|Day's Range||1,295.5 - 1,307.901|
|52 Week Range||1,295.4995 - 1,307.9008|
Based on the earlier price action and the current price at $1284.90, the direction of the June Comex gold futures contract the rest of the session is likely to be determined by trader reaction to the short-term 50% level at $1286.60.
Gold markets continue to show major support at the $1270 level, rallying significantly on Thursday. However, this isn’t necessarily a sign that we are ready to go higher for a longer-term move, simply that we are going to see a lot of volatility going forward again.
Investing.com - Stocks took a beating Thursday as investors worried that a U.S.-China trade war could drag on indefinitely and sap global growth.
We may see periodic short-covering spikes to the upside by gold, but we’re not likely to see a prolonged rally unless the U.S. economy starts to weaken, and the Fed starts to take about a rate cut later in the year.
The S&P; 500 fell 35 points or 1.2% by 9:44 AM ET (13:44 GMT), while the Dow lost 346 points or 1.3% and tech-heavy Nasdaq composite was down 114 points or 1.5%. The Nasdaq has under-performed all week on fears that the tech sector will be hurt more than most as the U.S. tries to stop China attaining world leadership in technologies such as 5G.
Investing.com - Gold prices were little changed on Thursday in Asia following the release of the minutes from last month’s Federal Reserve monetary policy meeting.
Gold markets did very little during the trading session on Wednesday, as we await the FOMC Meeting Minutes. At this point though, it seems as if the $1275 level is going to continue to offer support, and I think that it extends down to the $1270 level.
Gold and most metals are trading sideways ahead of the FOMC minutes; however, copper and platinum are extending losses big.
The incredible strength of the US Dollar over the past 12+ months has put downward pricing pressure on Gold and Silver. I believe this downward pricing pressure could be muting any upside price advanced in Gold and Silver by as much as 20% to 30% or more.
Gold prices could surge today if the three main influences: the dollar, yields and stocks, continue to trade lower. Gains could be limited if safe-haven buying supports the dollar.
The S&P; 500 fell 9 points or 0.3% by 9:44 AM ET (13:44 GMT), while the Dow lost 90 points or 0.4% and tech-heavy Nasdaq composite was down 22 points or 0.3%.
Investing.com - Gold prices were holding steady on Wednesday in Asia as the dollar remained supported near three-and-a-half week highs, dampening the appeal of the yellow metal.
Based on Tuesday’s price action and the current price at $1274.40, the direction of the gold market into the late session close is likely to be determined by trader reaction to the 50% level at $1272.70.
Gold markets continue to try to grind lower, but there is obvious support just underneath. At this point, the market looks very likely to find a lot of support in the $1270 level. That being said though, we have been drifting a bit lower for a while so it’ll be interesting to see how we play out.
The lack of safe-haven demand, higher yields and increased demand for risky assets should keep a lid on gold prices today. A potential upside breakout by the U.S. Dollar could also trigger a plunge in prices. Not only is the dollar being supported by rising rates and safe-haven demand, but weakness in the Euro and British Pound are also contributing to a firmer greenback.
The S&P; 500 rose 17 points or 0.6% by 9:44 AM ET (13:44 GMT), while the Dow gained 128 points or 0.5% and tech-heavy Nasdaq composite was up 66 points or 0.9%.