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]
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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Nov 21 (Reuters) - Gold prices rose to an over two-week high on Tuesday, as the U.S. dollar dipped on expectations that the Federal Reserve is done hiking interest rates, while investors awaited minutes from the central bank's latest meeting for further policy cues.
Spot gold climbed 0.5% to $1,987.79 per ounce, as of 1215 GMT, after hitting its highest level since Nov. 3 earlier in the session...[LINK]
We see the action in gold and silver this morning as very discouraging and defeating for the bull camp, especially in gold given the sharp range down extension of the US dollar.
In fact, with the Indian government pegging October gold imports jumped by 60% over year-ago levels (the highest in 31 months), a surging bear case in the dollar, and expectations the FOMC meeting minutes will again confirm the US rate hike cycle is done, the gold market should be up $11 instead of down $11.
In addition to the strong jump in Indian gold imports, the Reserve Bank of India added 9 tons of gold in the third quarter which should revitalize hopes of ongoing global central bank gold purchases...[MORE]
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Nov 20 (Reuters) - Gold prices on Monday slipped from their two-week highs hit in the last session, as U.S. Treasury yields bounced back, with investors looking forward to the minutes of Federal Reserve's last meeting to gauge the U.S. central bank's policy stance.
Spot gold was down 0.4% at $1,972.26 0 per ounce as of 1146 GMT, after rising as high as $1,993.29 on Friday. U.S. gold futures fell 0.5% to $1,974.60...[LINK]
Gold and silver face a critical "focus" junction today with action in the dollar likely to support, while US data and misguided/overstated disinflation predictions undermine sentiment.
However, we favor the downward tilt with the euphoria from the end of the historic US interest rate hike cycle fully injected into gold and silver prices with the rallies earlier this week.
We think the focus will be primarily on US continuing claims this morning which will be followed by what is expected to be soft US heavy industry/manufacturing data...[MORE]
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