|Day's Range||1,295.5 - 1,307.901|
|52 Week Range||1,295.4995 - 1,307.9008|
Gold markets have initially tried to rally during the week, but then rolled over again to show signs of weakness yet again. The $1500 level of course is going to attract a lot of attention, but when you look at the longer-term weekly chart, you can see that we are clearly pulling back.
Gold markets rallied a bit during the trading session on Friday, but then turned around to show signs of exhaustion yet again as Gold continues to sit on top of the $1500 level.
Investing.com -- Gold edged above $1,500 an ounce again on Friday, as the reality of ever-more negative interest rates in Europe outweighed the general return of risk appetite in stock and commodity markets.
I tend to go to the Treasury markets whenever I have to answer a question about a market. In this case, if Treasury yields continue to rise then I expect gold to be capped. A lower U.S. Dollar is just a function of a stronger Euro so although we can see a technical bounce in gold due to the weakening dollar index, I don’t think we’ll see a trend changing event.
Investing.com - The Dow is set to pass its intraday record high on Friday and other indexes were also near record highs after upbeat trade news from China, while an upside surprise on core inflation wasn't seen as enough to stop the Federal Reserve cutting rates next week.
Gold markets rallied initially during the trading session on Thursday, as we continue to see a lot of choppy behavior in the precious metals markets. The ECB had an interest rate decision and that of course has an influence on what happens with gold, and although they did cut rates, they perhaps didn’t cut them far enough.
Based on the early price action and the current price at $1529.10, the direction of the December Comex gold futures market the rest of the session on Thursday is likely to be determined by trader reaction to the uptrending Gann angle at $1528.10.
Too many variables makes me think we’ll see a two sided trade with a bias to the downside because of improving trade conditions.
Investing.com - Wall Street rose on Thursday after U.S. President Donald Trump delayed an expected tariff hike on Chinese imports, while the European Central Bank cut interest rates and re-introduced its purchasing buyback program in a bid to boost economic growth in the eurozone.
Investing.com - Oil prices slumped on Thursday after OPEC agreed to cut its oil output and ask Iraq and Nigeria to bring production down in an attempt to prevent a glut as U.S. production soars.
Investing.com - U.S. futures were higher on Thursday after President Donald Trump said he will postpone increased tariffs on Chinese imports by two weeks.
After two days with activity focussed in fixed income, there was a significant pivot on Wednesday. US treasuries were little changed, but US equities surged with S&P500; up 0.7%, and most bourses stronger through Europe as well which is set up for a positive day in Asia.
Investing.com - Gold prices were unchanged and stayed above the key $1,500 level ahead of the highly anticipated European Central Bank (ECB) meeting due later in the day.
Investing.com - Stocks enjoyed a solid rally Wednesday as Apple (NASDAQ:AAPL) and many chip stocks, along with Boeing (NYSE:BA), attracted investor interest.
This research post continues our effort to keep investors aware of the risks and shifting capital opportunities that are currently taking place in the global markets.
Gold markets did very little during the trading session on Wednesday, as we continue to see a lot of lackadaisical trading. I believe that the market is trying to get a grip on the central bank actions, and with the European Central Bank having a meeting on Friday, it’s very likely that we will have some type of move then.