The gold market now consists of a net long position of 115,318 contracts, the highest level since early March 2022 due to bullish positions. Gold prices surged to a seven-week high during the survey period, testing resistance at $1,980 an ounce. The recovery forum will be held after June's consumer usage data were weaker than expected. Given the developments in...
From a technical standpoint, a further breakout of the 100-day Simple Moving Average (SMA) currently in the $1,962 region will likely face stiff resistance in the $1,977-$1,978 region. Next up is last week's monthly highs near $1,987-1,988, above which the price may attempt to recapture the psychological $2,000 level. The uptrend could be extended further towards...
Gold prices on Tuesday attracted some buyers, breaking the four-day decline to a weekly low. Imminent downside risks are supporting safe-haven metals given the moderate depreciation of the US dollar. The uptrend appears to be tempered by this week's central bank events and key US data. TVC:GOLD SELL LIMIT 1967 -1969💯💯 ✅ TP1: 1960 ✅ TP2: 1955 ✅ TP2: 1950 🛑 SL: 1975
Hedges are returning to the gold market on expectations that July will be the last rate hike in the Fed's most aggressive austerity cycle, but some are beginning to question that optimism. With headline inflation down to 3%, many investors believe the Fed is unlikely to raise real interest rates to support its hawkish arguments. However, given that consumer...
* US Gold futures GCCv1 fell 0.2% to $1,963.10. * The dollar index .DXY performed strongly, hovering near its highest level in a week since July 20, limiting gold's gains as a stronger dollar boosts the price of gold for holders of other currencies. USD/ * Decisions by the Fed, European Central Bank (ECB) and Bank of Japan this week will all be announced...
Technically, the gold price appears to be trading within a descending channel formation in the 60-min chart. This indicates a significant short-term bearish bias in the market sentiment. Therefore, the bulls will be looking to pounce on rebounds at about $1,972 or higher at $1,978. On the other hand, the bears will be targeting short-term profits at about $1,960...
The precious metals market's outlook was heavily influenced by comments from the US monetary policy dialogue, as investors focused heavily on the Federal Reserve's failed decision. There are big questions about whether the monetary tightening document is imminent or whether the central bank is planning an extended ban. The general expectation is that the Fed will...
Gold Price Fundamentals Overview From a fundamental perspective, the yellow metal is trading at the back of a relatively busy period in the US market. On Thursday, the US initial jobless claims outperformed the expected claim count of 245k with a tally of 228k. The continuing claims for the preceding period missed the forecasted tally of 1.729 million with a tally...
Technical Analysis and Dollar Index Our technical studies have shown that the recent dollar decline is likely to have ended after the dollar index bottomed out at 99.25 on Tuesday. In fact, since July, the dollar index has been trading well above 103. On July 6, the dollar hit an intraday high of 103.27 and began to plummet in value trading lower on consecutive...
Market sentiment and gold's upside potential In the case of gold, Proportional buying is an indication that market participants still believe there is upside potential based on market sentiment asserting that the Federal Reserve can only increase returns by ¼%, rather than the recent announcement that it will raise returns by ¼% twice more this year. According to...
Gold futures are certainly under pressure today, with the most active contract in August 2023 down $8.70 or 0.44% and fixed at $772.10. The root cause is that the strength of the dollar has overcome sporadic buying and could still drag gold prices slightly lower. While gold futures are down 0.44%, the dollar is up 0.56% with a spread that shows market...
Gold did nothing yesterday, but the USD Index shows strength and miners have dropped in price - a sign that much worse is to come. Gold actually moved 0% yesterday – it closed right where it closed on Tuesday. Therefore, everything that I wrote about it yesterday, including the parallels with how gold performed in 2012 and 2013, is still up to date: Having hit...
On the economic front, US retail sales rose 0.2% in June, down from 0.5% in May and below consensus estimate of 0.5%. Last month, industrial production and manufacturing fell by 0.5% and 0.3%, respectively. Capacity utilization decreased to 78.9%. Next week, the FOMC will hold a two-day policy meeting in July. Many are predicting that the regulators will raise...
On the day, gold futures traded between $1,973.30 and $1,984.60, after rising by 1.3% on Tuesday and falling by 0.4% on Monday. US Mint Bullion Sales in 2023 Last week, on Tuesday, the U.S. Mint reported the first bullion sales gains for the month and published updated figures for June. Since then, there have been no further reports of bullion sales. The table...
Central banks are the more dominant player in the gold market, given that gold investment funds hold approximately 1.6% of the reserves held by central banks. The IMF (International Monetary Fund) estimates that gold represented just 7% of estimated central bank reserves at the end of 2021. Moves to increase these gold holdings make central banks the price...
After rising over a per cent in the previous session, gold prices traded lacklustre in early trade on Wednesday (July 19) in the domestic futures market, tracking global cues. As Reuters reported, gold prices eased on Wednesday from a 1-1/2-month high touched in the previous session, dragged by a slightly stronger dollar, even as investors bet that recent US...
Precious metal prices edged higher after the latest report showed US consumer spending fell last month. Specifically, according to the country's commerce ministry, retail sales rose 0.2 percent in June, after being revised up 0.5 percent in May. Economists forecast a 0.4 percent increase. Core sales (which omit vehicle sales) also fell short of expectations,...
While the gold project is expected to continue to be chased at current prices in March, Commerzbank thinks the precious metal will end the year with strong gains as the July yield surge popularizes. This will be the last rate hike by the US Central Bank in this tightening cycle. The bank forecasts prices will return to $2,000 an ounce by the end of the year as...