Morning Call
Friday, June 2, 2023Good morning. The #preciousmetals are mostly higher in early U.S. trading.
U.S. calendar features Nonfarm Payrolls (+193k expected).
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Blog posts tagged with 'silver'
Zaner Daily Precious Metals Commentary
Thursday, June 1, 2023While 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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Gold subdued as risk assets gain on U.S. debt bill passage
Thursday, June 1, 2023June 1 (Reuters) - Gold prices edged lower on Thursday as risky assets got a boost from the passage of a U.S. debt ceiling bill ahead of the Federal Reserve’s key policy setting meeting.
Spot gold slipped 0.11 % to $1,960.09 per ounce by 1014 GMT. It fell 1.4% over the month of May. U.S. gold futures were down 0.2% on the day at $1,977.30...[LINK]
Morning Call
Thursday, June 1, 2023Good morning. The precious metals are mixed in early U.S. trading.
U.S. calendar features Challenger Layoffs, Initial Jobless Claims, Q1 Productivity & ULC revised, EIA Data, Manufacturing ISM & PMI, Construction Spending, Auto Sales.
FedSpeak due from Harker.
Zaner Daily Precious Metals Commentary
Wednesday, May 31, 2023With 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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Gold heading for first monthly loss in three as dollar dominates
Wednesday, May 31, 2023May 31 (Reuters) - Gold prices steadied on Wednesday yet was headed for its first monthly decline in three as the U.S. dollar climbed on expectations the Federal Reserve would keep interest rates higher for longer than previously thought.
Spot gold was largely unchanged at $1,958.69 per ounce by 1123 GMT. It has lost nearly 1.6% so far this month and $120 from its near-record highs earlier in May...[LINK]
Morning Call
Wednesday, May 31, 2023Good morning. The precious metals are mixed in early U.S. trading.
U.S. calendar features Chicago PMI, JOLTS Job Openings, Beige Book, Ag Prices.
FedSpeak due from Collins, Barker, Harkin, & Jefferson.
Zaner Daily Precious Metals Commentary
Tuesday, May 30, 2023With 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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Gold fights back from 2-month lows as U.S. dollar slips
Tuesday, May 30, 2023May 30 (Reuters) - Gold prices bounced back from their lowest level in more than two months on Tuesday as the dollar backtracked from highs, while lingering concerns over U.S. debt ceiling negotiations has kept investors on edge and rekindled demand for safe-haven bullion.
Spot gold rose 0.6% to $1,954.79 per ounce by 1045 GMT after hitting its lowest since March 17. U.S. gold futures were up 0.49% to $1,954.00...[LINK]
Zaner Daily Precious Metals Commentary
Friday, May 26, 2023Even 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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