|Day's Range||14.575 - 14.800|
Investing.com - Gold prices look likely to remain under pressure this week as a combination of a stronger dollar and higher Treasury yields make the precious metal less attractive to investors.
Primarily driving the price action early in the week was risk aversion with fears of Turkish contagion weighing on risky assets. Heading into the week-end, investors also appeared more optimistic that next week’s lower-level trade talks between China and the United States offer some hope that the two countries will find a way to head off a full-blown trade war. Australia’s jobs report missed expectations in July. The Dollar/Yen struggled all week to reverse its two-week decline, with lower Treasury yields and aversion to risk continuing to drive investors into the Japanese Yen.
Silver markets fell hard during the week, breaking down below the $14.50 level, but bouncing a bit on Friday. We are approaching serious support here, so this will be very interesting to pay attention to. The $14 level has been the scene of massive buying in the past, but we have certainly broken down a major descending triangle at this point, which could send this market even lower. However, a major fight is about to spark.
Natural gas markets initially sold off during the week but turned around of form a bit of a hammer. The hammer is pressing up against the $3.00 level, an area that has been important more than once. It is because of this that I think we may have a little bit further to go to the upside. However, there are a couple of potential signals here.
The British pound continues to find support at the ¥140 level, as the selling has abated a bit. Obviously though, we have concerns about the Brexit, and of course the global headlines continue to cause issues. With that in mind, be very cautious but it does start to look like there may be a glimmer of hope.
Gold prices rebounded and the dollar lost traction as riskier assets gain ground following news that Chinese and U.S. negotiators are working on a scheme to hold talks to end the trade dispute. The dollar has been the strongest currency around the globe and the an end to the recent Sino-US trade dispute would allow other currencies including gold to gain a foothold. Gold prices rebound following a spike down doji Day on Thursday which is a sign of a reversal pattern.
Vacancy rates for rental properties in the U.S. have been below 10 percent since 2010, and as of the second quarter of 2018, they were just 6.8 percent, near the lowest levels in the last eight years, according to the U.S. Census Bureau. Low vacancy rates are in large part due to a nationwide housing shortage that has persisted in recent years and is due to the halt in new construction that occurred during the Great Recession and the slow pickup since. Can You Handle Vacancy?
Having breached 200-week SMA & $1206-04 horizontal-support, Gold dropped to the lowest levels in nineteen months and still has some room on the downside before visiting important support-region of $1130-27. However, the $1160-58 may offer an intermediate halt to the Bullion prior to dragging it to the $1130-27 area. In case the yellow metal refrains to respect the $1127 mark, the $1100 and $1088 could appear in the Bears radar to target. Given the prices witness short-covering pullback, the $1188 might become immediate cap ahead of highlighting the $1204-06 support-turned-resistance. ...
The GBPUSD pair remains range bound despite USD sell off in broad market as investors focus remain on Brexit proceedings on last trading day of the week with No-deal Brexit scenario becoming highly likely each passing day.
The S&P 500 rebounded during the day on Thursday, showing signs of life again as premarket trading had the S&P 500 up as much is 18 points. However, we are facing a significant barrier in the form of the 2840 handle, and even though the Chinese are coming, there are still a lot of things to worry about out there.
Silver markets rally during the trading session on Thursday due to optimism coming out of the idea that the Chinese are coming to the United States and talking about trade. This gave the markets a break from US dollar strength, which of course has a direct effect on precious metals.
Gold markets were extraordinarily noisy during the day on Thursday, as the US dollar took a bit of a break from its massive strength. Ultimately, the market is breathing a sigh of relief after the Chinese have stated they are coming to the United States to discuss trade. However, that doesn’t change a lot of the other issues around the world so I think that that short-term rally is just that: short term.
The US dollar has pulled back from initial gains during the day on Thursday, as we continue to see a lot of choppiness in Forex markets overall.
The British pound went back and forth against the Japanese yen during trading on Thursday, initially trying to rally, but failing and rolling over at the ¥141 level. This may have been predicated upon the idea that the Chinese were coming to speak to the Americans, but at the end of the day the Brexit still looms large.
Some primary silver producers are no doubt feeling pain these days after the sell-off in silver prices so far this year, but don't look for major supply cutbacks any time soon, analysts said. Further, companies have become leaner in recent years, thus some of the major producers - such as Pan American Silver Corp.
Investing.com - Metal prices rebounded Thursday from a rout a day earlier as a subdued dollar and expectations for renewed U.S.-China trade talks supported sentiment, helping gold prices steady.
The gold prices broke down significantly during the Wednesday’s session as USD continues to strengthen. The Turkish situation is driving the overall forex and commodity market lower which is very negative for the market as it will restrict the bullish momentum. The silver prices fell hard during the yesterday’s session slicing through the $15 level as it reached down below the $14.50 level.
Investing.com - Gold prices dropped on Thursday while the U.S. dollar also slid despite higher demand in safe-haven assets amidst the Turkish lira crisis.
Investing.com - Metal prices were hurt by an ongoing rise in the dollar and worries that an economic crisis in Turkey could spread to emerging markets which would hit already fragile demand for commodities.
Investing.com - Gold prices fell to fresh one-and-a-half year lows on Wednesday as the broadly strong dollar continued to weigh on demand for bullion.
Gold’s price hits new 2018 lows as the US dollar continues to strengthen. Investors shift their funds to the American currency after the political turmoil in Turkey and other emerging markets.
(Reuters) - Hochschild Mining Plc (HOCM.L) reported on Wednesday a 90 percent jump in pre-tax profit for the first half, helped in part by higher grade ores from its Peruvian mines Inmaculada and Pallancata. ...
Silver markets broke down a little bit during the trading session on Tuesday after trying to rally, but I think the $15 level is going to continue to be an area of concern. I think longer-term buyers are most certainly interested in the area, and that area could even extend all the way down to the $14 handle. However, with the US dollar strength, it is an uphill battle to turn things around.
Gold markets bounced slightly during the trading session on Tuesday, and perhaps a bit of profit taking. The US dollar took a bit of a reprieve as well, as the Turkish lira recovered. At this point though, we have broken through a major level of support, so we could see further weakness.