
 
A limiting force for the markets going forward are several Fed comments yesterday favoring a rate hike in the next meeting but there were two Fed members who indicated they could favor a pause to give the Fed additional data before acting...[MORE]
 
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Zaner Daily Precious Metals Commentary
Wednesday, May 31, 2023

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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Zaner Daily Precious Metals Commentary
Tuesday, May 30, 2023
With another new high for the move in the dollar overnight, the slightly lower trade in gold and silver early was justified.
 
In today's action, we think gold and silver might have found psychological/even number values at $1950 and $23.00 respectively.
 
While there appears to be movement closer to a debt ceiling deal in Washington, the markets have been baking a deal into the cake over the past 2 weeks and a very neutral agreement will probably result in many markets turning their focus to other fundamental issues...[MORE]
 
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Zaner Daily Precious Metals Commentary
Friday, May 26, 2023

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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Gold bounces as markets keep tabs on U.S. debt talks
Friday, May 26, 2023

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]

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Zaner Daily Precious Metals Commentary
Wednesday, May 24, 2023
With the dollar seemingly poised to grind out more gains, US interest rates elevated and a significant outflow from gold ETF holdings of 23,917 ounces the bear camp holds an edge into the Wednesday US trade.
 
In addition to strength in the US dollar, the metals were also undermined by another upside breakout in US treasury yields yesterday.
 
In a positive development, Indian demand reportedly showed some improvement early this week following last week's washout...[MORE]
 
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