|Day's Range||1,226.3 - 1,229.101|
|52 Week Range||1,226.300293 - 1,229.100708|
Investing.com – Gold prices fell to a year low Tuesday, pressured by a rally in the greenback as Federal Reserve Chairman Jay Powell said gradual rate hikes would continue.
Gold prices tumbled on Tuesday, as commentary from Fed Chair Powell, allowed the greenback to gain traction. Gold prices drop sharply on Tuesday slicing through former support which were the July and December lows at 1,236, and headed toward target support near the July 2017 lows at 1,204. Resistance on the yellow metal is seen near former support at 1,236 and then the 10-day moving average at 1,247. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal.
Gold prices fell to a two-and-a-half year low on Tuesday, as a stronger dollar weighed on the precious metal and Federal Reserve Chair Jerome Powell backed gradual rate increases. Comex gold futures for August delivery decreased 0.86% to $1,229.20 a troy ounce as of 10:37 AM ET (14:37 GMT). The price of gold fell as Powell reiterated the central bank should gradually increase interest rates.
The S&P 500 lost six points, or 0.23%, to 2,791.88 as of 9:45 AM ET (13:45 GMT), while the Dow decreased 60 points, or 0.24%, to 25,003.70 and the tech-heavy NASDAQ Composite was down 29 points or 0.38% to 7,775.77.
In conclusion, after reading Powell’s recent interviews and recent monetary policy statements, I am going to assume that he is going to say the economy is great, the Fed’s going to raise rates at least two more times this year and that the economy is essentially protected against the long-term impact of a trade war.
Investing.com – U.S. futures were mostly flat on Tuesday as investors paused before a flurry of earnings reports and testimony from Fed Chair Jerome Powell.The S&P 500 futures fell five points or 0.18% to 2,791.50 as of 6:46 AM ET ( 10:46 GMT) while Dow futures decreased 27 points or 0.11% to 25,014.0. Meanwhile tech heavy Nasdaq 100 futures lost 17 points or 0.24% to 7,307.50.On the earnings front, Goldman Sachs (NYSE:GS) is expected to release its financial results before the morning bell, along with UnitedHealth Group Incorporated (NYSE:UNH) and Progressive Corporation (NYSE:PGR). ...
Today, we do have three interesting occasions with one pattern – inverse head and shoulders. The thing is, that this signal is very close to being denied as we are falling below the neckline again. The second pattern can be seen on the Cable but here, we are still below the neckline so the trading signal has not been triggered yet.
In order to trigger a sustainable rally in gold, Powell is going to have to acknowledge cracks in the economy, or vulnerability in the Fed’s plan to raise rates at least two more times this year. Unless he softens his stance on additional rate hikes, any rally in gold is likely to be short-lived.
On Monday, the dynamics of oil was in the spotlight on a combination of negative factors by both the potential demand and the supply part. Asian markets lose 0.5%-0.7% on Tuesday morning, global stocks mixed.
Gold prices were steady on Tuesday, as the U.S. dollar remained largely unchanged ahead of U.S. Federal Reserve Chairman Jerome Powell’s first congressional testimony.
The NY trading session will see the Fed Chair Powell’s testimony to Congress. Investors will be looking to see if the Fed Chair maintains his hawkish views on the economy.
The gold prices initially rallied during the Monday’s session but ran into trouble around the $1245 level, which is offering short-term resistance and pulled back. The weakness in the market is due to Saudi Arabia agreed on more supplies to the market and also strengthening USD is keeping the market under pressure.
Investing.com – Gold prices were little changed on Tuesday as the dollar steadied ahead of the U.S. Federal Reserve Chairman Jerome Powell’s first congressional testimony.
Donald Trump and Vladimir Putin meeting in Helsinki was more of a show than a political event. Yet, there were a number of key takeaways that the two managed to achieve.
Gold markets initially rallied during the day, reaching towards $1245 level before finding sellers again. Now that we have broken down after that initial rally, it looks as if there is still bearish pressure in the Gold markets that could come into play.
Gold prices were little change on Monday initially attempting to move higher but failing and closing slightly lower. Prices are hovering near support, and Monday’s U.S. retail sales did little to buoy the yellow metal. Later in the week, Fed Chair Powell will testify in front of congress, with expectations of another 25-basis point rate hike baked in for the September meeting. The Eurozone trade balance narrowed as European export growth slowed.Technicals
Elsewhere on the Comex, silver futures were down 0.13% to $15.795 a troy ounce. Among other precious metals, platinum slumped 1.11% to $821.20 while palladium decreased 2.03% to $914.30 an ounce. Copper futures lost 0.31% to $2.767 a pound.
The S&P 500 lost 2.5 points, or 0.09%, to 2,798.65 as of 9:50 AM ET (13:50 GMT), while the Dow decreased 14 points, or 0.06%, to 25,005.06 and the tech-heavy NASDAQ Composite was down 0.5 point, or 0.01%, to 7,825.53.
U.S. retail sales posted a firm gain in June, helped by increases in purchases of motor vehicles and a range of other goods, solidifying expectations for robust economic growth in the second quarter. U.S. West Texas Intermediate crude oil futures plunged below $69, dropping a whopping 3 percent after Treasury Secretary Steven Mnuchin said some oil buyers could get waivers to continue buying Iranian supplies despite American sanctions on the Middle Eastern country.
Investing.com – U.S. futures were flat as investors turn their focus to corporate earnings.The S&P 500 futures fell half a point or 0.02% to 2,802.75 as of 6:49 AM ET (10:49 GMT) while Dow futures increased eight points or 0.03% to 25,012.0. Meanwhile tech heavy Nasdaq 100 futures gained six points or 0.08% to 7,399.25.U.S. President Donald Trump wraps up his European tour on Monday with a one-on-one meeting with Russian President Vladimir Putin in Helsinki. ...
Investing.com - Gold price bounced back on Monday after dipping to a near 2018 low last week as the dollar slipped ahead of the first official dialogue between U.S. President Donald Trump and Russian President Vladimir Putin summit in Helsinki later in the day.
Gold prices nudged higher in early trade on Monday amid a softer U.S. dollar and slightly weaker Asian shares, after sliding to their lowest in seven months in the previous session.
Based on the early trade, the direction of the August Comex Gold market today is likely to be determined by trader reaction to the steep downtrending Gann angle at $1246.90. Holding inside Friday’s range of $1236.20 to $1248.50 will indicate investor indecision and impending volatility. Look for the price action in the dollar to control the movement in gold futures today.
The gold market continued to remain noisy in the Friday’s session drifting down towards the $1237 level before bouncing a bit. In an alternate scenario, the market needs to break above the $1250 level, to reverse the downtrend. The market has experienced this support level for the couple of times in the last few sessions and if it breaks from here, then the next major support will be at $15.50 level.
New Zealand will be releasing its quarterly CPI later tonight. Forecasts point to a 0.5% increase in inflation during the second quarter. The New Zealand Dollar gained 0.07% on Monday morning, trading at 0.6772.