|Day's Range||1,201.301 - 1,207.9|
|52 Week Range||1,201.300781 - 1,207.900146|
Investing.com - Gold prices edged higher on Tuesday, as the dollar dipped ahead of the two-day Federal Reserve meeting beginning later in the day, at which it was widely expected to deliver its third rate hike this year.
Investing.com – U.S. futures pointed to a slightly higher opening bell on Tuesday as investors wait for trade developments and the Federal Reserve begins its two-day policy meeting.The S&P 500 futures rose 7 points or 0.25% to 2,932.75 as of 6:50 AM ET (10:50 GMT) while Dow futures gained 76 points, or 0.29%, to 26,686.0. Meanwhile tech heavy Nasdaq 100 futures increased 10 points, or 0.14%, to 7,596.25.U.S. trade representatives and Japan’s economy minister meet for a second round of trade talks that were postponed from Monday. ...
Based on Tuesday’s early price action, the direction of the December Comex Gold market today is likely to be determined by trader reaction to the 50% level at $1205.90.
The gold prices inched higher during the Monday’s session as it broke above the slightly resistive $1205 level. With no signs of improvement in the Sino-US trade relations, gold prices are likely to continue trade under pressure. The silver market had a strong start to the week as the silver prices reached towards the $14.45 level before pulling down a bit slightly.
Gold has been rangebound since mid-August and is likely to remain in this state of flux as long as the Fed doesn’t do something widely unexpected on Wednesday.
Gold markets rallied during the session on Monday, as the ECB head Mario Draghi spoke. However, the market turned around rather rapidly as the EUR/USD pair approached the 1.18 level. This was a sign that the US dollar could pick up a bit of strength, working against Gold.
Based on Monday’s price action and the close at $1204.40, the direction of the December Comex Gold market today is likely to be determined by trader reaction to the 50% level at $1205.90.
Investing.com – U.S. gold futures settled a touch higher on Monday after hitting one-week highs above $1,200 an ounce, as bullion traders took in stride trade war tensions and a widely-anticipated Federal Reserve rate hike, which would typically be bearish for the yellow metal.
Gold prices continued to trade sideways consolidating in a tight range. Additionally, the trade spat between the US and China is generating unwanted volatility. Companies are now pulling back on future investment which is putting downward pressure on riskier assets. Trader’s are looking toward Wednesday’s Federal Reserve meeting which is expected to see an increase in interest rates.
Investing.com - Stocks started lower Monday, with investors hesitant as a new batch of tariffs between the U.S. and China went into effect. But a wave of mergers produced a lot of activity in individual issues.
Other metals were mixed on the Comex, with silver futures falling 0.34% to $14.310 a troy ounce. Among other precious metals, platinum futures rose 0.30% to $835.40, while palladium futures increased 0.39% to $1,049.00 an ounce. Copper futures gained 0.16% to $2.862 a pound.
Investing.com – U.S. futures pointed to a lower opening bell on Friday as trade war tensions kept investors on edge.The S&P 500 futures fell 5 points or 0.18% to 2,928.50 as of 6:51 AM ET (10:51 GMT) while Dow futures lost 41 points, or 0.15%, to 26,713.0. Meanwhile tech heavy Nasdaq 100 futures decreased 28 points, or 0.37%, to 7,522.50.The U.S.-Sino trade war escalated on Monday, as U.S. duties on $200 billion of Chinese goods went into effect at 12:01 AM ET (4:01 GMT) and China accused the U.S. of bullying.China cancelled mid-level trade talks with the U.S. ...
There are no major economic reports today, China and Japan are on holiday and the Fed starts its two-day meeting on Tuesday. Look for a low volume, low volatility trading session.
The news out of China seems to be having some negative impact on gold with the U.S. dollar cautiously higher.
Investing.com - Gold prices inched up while the dollar also gained on Monday as China cancelled its planned trade talks with the U.S.
Based on Friday’s close at $1201.30 and the recent price action, the direction of the December Comex Gold futures contract is likely to be determined by trader reaction to the short-term pivot at $1194.30.
The trade dispute and the dollar will continue to drive the price action in gold this week. However, this week, the dollar could strengthen and gold could weaken. This is because China called off the trade talks with the United States and said it wouldn’t meet with high level negotiators until after the November mid-term elections. Also contributing to the movement in gold will be the outcome of this week’s two-day Federal Open Market Committee meeting which culminates with the Fed’s interest rate and monetary policy decision on Wednesday, September 26.
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A choppy week ahead, with Trump at the UN, Theresa May at Tory Party Conference and the FED delivering a rate hike and projections.
Based on the close at $1201.30 and Friday’s price action, the direction of the December Comex Gold futures contract is likely to be determined by trader reaction to the short-term 50% level at $1193.90.
China dropped a potential bombshell late Friday when it canceled planned trade discussions with the United States. Gold prices edged lower on Friday as the U.S. Dollar firmed on renewed concerns over escalating trade tensions between the United States and China. A report showed OPEC and its allies were considering a coordinated increase in crude production.
Gold markets tried to rally during the week but found the $1215 level to be too resistive to go higher. In fact, we have formed a shooting star for the second week in a row, and that does suggest that we are really starting to try to break down from here.
Gold markets got hammered during the trading session on Friday, as the $1215 level has offered too much in the way of resistance. Ultimately, this is a market that is reacting to the US dollar in general, which of course got a lift after volatility in the British pound.
Investing.com - Metal prices were in rally mode Friday as copper hit 12-week highs, shrugging off a strong dollar on easing trade war fears, though analysts warned downside momentum could resume.