Blog posts tagged with 'palladium'

After a rough start to February, the tide may have turned for gold prices as they remain well clear of Monday's low.

Silver prices have reached a 2-week low while platinum and palladium are also under moderate early pressure.

The Dollar has extended its pullback after a surprise downtick from a private survey of US economic optimism, which carried more weight with the market than usual on Tuesday as there were no top-tier US economic numbers to digest...[MORE]

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Gold prices were stuck in a relatively tight range on Wednesday as traders turned their attention to remarks from U.S. Federal Reserve officials through the week that may provide more clues on the interest-rate path this year.

Spot gold was last down 0.08% to $2,033.79 per ounce. U.S. gold futures fell 0.09% to $2,049.30 per ounce...[LINK]

The sharp rally in the dollar has clearly undermined support for the precious metals, along with the break in Treasury prices.

Fed Chair Powell's comments on 60 Minutes put to rest any ideas that the Fed would consider cutting rates in March, and this sparked a breakout rally in the dollar to its highest level since November 14.

Comments from other Fed officials reinforced this stance, with Fed Governor Michele Bowman saying it is too soon to consider lowering interest rates and Chicago Fed President Austin Goolsby saying he wants to see more inflation progress...[MORE]

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Not surprisingly, the gold market started off under noted pressure today with a six-day low largely because of the upside breakout in the dollar to the highest level since mid-November and from a slight increase in US treasury yields following a hawkish overnight speech from the US Fed chairman.

With the gold market adding to the January recovery rally last week before failing and reversing the market was giving off technical signs of an intermediate top last week.

Unfortunately for the bull camp, outside market impacts of the dollar and treasuries shifted patently bearishly after the much stronger-than-expected US nonfarm payroll reading...[MORE]

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Clearly, the gold and silver markets are not benefiting from flight to quality interest early today as the fear of financial contagion in China continues to rise with Chinese equities plunging sharply this week. This is beginning to create "margin calls" which can prompt a chain reaction of problems for banks, investors, and eventually the government.

Sentiment toward gold early today is disappointing to the bull camp as a downside breakout in the dollar has not produced a wave of fresh buying yet.

In fact, it should be noted that the March dollar index fell below its 200-day moving average and posted a seven-day low in the early trade...[MORE]

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