Morning Call
Tuesday, August 22, 2023Good morning. The precious metals are higher in early U.S. trading.
U.S. calendar features Richmond Fed Index, Existing Home Sale, M2.
FedSpeak due from Barkin and Goolsbee.
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Zaner Daily Precious Metals Commentary
Monday, August 21, 2023While a Chinese interest rate cut is a supportive development for gold it is not enough to offset an extension of bearish outside market influences flowing from a higher dollar and rising US interest rates.
Despite short-term technical indicators like RSI and stochastics being oversold, the downtrend in gold looks entrenched.
In retrospect, the Federal Reserve meeting minutes combined with a recent hot US retail sales reading has fostered fear of even higher rates for longer, which is beginning to replace hope of a September pause...[MORE]
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Gold loiters near 5-month low as traders hunt for more Fed cues
Monday, August 21, 2023Aug 21 (Reuters) - Gold held around five-month lows on Monday, pressured by higher bond yields as markets geared up for the Federal Reserve’s Jackson Hole symposium for clues on where interest rates might settle.
Spot gold was largely flat at $1,888.60 per ounce by 1125 GMT, while U.S. gold futures added 0.1% to $1,918.10...[LINK]
Morning Call
Monday, August 21, 2023Good morning. The precious metals are mostly higher in early U.S. trading.
U.S. economic calendar is empty.
Zaner Daily Precious Metals Commentary
Friday, August 18, 2023While the dollar remains below its multi-month high in the early action today, it appears to be poised to forge a higher high later today which will certainly threaten gold which is tracking moderately higher in the early going.
Fortunately for the bull camp, US interest rates are showing a lower track early and commodities in general are showing positive action.
However, gold continues to face bearish internal forces with gold ETF holdings reduced for the fifth straight session and UBS cutting its year-end gold price forecast...[MORE]
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Gold heads for third weekly fall on fading bets for Fed cut
Friday, August 18, 2023Aug 18 (Reuters) - Gold gained on Friday as the dollar and bond yields eased but remained on course for a third straight weekly dip as strong U.S. economic data reinforced bets that the Federal Reserve will keep interest rates elevated.
Spot gold rose 0.3% to $1,894.41 per ounce by 1042 GMT, after touching its lowest in five months on Thursday. U.S. gold futures rose 0.3% to $1,920.80...[LINK]
Morning Call
Friday, August 18, 2023Good morning. The precious metals are mostly higher in early U.S. trading.
U.S. economic calendar is empty.
Zaner Daily Precious Metals eNewsletter
Thursday, August 17, 2023While bearish control has definitively extended in gold today, the silver market has found value on the charts above $22.26.
Clearly, the gold market is locked into a bearish reactionary mode relative to the dollar as the highest dollar trade since early June overnight coincided with the lowest gold trade since March 10th.
Unfortunately for the bull camp, gold and silver ETF holdings continue to decline, but the overnight outflow of 193,070 ounces of gold is a very large movement signaling gold is becoming "more out-of-favor"...[MORE]
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Gold hits 5-month low as robust US data lifts rate hike bets
Thursday, August 17, 2023Aug 17 (Reuters) - Gold hit a five-month low on Thursday after data pointed to a resilient U.S. economy and raised prospects that the Federal Reserve may hike interest rates once more this year.
Spot gold edged up 0.2% to $1,893.30 per ounce by 0945 GMT, as some traders bought on the dips, but hovered near its weakest level since March 15 at $1,888.30...[LINK]
Morning Call
Thursday, August 17, 2023Good morning. The precious metals are higher in early U.S. trading.
U.S. calendar features Philly Fed Index, Initial Jobless Claims, Leading Indicators.