June 21 (Reuters) - Gold prices edged lower on the dollar’s uptick on Wednesday as investors watched for interest rate cues from U.S. Federal Reserve Chair Jerome Powell’s congressional testimony.
Spot gold fell 0.2% to $1,932.86 per ounce, trading in an $8 range as of 0915 GMT. U.S. gold futures were also down 0.2% to $1,944.20...[LINK]
Good morning. The precious metals are lower in early U.S. trading.
U.S. calendar features #FedSpeak from Powell & Goolsbee.
From a technical perspective, we give the edge to the bear camp with August #gold near the middle of the last month's consolidation zone and probing lower in a fashion that could target $1950.
From a fundamental perspective, the bear camp also has an edge with the #dollar initially making a 3-day high and extending the recovery off last week's spike-down move.
Even investors have turned cool toward gold with Friday presenting a 15th straight day of outflows from gold ETF holdings...[MORE]
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June 20 (Reuters) - Gold edged up on Tuesday as the dollar eased but lacked clear momentum as traders positioned for U.S. Federal Reserve Chair Jerome Powell’s testimony later this week for more clues on the interest rate path.
Spot gold rose 0.2% to $1,953.99 per ounce by 12:25 GMT. U.S. gold futures fell 0.3% to $1,966.00...[LINK]
Good morning. The precious metals are mostly lower in early U.S. trading.
U.S. calendar features Housing Starts.
FedSpeak due from Bullard, Williams, & Barr.
June 19 (Reuters) - Gold prices slipped in thin trade on Monday, as the U.S. dollar bounced back from the previous session’s lows, with markets looking ahead to U.S. Federal Reserve Chair Jerome Powell’s congressional testimony later in the week.
Spot gold was down 0.4% to $1,948.89 per ounce by 8:11 a.m. EDT (1211 GMT). U.S. gold futures fell 0.5% to $1,960.90. Trading is expected to be slow with U.S. markets closed for the Juneteenth holiday...[LINK]
With the Wednesday and Thursday trade in August gold producing wide ranges and ultimately producing a 180-degree sentiment change, support just above $1950 is given added respect.
However, gold appears short-term overbought from the surprise bounce yesterday which was largely attributable to the sharp decline in the dollar and because of softer-than-expected US jobs data.
Even though surveys earlier in the week showed only a 1 in 3 chance the US Fed would hike rates next week, yesterday's 18-month high in US initial claims provided gold with a significant wave of buying which reached $30 per ounce from the low...[MORE]
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June 9( Reuters) - Gold eased on Friday on a stronger dollar, but held close to the previous session’s highs en route to a weekly gain helped by bets that the Federal Reserve could soon pause interest rate hikes.
Spot gold fell 0.3% to $1,962.34 per ounce by 5:52 a.m. ET (0952 GMT), but headed for a 0.8% weekly climb, having jumped about 1.5% after a surge in U.S. weekly jobless claims...[LINK]
Good morning. The precious metals are mostly lower in early U.S. trading.
U.S. economic calendar is empty today.
With the dollar continuing to trade in a range without signs of clear direction and August gold finding minimal support at yesterday's low of $1955.40, the selloff has been temporarily slowed or arrested.
However, the developing pattern on the dollar charts with 4 consecutive lower highs and 3 consecutive lower lows should provide hope for gold and silver bulls ahead especially if today's US jobs-related data points to a soft economy.
Unfortunately for the bull camp investment signals for gold remain bearish with ETF holdings yesterday declining 30,840 ounces and, in the process, declining for the 7th straight session...[MORE]
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