A rally in the dollar led some of the gold down on Tuesday as data showed US credit conditions were tight amid high interest rates. The market is now fully focused on July's major non-farm payrolls figures due out this Friday. If the job market continues to show signs of strength, it should put pressure on gold as it further motivates the Fed to keep raising...
Gold edges up in Asia morning trade, reversing overnight declines in a possible technical rebound. In focus is a rise in Treasury yields and a stronger dollar following a U.S. credit downgrade from Fitch as well as better-than-expected jobs data. Gold "often trades as the anti-fiat instrument, inversely tracking a combination of the US Dollar and Treasury yields,"...
Gold has been forming lower lows and lower highs over the past two weeks, with the 50-day simple moving average (SMA) preventing major declines once again along with the 20-day SMA near 1,945 last Friday. The price maintained its position above the broken bearish channel, which is a good sign for July's upleg continuation. The progressing bullish cross between...
Gold prices were slightly volatile on Wednesday after a decline in the previous session caused futures to lose key gains, while the strength of the dollar continued to weigh on overall metal prices. Copper prices also steadied on Wednesday after losing key levels in the previous session, pressured by a stronger dollar and a slew of weak manufacturing data from...
Over the past time, precious metals have been strongly influenced by the positive monetary policy stance of the US Federal Reserve (FED) and positive economic data. While the Fed believes that inflation will be difficult to return to target before 2025 and interest rates must be kept higher for a longer period, said Nitesh Shah, Head of Commodities and...
Gold narrowed its losses on Monday and had its best month in four months as major central banks warned of further steps in the year-long global monetary tightening. The gold spot was flat at $1,959.50 an ounce until 11:32 a.m. Japan time, after falling 0.5% so far. US gold futures fell 0.1% to $1,959.30. Carlo Alberto de Casa, a market analyst at Kinesis...
Gold prices fell slightly on Tuesday, but futures prices were well above spot prices, while copper prices were supported by rising hopes of more stimulus from China. December futures for yellow metals broke the much-anticipated $2,000 an ounce mark on Monday amid growing speculation that the US Federal Reserve will ease its hawkish stance by the end of the year....
As the gold market continues to evolve, the $2,000 mark has played an important role in shaping that evolution. A successful daily close above this level could pave the way for further gains with a potential target above $2,050. The US dollar is often negatively correlated with gold, so it is important for traders to keep an eye on US dollar movements. This...
Gold is a scarce commodity, so there is no doubt that it has intrinsic value. But even if it wasn't as rare as sand or manure, it still had intrinsic value, just far less than it does today. The question I asked was what percentage of the price of gold reflects its intrinsic value and what percentage does not. As gold is a monetary asset, it has value beyond its...
Gold futures for August delivery in August 2023 on the Comex New York exchange fell $24.4, or 1.24%, to $1,945.7 per ounce. Gold's sharp gains were erased after upbeat US economic data set in, the precious metal turned sharply lower and hit a two-week low in mid-year US trading. . U.S. economic data on the morning of the second year was straight into the hawks...
The Fed decided to raise rates by 25 basis points on Wednesday (July 26) and said another 25 basis point hike could take place in September 2023 based on the data at the time. . However, Mr. Powell also emphasized that the Fed does not forecast the possibility of a recession in the US economy. Nicholas Frappell of ABC Refinery said that gold prices are still...
Current indicators suggest economic activity is expanding at a moderate pace. Job growth has been solid in recent months and the unemployment rate remains low. Inflation remains high. The US banking system is strong and resilient. Tighter credit conditions for households And businesses are likely to put pressure on economic activity, employment and inflation....
Despite a bearish round top from March to June, gold is in a long term bull market and the pattern is failing. A bullish cup battle is currently underway in the grip formation. On the weekly chart, we can see that gold has shown resistance three times, but I think the third could cause excitement. His first two attempts are parabolic movements, often...
Gold prices edged higher on Thursday after reacting positively to the Federal Reserve's rate hike in previous trading and a weaker dollar gave metals markets more leeway. The dollar fell on Wednesday after the Fed hiked rates by an expected 25 basis points (bps) while softening its rhetoric about a possible US recession. But the central bank also left open the...
On Wednesday, the SPDR Gold Shares ETF (GLD)'s 20-day EMA crossed above the 50-day EMA, generating a buy signal for the IT trend pattern. This means that GLD is bullish in the medium term. GLD was in a long-term bull market when the 50-day EMA crossed the 200-day EMA in January. Signal states are: IT Trends Model: Buy after July 26, 2023 LT Trend Pattern: Buy...
Beyond the Fed, focus this week is also on interest rate decisions from the European Central Bank (ECB) and the Bank of Japan (BOJ). The ECB is widely expected to hike interest rates by 25 bps later in the day. While the BOJ is expected to hold ultra-low rates and maintain its dovish policies on Friday, a minority of traders are also positioning for a potential...
Gold prices kept to a tight range on Wednesday before the conclusion of a Federal Reserve meeting later in the day, while copper prices pulled back slightly after vows of more Chinese stimulus sparked strong gains. Bullion prices see-sawed this week amid uncertainty over the Fed meeting. While the central bank is widely expected to raise interest rates by 25...
Gold technical analysis : - Gold hits the bumper 1963 - 1967 Frame H1 - The elliott wave calculation has completed 5 waves and started making the next wave A-B-C - Fibonanci touch partition 0.786 clock is stopped , will shape to downtrend back to 0.382 partition - Combined with the H1 frame Down theory, gold will have a deep decline and the Bears will win...