Zaner Precious Metals Report

Friday, September 20, 2019 7:24:03 AM America/Chicago

While the gold and silver markets definitively favored the downside yesterday, prices in the end continued to respect what should be considered solid consolidation low support levels. Both gold and silver look to enter the last trading session of the week within two week old sideways consolidation patterns but breakout moves might be difficult to orchestrate this morning given a thin US economic report slate.

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Zaner Precious Metals Report

Thursday, September 19, 2019 8:51:54 AM America/Chicago

As we expected, gold and to a lesser degree silver came under pressure following the "fact" of the US rate cut. Adding to the downward pressure in gold prices is the take away that the Fed will not be quickly enticed into another reduction.

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Zaner Precious Metals Report

Wednesday, September 18, 2019 8:39:14 AM America/Chicago

While the situation in the Gulf continues to simmer, headlines threatening retaliation have been absent on the issue and therefore gold has largely spent this week chopping sideways. However Saudi Arabia has indicated it would produce "material evidence" connecting Iran with the attacks on their oil facilities and that could be a fresh ignition point for Middle East tensions and it would revive safe haven buying of gold and silver.

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Zaner Precious Metals Report

Tuesday, September 17, 2019 8:28:05 AM America/Chicago

In retrospect, we see the lack of a sustained rally in gold in the face of significant uncertainty and in the face of one of the largest single day rallies ever in crude oil, as signs of an overbought market. While it is possible that gold will draft support from the anticipation of a 25 basis point rate cut from the US Fed tomorrow we would suggest that expectation is already largely factored into the price of gold.

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Zaner Precious Metals Report

Monday, September 16, 2019 8:39:53 AM America/Chicago

In short it would appear as if the gold and silver bulls need to see signs of a continuation of the incident with threats of retaliation or threats of additional attacks to extend beyond the 24 hour highs. However the gold market should be emboldened by a wave of bullish gold/silver forecasts over the weekend with Citigroup seeing the "potential" for gold to rise above $2000 over the longer term!

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Zaner Precious Metals Report

Friday, September 13, 2019 7:30:45 AM America/Chicago

The gold market found support overnight on the weaker dollar, which has fallen to its lowest level since August 28th. The trade is looking ahead to FOMC meeting next week, and the ECB's dovish stance yesterday seems to open the door for a rate cut.

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Zaner Precious Metals Report

Thursday, September 12, 2019 12:38:31 PM America/Chicago

The selloff from the September 4th highs has allowed both gold and silver to correct their overbought conditions.

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Zaner Precious Metals Report

Wednesday, September 11, 2019 8:35:05 AM America/Chicago

Gold and silver were choppy overnight, trading both sides of unchanged, as the markets were looking ahead to the ECB meeting on Thursday.

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Zaner Precious Metals Report

Tuesday, September 10, 2019 8:59:01 AM America/Chicago

Gold and silver worked lower overnight, as the safe haven support continued to drain from the market. Friday's COT report in gold showed a new all-time high net long reading of 401,611 contracts for large and small specs combined, and given the ongoing chart damage, stop loss selling could become a self-propagating event.

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Zaner Precious Metals Report

Monday, September 9, 2019 8:36:40 AM America/Chicago

With the softening of the trade tensions last week, it wasn't surprising to see both gold and silver correct aggressively especially with both markets recently building in large speculative long positioning. While economic sentiment around the globe has clearly improved, US nonfarm payrolls left the door open for economic uncertainty to remain in the game and protests in the Hong Kong have continued.

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