|Day's Range||15.055 - 15.07|
|52 Week Range||15.055003 - 15.070000|
Gold prices recovered from an 18-month low on Tuesday, as the U.S. dollar softened, . Comex gold futures for August delivery rose 0.47% to $1,204.50 a troy ounce as of 10:37 AM ET (14:37 GMT). Gold fell to an 18-month low on Monday, after economic turmoil in Turkey caused the Turkish lira to plunge to an all-time low of 7.1289.
The gold market sold-off significantly during the Monday’s session breaking below the $1200 level which offered strong psychological support to the market. The market is strongly impacted by the Turkish situation and relative strong dollar. The next significant support for the gold prices is at $1140 level and in order to turn around, it needs to break above the $1205 level.
Silver markets continue to drift lower as the US dollar was stronger during most of the trading session on Monday. However, as the US dollar lost a bit of strength, silver didn’t really rally, showing that we have a proclivity to continue to drift lower, perhaps looking for support at the round figure.
Investing.com - Metal prices were rocked by Monday as gold fell to a 17-month low, pressured by rising geopolitical uncertainty and a stronger greenback.
Other metals were mostly up on the Comex, with silver futures falling 0.75% to $15.180 a troy ounce. Among other precious metals, platinum futures slumped 2.62% to $807.90, while palladium futures decreased 0.83% to $894.10 an ounce. Copper futures rose 0.24% to $2.749 a pound.
Investing.com - Gold prices traded lower on Monday, with spot prices hitting a 17-month low, as concerns over the crisis in Turkey sent investors flocking to the dollar, dampening demand for the precious metal.
The collapse of the Turkish lira spreads its toxic influence on the European and EM financial markets. The Turkish lira has lost 11% to 7.11 per dollar since the start of trading on Monday but somewhat stabilized after the country’s Minister of Finance gave an assurance that the government was working on a draft plan to stabilize the situation.
The Iranian economy is in tatters, the Iranian Rial has collapsed to record lows against the U.S Dollar, most of the collapse coming through the summer over the planned roll-out of sanctions in August and inflation is sky high as once optimistic businesses face the prospects of another eternity in the wilderness. How close the Iranian economy to an economic crisis?
Silver markets continue to tread water, hanging between two support and resistance levels. The market has calmed down quite a bit, and I think that precious metals in general are starting to show a proclivity to recover from the significant losses that we have had.
The Silver markets were very noisy during the trading session on Friday, as we continue to bounce around in this overall consolidation area. I believe that the market will continue to offer plenty of opportunities for short-term traders though, if you know the proper levels.
Investing.com - Metals prices were mostly lower Friday as a plunging euro pushed the dollar above a year high, rattling investor sentiment on dollar-dominated commodities. But gold steadied on safe-haven demand.
Investing.com - Gold prices traded higher on Friday as investors flocked to safe-haven assets while U.S. President Donald Trump announced the implementation of higher tariffs on Turkey.
Gold prices dipped in Asia on Friday, languishing near a one- year low, weighed down by a rally in the U.S. dollar amid heightened global political tensions. The strong dollar is affecting the price of gold. Spot Gold XAUUSD is currently trading at $1208.42 down 0.32% on the day. US Gold futures GCcv1 were down 0.5% at $1,213.4 an ounce.
The gold market continued to be volatile during the Thursday’s session trying to rally higher only to give back most of the gains. The strong volatility in the forex market is also affecting the performances in the commodity market and for gold, it has broken significantly in the past few sessions. The silver initially tried to rally during the yesterday’s session reaching towards the $15.50 level but pulled back slightly from there.
Silver markets try to rally initially during the day on Thursday but continued to find sellers at the $15.50 level as we have seen for some time. At this point, the market looks very range bound, so you need to keep it in the back of your mind, recognizing the field of play.
Investing.com - Gold prices traded higher on Thursday as softer-than-expected inflation indicators eased concerns over an acceleration of rate hikes from the Federal Reserve ahead of the consumer price index out on Friday.
Double-digit inflation, foreign currency debt, a surge in the cost of imports that Turkey depends upon for any goods that it delivers overseas and Erdogan’s unwillingness to allow the Turkish central bank to raise borrowing costs are a combination that paints a bleak picture and these are all before a possible meeting gone wrong in Washington.
The gold prices have dropped significantly during the Wednesday’s session reaching down to the $1205 level. A break above the downtrend line which is offering resistance will eventually bring back buyers into the market. The crude oil prices had a very sharp fall in the yesterday’s session from the $69 level to $67 level before finding buyers again.
Precious metals fall as US dollar gained strength despite slight decline against Japanese Yen. Crude Oil rebounded from steep fall as the impact from latest escalation in Chinese trade war failed to affect the oil rally.
Silver markets were a bit difficult to get a handle on during trading on Thursday, as we have seen so much in the way of noise. A lot of this might have been due to external factors such as the US dollar, but at this point it’s probably best to look at it from a longer-term standpoint.
Investing.com - Gold prices traded lower on Wednesday as a Federal Reserve policymaker reiterated the need for rate hikes and a stronger dollar weakened demand for the precious metal.
Precious metals take advantage of USD’s weakness amid Sino-US trade wars but upside is limited as investors remain vary of China’s response to latest update from US on tariff for another $16 billion in Chinese goods.
The gold prices initially rallied reaching towards the $1215 level in the Tuesday’s session but the market started to give back the gains. The silver market was volatile during the yesterday’s session reaching as high as $15.45 level but started to fall from there. The crude oil prices initially rallied higher during the yesterday’s session reaching as high as $69.80 level but then rolled over to reach $69.15 level underneath.
Silver markets were volatile again during trading on Tuesday, rallying quite nicely towards the $15.45 level before rolling over again. While the American sold off silver, it should be said that we are still bouncing around in the overall consolidation.