|Day's Range||1,224.5 - 1,243|
|52 Week Range||1,224.499756 - 1,243.000366|
Investing.com - Gold prices inched up on Tuesday morning in Asia as Asian stock markets fell amidst escalating geopolitical tensions over the killing of journalist Jamal Khashoggi and concerns over Italy’s budget.
After consolidating in a tight range for over a week, gold is finally breaking out to the upside early Tuesday. The size of the rally today will likely be determined by the volatility and the direction of U.S. equity markets as well as whether the breakout is being fueled by short-covering, new buying or a combination of the two.
Geopolitical tensions are escalatinggeopoliticaland that has brought safe-haven buying resulting positive price action in both gold and silver despite broad-based firm USD in global markets.
The gold prices pulled back slightly during the Monday’s session, as strength in the USD is keeping the market under pressure. The silver prices fell during yesterday’s session due to overall weakness in the currency as well as the commodity market. The crude prices fell during yesterday’s session reaching down to the $68.50 level, as it is trying to find some support.
Gold markets drifted a bit lower during the trading session on Monday, reaching down towards the $1220 level. This is an area that of course is rather supportive, as we have seen the market bounce from here a couple of times recently.
Based on yesterday’s close at $1224.60 and the early price action, the direction of the December Comex Gold futures contract is likely to be determined by trader reaction to the main 50% level at $1222.70.
Investing.com - Gold’s ability to concede little in the face of adverse interest rate hikes has reestablished its position as the safe-haven of choice for investors. But with the impending U.S. midterm elections, the yellow metal is barely making ripples in $1,200 territory, disappointing some traders hoping for greater moves.
After trading sideways for more than 2-months from mid-August to mid-October, many had hoped that the surge in gold prices on October 11, was the beginning of the breakout. While prices continue to form a bull flag pattern, which is a pause that refreshes, the sideways price action is draining. Yields in the US have stabilized with the 10-year near the 3.18 handle, which has levels the dollar creating a new trading range for gold.
The S&P 500 fell 10 points, or 0.37%, to 2,757.59 as of 10:00 AM ET (14:00 GMT), while the Dow decreased 86 points, or 0.34%, to 25,358.11 and the tech-heavy Nasdaq Composite was down 12 points, or 0.17%, to 7,436.46.
Investing.com - Gold prices were little changed on Monday after logging three-straight weeks of gains as investors prepared for Friday’s data on U.S. third-quarter growth, while monetary policy decisions this week from the European Central Bank and Bank of Canada will also be closely watched.
Investing.com – U.S. futures pointed to a higher opening bell on Monday as a better than expected start of earnings season has helped boost investor confidence.The S&P 500 futures rose 7 points or 0.25% to 2,774.50 as of 6:50 AM ET (10:50 GMT) while Dow futures were up 63 points, or 0.25%, to 25,491.0. Meanwhile tech heavy Nasdaq 100 futures increased 42 points, or 0.60%, to 7,149.0. ...
Global stocks trade mostly higher on Chinese plan to support the economy. US futures set to open higher. Eyes are on earnings as the earnings cycle hits its peak.
The latest FOMC minutes show that some of the FOMC members want to bring the fed funds rate even higher than the projected neutral rate. What is next for the US yields?
Chinese indices add almost 4% in the morning, developing a rebound of the last Friday. Oil prices rise on US-Saudi tensions.
Precious metals erase early gains and have taken a decline in price action although geopolitics concerns and Italy weigh on global stability.
Based on the early price action, it looks as if gold investors will be mainly focused on the stock market today, or demand for risky assets. If stocks continue to strengthen, led by a strong performance in China, then we could start seeing some profit-taking in gold.
The gold market continued to remain sideways as it is trying to form some type of base. The longer-term outlook of the gold market is still positive as the USD is facing few headwinds on the top and is likely to weaken. If the gold prices break above the $1250 level, then it will rally much higher towards the $1300 level.
Investing.com - Gold prices settled higher on Monday morning in Asia, along with an advance in the U.S. dollar. The increase in gold prices, a safe-haven asset, is likely to be impacted by geopolitical tensions including the Saudi murder of a journalist, Italy’s budget and Brexit uncertainty.
Investing.com - This week precious metals traders will continue to watch developments in equity markets and monitor geopolitical risks after gold prices notched up a third week of gains.
Fresh economic data will be sparse next week so gold traders are likely to continue to respond to the movement in Treasury yields, the direction of the U.S. Dollar and stock market volatility. Gold could start to feel pressure if yields rise and the stock market remains steady. This will be a sign that investors have priced in a few of the Fed’s future rate hikes.
The Fed minutes showed policymakers were confident in the current path of interest rate hikes, saying that a series of gradual rate hikes was the correct strategy in helping to maintain a stable economy. The minutes also showed central bankers were wary of “excesses” in financial markets.
Gold markets rallied a bit for the week, as we have cleared the recent consolidation and it now looks like the rally is going to continue. The $1250 level above looks to be rather resistive and perhaps a nice target for the time being.
Gold markets were rather quiet on Friday as traders start to look towards the weekend. We have recently seen a significant move to the upside on the chart, and at this higher-level it looks like we are simply trying to digest some of the recent explosive gains.
Investing.com - Gold prices settled a touch lower on Friday on profit-taking from recent gains, but a weaker dollar and geopolitical worries still helped bullion coast to a third weekly gain.