Zaner Precious Metals Report

Friday, July 19, 2019 10:24:05 AM America/Chicago

While the August gold contract raced to another higher high and pierced the $1450 level overnight, it has fallen back notably from that high in a fashion that could lessen bullish resolve.

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Zaner Precious Metals Report

Thursday, July 18, 2019 9:05:58 AM America/Chicago

The gold market did manage a fresh 10 day high overnight and that should give the bull camp hope and worry the bear camp. Furthermore action in the US dollar should become more supportive as the dollar appears to be breaking down on its charts.

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Zaner Precious Metals Report

Wednesday, July 17, 2019 9:49:33 AM America/Chicago

While the gold market has not paid that much attention to supply-side news lately, a pair of stories yesterday touting increased production should leave residual resistance hanging over prices today.

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Zaner Precious Metals Report

Tuesday, July 16, 2019 10:11:44 AM America/Chicago

August gold continues to coil tightly in a formation that would seem to point to a breakout and a fresh trend signal ahead.

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Zaner Precious Metals Report

Monday, July 15, 2019 11:37:58 AM America/Chicago

Apparently the gold market is not undermined as a result of Bloomberg forecasts of a narrower Indian trade deficit which is thought to be the result of lower gold and oil imports. It was estimated that Indian gold imports in June dropped by $2.1 billion on a month over month basis.

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Zaner Precious Metals Report

Friday, July 12, 2019 8:56:07 AM America/Chicago

While the initial range up action in gold yesterday rekindled bullish optimism the disjointed two-sided volatility this week and the extension of the lower high a pattern from the June high leaves the bear camp with a slight technical edge.

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Zaner Precious Metals Report

Thursday, July 11, 2019 4:16:29 PM America/Chicago

Just when it appeared as if the gold bull market was set to falter, bullish forces have returned in force with the presence of a "Fed put" providing the most significant buying impetus. With the added impact from the dovish Fed stance a reversal down in the dollar, it is likely that two fundamental forces are poised to lift gold back toward the highs seen last week.

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Zaner Precious Metals Report

Wednesday, July 10, 2019 2:43:14 PM America/Chicago

While the gold market damaged its charts Tuesday, it repelled that lower probe and managed to trade $13 an ounce above the low of the day as if the $1,387.50 level was some form of support. Obviously gold is seeing some long liquidation ahead of the Powell testimony as it would seem as if a number of markets think Powell will shift the rate cut pendulum away from a cut.

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Zaner Precious Metals Report

Tuesday, July 9, 2019 12:18:32 PM America/Chicago

We see a $1350 August trade before we see a $1425 August gold trade.

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Zaner Precious Metals Report

Monday, July 8, 2019 8:14:52 AM America/Chicago

Gold has started out on a positive track due to a slightly weaker Dollar and some uncertainty flowing from equities. However a number of bullish forces for gold have been reversed or tempered recently.

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