As we are publishing this report Gold is trading at $1464 per ounce however the white metal is hovering around $16.60 We have warned you numerous times about the possible decline we could see in the white metal. we hope you would be Grateful if you have followed our advice if not there's always the next chance. A slightly higher price has been witnessed within the sector in U.S trading on Tuesday. Two key events this week could affect the market in a significant manner. Risk appetite of traders and investors has dropped as Next Sunday (Dec. 15) is the deadline for the imposition of new tariffs on Chinese imports into the U.S.We could see an escalation of trade war if president Trump will allow that new tariff to go into effect however most reports are suggesting now that the Dec. 15 deadline will be extended.
The other key event of the week is the Federal Reserve’s Open Market Committee meeting (FOMC) that began Tuesday morning and ends Wednesday afternoon with a statement. It's expected that the Fed won't make any changes in its monetary policy however comments from Fed Chairman Powell could give clues to traders and investors regarding the Fed's future direction. The European Central Bank also meets on monetary policy Thursday.
CFTC Gold speculative net positions.
The disaggregated report shows that in the week to Dec. 3, money managers’ net-long position rose to 207,962 futures contracts from 194,287 the week before. This was due to fresh buying, as the number of longs increased by 13,552. Gross shorts fell by 123.
However, analysts at Commerzbank noted that some speculators are likely to offset their positions Friday after a stronger-than-forecast U.S. jobs report – with a 266,000 rise in November nonfarm payrolls – helped U.S. equities and the dollar, undermining gold.
CFTC Silver speculative net positions.
In the case of silver, money managers’ net-long position fell to 44,173 futures contracts from 48,139 the prior week. The decline came about from both long liquidation (gross longs fell by 2,565 lots) and fresh selling (total shorts rose by 1,401).
Summary-We are witnessing sideways movement In the Gold and silver prices over the past week. Many analysts (Including us) believed that a $1450 price level for the yellow metal could be a strong support level which turned out to be positive. We were expecting a decline within the precious metal sector after Friday’s stronger-than-forecast report on U.S. nonfarm payrolls, which rose 266,000 in November however prices kept unchanged which is a slightly positive sign for Bulls. Technical chart and Economic indicators are giving a mixed picture however leaning more towards the bearish camp but we are taking caution and In order to secure our profit We have moved our stop loss in Gold at $1503 and In silver at $18. at the moment gold is near a key technical area – the 10-day moving average of $1,470.59 and the 20-day of $1,471.88. If gold can rally above here, the market may gain some technical momentum however the bigger resistance for gold stands at $1500(psychological level) and $1525 level. Overall it seems the rally we could see in the sector is fairly limited compared to the major breakdown within the precious metal sector which is yet to be seen.
The other key event of the week is the Federal Reserve’s Open Market Committee meeting (FOMC) that began Tuesday morning and ends Wednesday afternoon with a statement. It's expected that the Fed won't make any changes in its monetary policy however comments from Fed Chairman Powell could give clues to traders and investors regarding the Fed's future direction. The European Central Bank also meets on monetary policy Thursday.
CFTC Gold speculative net positions.
The disaggregated report shows that in the week to Dec. 3, money managers’ net-long position rose to 207,962 futures contracts from 194,287 the week before. This was due to fresh buying, as the number of longs increased by 13,552. Gross shorts fell by 123.
However, analysts at Commerzbank noted that some speculators are likely to offset their positions Friday after a stronger-than-forecast U.S. jobs report – with a 266,000 rise in November nonfarm payrolls – helped U.S. equities and the dollar, undermining gold.
CFTC Silver speculative net positions.
In the case of silver, money managers’ net-long position fell to 44,173 futures contracts from 48,139 the prior week. The decline came about from both long liquidation (gross longs fell by 2,565 lots) and fresh selling (total shorts rose by 1,401).
Summary-We are witnessing sideways movement In the Gold and silver prices over the past week. Many analysts (Including us) believed that a $1450 price level for the yellow metal could be a strong support level which turned out to be positive. We were expecting a decline within the precious metal sector after Friday’s stronger-than-forecast report on U.S. nonfarm payrolls, which rose 266,000 in November however prices kept unchanged which is a slightly positive sign for Bulls. Technical chart and Economic indicators are giving a mixed picture however leaning more towards the bearish camp but we are taking caution and In order to secure our profit We have moved our stop loss in Gold at $1503 and In silver at $18. at the moment gold is near a key technical area – the 10-day moving average of $1,470.59 and the 20-day of $1,471.88. If gold can rally above here, the market may gain some technical momentum however the bigger resistance for gold stands at $1500(psychological level) and $1525 level. Overall it seems the rally we could see in the sector is fairly limited compared to the major breakdown within the precious metal sector which is yet to be seen.
