Blog posts tagged with 'gold'

With a fresh new low for the move in the dollar this morning (the lowest trade since September 1st) and February gold prices sitting just under yesterday's new high for the move, the bull camp extends its control into another session.

However, the trade will face another US note auction today (seven-year notes), and we caution traders against assuming somewhat positive auction results today as was noted from the short-end auction yesterday.

In conclusion, another average auction result and/or a soft auction will thicken resistance over gold and weaken support under gold...[MORE]

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Nov 28 (Reuters) - Gold held its ground on Tuesday after touching a six-month peak, buoyed by expectations the U.S. Federal Reserve has concluded its interest rate hikes, ahead of the release of key economic data.

Spot gold was steady at $2,013.59 per ounce by 1306 GMT, after hitting its highest since May 16 earlier in the session...[LINK]

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

U.S. calendar features Case-Shiller Home Price Index, FHFA Home Price Index, Consumer Confidence, Richmond Fed Index, M2.

FedSpeak due from Waller and Goolsbee.

Clearly, the gold market has seen the bull camp revitalized by signs of a resumption of the dollar downtrend and has managed the rally despite evidence of a decline in Chinese October net mainland gold imports through Hong Kong.

Therefore, the gold trade continues to focus on dollar and interest rate action at the expense of classic internal supply and demand developments.

In fact, while the story should be regarded as "old" the trade continues to pound the drum on an on-hold global central bank theme...[MORE]

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Nov 27 (Reuters) - Gold prices hit a more than six-month high on Monday, firming above the $2,000 per ounce level, as a weaker dollar and expectations of an end to U.S. interest rate hikes lifted demand.

Spot gold was up 0.5% at $2,012.33 per ounce by 1147 GMT, after reaching its highest since May 16 at $2,017.82. U.S. gold futures also rose 0.5% to $2,013.10...[LINK]

Gold prices rose slightly overnight, even as the dollar index managed to rebound off of its 200-day moving average. This support level for the dollar gives the gold bears something to get excited about.

Gold is still digesting yesterday's FOMC Minutes as it shows the Fed is weary of worsening financial conditions. But with the bond yields failing to fall further overnight, we might expect gold bulls to take a break.

Today's focus will be on this morning's Durable Goods release, where the market is expecting a rather large drop from last month...[MORE]

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Nov 22 (Reuters) - Gold prices hovered near the key $2,000 level on Wednesday, as expectations of an end to the U.S. Federal Reserve's rate hike cycle kept the dollar and U.S. bond yields subdued.

Spot gold was up 0.1% at $2,000.38 per ounce as of 1201 GMT, after rising as high as $2006.19 earlier in the session. Bullion scaled a three-week high of $2,007.29 on Tuesday...[LINK]

In the early going today the charts favor the bull camp with December gold showing respect for support at the 200-day moving average of $1981.50. The market is also supported fundamentally by a downside extension in the dollar and evidence of significant expansion in Swiss gold exports.

In our opinion, the gold and silver are primarily focused on action in the dollar. With the dollar (and many non-dollar currencies) sitting on 200-day moving averages, several trend signals could be in the offing.

Part of the bullishness from the 53% jump in Swiss gold exports last month was factored in following news last week that Indian gold imports had jumped sharply...[MORE]

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