Nov 15 (Reuters) - Gold prices rose to a more than one-week high on Wednesday as the U.S. dollar and Treasury yields weakened after cooler inflation data boosted bets that a U.S rate cut might come sooner than earlier priced in by investors.
Spot gold rose 0.4% to $1,970.45 per ounce at 1224 GMT, after earlier touching its highest since Nov. 7. U.S. gold futures also gained 0.4% to $1,974.70...[LINK]
The technical path of least resistance is down in gold with a series of lower highs and lower lows presenting bearish charts.
We also see the fundamental bias pointing down in gold and silver as a muted US CPI reading fosters a thin measure of long liquidation from long-suffering gold inflation bulls.
However, the bull camp hopes that muted inflation will spark talk of the end of the rate hike cycle and potentially provide a measure of misguided buying off talk of rate "cuts" next year...[MORE]
Please subscribe to receive the full report via email by clicking here.
Nov 14 (Reuters) -Gold prices were flat on Tuesday as traders maintained caution ahead of the U.S. inflation print due later in the day for further cues on the interest rate path in the world’s largest economy.
Spot gold was little changed at $1,947.39 per ounce, as of 1021 GMT, trading in a narrow range of $6, after hitting its lowest in more than three weeks on Monday. U.S. gold futures rose 0.1% to $1,951.30...[LINK]
Unfortunately for the bull camp, the gold trade continues to embrace the bearish bias from last week with expectations the dollar will continue to climb, and the charts remain bearish.
With the last day of Diwali tomorrow the opportunity for Indian festival demand is past.
While there will be an avalanche of global inflation readings this week, we do not see that information playing a determining role for gold and silver prices, and most readings are expected to show only incremental changes it is unlikely there will be a definitive opinion on the direction of upcoming central bank policy changes.
Please subscribe to receive the full report via email by clicking here.
Nov 13 (Reuters) - Gold prices steadied near a three-week low on Monday as investors awaited U.S. inflation data due this week to gauge the Federal Reserve’s interest rate path.
Spot gold was little changed at $1,936.67 per ounce, as of 1212 GMT. U.S. gold futures gained 0.2% to $1,940.60...[LINK]
The gold market simply remains fundamentally out of favor and has bearish charts again this morning.
While the selling yesterday was reportedly from the hawkish Fed chairman dialogue, that is unlikely the source of today's noted weakness as the gold market recovered and closed in positive territory yesterday after the Fed news yesterday.
Even though the gold market has not shown consistent interest in flight to quality issues, we see a major financial and economic market decision in the coming seven days...[MORE]
Please subscribe to receive the full report via email by clicking here.
Nov 10 (Reuters) -Gold fell on Friday and was bound for a second straight weekly drop on cooling safe-haven demand and hawkish cues from Federal Reserve Chair Powell.
Autocatalyst palladium, meanwhile, extended its slump en route to its worst week in over 15 months, hurt by excess stocks amid wider adoption of electric vehicles while automakers switch to cheaper platinum...[LINK]
While the net takeaway from several US Federal Reserve speeches yesterday was not patently dovish, strength in treasury bond prices and signs the dollar rally is fizzling suggest some markets interpreted Fed news yesterday as dovish.
However, generally dovish chatter in the market has not provided gold with any support which clearly points to a bearish preference by the trade.
With an avalanche of global central banker speeches this morning and the Fed chairman yesterday indicating he thinks Fed economic forecasters need to be open-minded and consider inputs beyond typical indicators gold isn't even looking for bullish prospects...[MORE]
Please subscribe to receive the full report via email by clicking here.
Nov 9 (Reuters) -Gold was on track for a fourth straight day of decline on Thursday as safe-haven demand cooled, while the spotlight shifted to U.S. Federal Reserve Chair Jerome Powell’s speech for cues on interest rates.
Spot gold was down 0.1% at $1,948.39 per ounce by 1141 GMT after hitting its lowest since Oct. 18. U.S. gold futures fell 0.2% to $1,953.30...[LINK]
