Market participants will also be closely watching comments from Fed officials next week. The chance that the Fed will adjust policy in September remains slightly above 50%, according to data from the CME Fed Watch Tool. Market positioning suggests the dollar could face selling pressure if Fed policymakers leave the door open to a rate cut in September.
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Gold is tricky at the moment because it's uncoupled from traditional influencers, it is a form of currency and I think central banks buying gold as a possible hedge against any pending currency crises that might ensue either debasing the US$ or the problems the Japanese are facing with their currency woes.
So I believe we push on higher but at a junction right...
Technical Momentum Weakens
Gold Futures hit an all-time high in 2024 at $2,448 on the June futures contract on April 12. Since then, futures have corrected; however, gold remains firmly above the rising 50-day moving average at $2,269 and well above the 200-day moving average at $2094. The technical perspective shows momentum studies declining, with the 9-day...
Traders see a 64% chance of the Fed cutting interest rates in September, according to CME's FedWatch tool. Lower interest rates will make holding non-yielding gold more attractive. Data on Friday showed that U.S. job growth slowed more than expected in April, while year-on-year wage growth fell below 4.0% for the first time in nearly three years. New York Fed...
Israel suddenly launched an air strike on Rafah, and nearly 100,000 people began to evacuate. On the night of the 6th, the war in the Middle East escalated again.
Geographical risks have been the focus of global attention in the past two years. Since the outbreak of the Ukraine-Russia war and the Palestinian-Israeli conflict, risk aversion has been...
The strong performance of the U.S. ADP employment data in April provided new challenges for the Federal Reserve's monetary policy. In this context, the reaction of the gold market is particularly worthy of attention. After the data was released, gold fell back 4 US dollars in the short term and then rebounded. The number of ADP jobs in the United States increased...
gold futures
Quote from last week:
bear case: Given the bullish climactic nature of the last 2 months, some correction is on order but bears need follow through below 2300 for a retest of the breakout around 2250. On the daily chart, this too is a two legged correction but it’s looking much less bearish, because we are still around the lower bull wedge line....
As we observe gold on the hourly, it was stagnant throughout today's NY session. I have also mark an ascending trendline. For me to jump in a buy I would need for it to crack 2337 and a retest. For a selling opportunity, I need it to break this TL and crack below 2327. I see this as a perfect opportunity for a breakout to happen on either direction.
If Sustain above 2309.6 then 2324.6 to 2325.9 or 2328.5 to 2331.3 or 2333.6 above this bullish then 2347.1 to 2353.8
If Sustain below 2302.0 then 2286.1 to 2283.0 or 2280.7 to 2278.0 below this bearish then 2263.6 to 2256.9 or 2254.1 below this more bearish
Consider some buffer points in above levels.
Please do your due diligence before trading or...
COMEX:GC1!
“Persistence can change failure into extraordinary achievement.” -Matt Biondi
I believe that we are going to be able to catch a nice HIGH PROBABLE SHORT here on GOLD very soon...Being that price is currently trading inside of this Daily Supply and even clearer the Mitigated 4Hr SUPPLY ZONE!! I'm going to wait patiently for PA to continue to develop...
Moving averages displaying all the characteristics of an uptrend, classical Inverse H&S pattern formed, as long with volume upticks with prices pushing upwards leads me to believe this precious metal price could increase
Technical Momentum Strengthens
Gold Futures hit an all-time high in 2024 at $2,448 on the June futures contract on April 12. Since then, futures have corrected; however, gold remains firmly above the rising 50-day moving average at $2,294 and well above the 200-day moving average at $2101. The technical perspective shows momentum studies increasing, with the...
Daily reversal candle after a breakdown on a daily chart. In the event of a daily closing breach of the support levels (red lines), there is a possibility of further downward movement, emphasizing the importance of implementing risk management strategies.
