|Day's Range||1,287.6 - 1,295.401|
|52 Week Range||1,287.5996 - 1,295.4005|
The S&P; 500 rose 5 points, or 0.21%, as of 9:33 AM ET (14:33 GMT), while the Dow increased 80 points, or 0.34%, and the tech-heavy Nasdaq Composite gained 20 points, or 0.29%.
Yesterday we had a real roller-coaster on the GBP. Well, no surprise here as we had a Brexit vote and everybody expected the increase in volatility.
Investing.com - Gold prices ticked higher on Wednesday, trading just below a seven-month high as sentiment in financial markets remained fragile on heightened worries over political instability in the U.K. and the U.S.
The gold prices are continuing its move around the $1290 level as it is facing extreme resistance in breaking above the psychologically important $1300 level. If it breaks above the $1300 level, then it can reach towards the $1400 level in the long term, with some selling at every $25 until it reaches there. The $1250 level underneath is strong and hard support for the market and is unlikely to breach. …Read MoreSilver
Investing.com - Gold prices edged up on Wednesday in Asia as political uncertainty in the U.K. boosted demand for the safe-haven metal.
Gold prices moved sideways in the wake of the Brexit vote which as widely expected defeated the Prime Minister Teressa May. The markets had discounted a no vote, which led to some short-covering in the pound. The easing of the dollar helped buoy gold prices. Momentum, as reflected by the MACD (moving average convergence divergence) index, is also negative as the index generated a crossover sell signal.
Based on the early price action, the direction of the February Comex Gold market into the close is likely to be determined by trader reaction to the short-term pivot at $1289.20 and the major 50% level at $1285.70.
Gold markets continue to go back and forth as we can’t get above major resistance. However, we have major support just below so I think that the market is getting ready to make a significant move.
Gold has been rangebound for nearly two weeks due to mixed fundamentals. Underpinning the market has been the dovish Fed which recently signaled it may take a break from further rate hikes until the stock market volatility stabilized and the global economy started to show signs of strengthening.
Gold trades in red on profit booking activity and high risk appetite but downside was limited owing to caution surrounding brexit.
The S&P; 500 rose 12 points, or 0.5%, as of 9:40 AM ET (14:40 GMT), while the Dow increased 26 points, or 0.11%, and the tech-heavy Nasdaq Composite gained 65 points, or 0.95%.
Investing.com - Gold prices rose slightly on Tuesday as the first drop in factory gate inflation in four months reinforced the argument that the Federal Reserve should pause on monetary policy tightening, on a day when three of the central bank's top officials are due to speak in public.
The gold prices during Monday’s session was bit stable and did not break out above. The silver prices were mostly stable during yesterday’s session, trading around the $15.60 level. The $15.50 level underneath is a strong support point and break below could lead to market breaking towards the $15 level.
Investing.com - Gold prices were flat on Tuesday in Asia as a bounce in Asian stocks stoked interest in riskier assets, although investors remained cautious ahead of a key Brexit vote.
Gold prices moved higher but remain rangebound on Monday, as US yields remain soft following weaker than expected Chinese data. Gold prices remain range bound and are forming a bull flag pattern which is a pause that refreshes higher. Support is seen near the 20-day moving average at 1,272. Additional support is seen near the 200-day moving average at 1,248. Momentum, as reflected by the MACD (moving average convergence divergence) index, is also negative as the index generated a crossover sell signal.
Gold markets continue to go back and forth, as Monday was positive but did not break out. Overall, this is a market that not only moves upon the cycle of the US dollar but can be driven by a safety trade as well.
Investing.com - Gold futures remained steadfastly within striking range of the $1,300 level on Monday as investors fled from risk assets after a slump in China's exports and ahead of an expected defeat for British Prime Minister Theresa May's Brexit deal.
Based on the early price action, the direction of the February Comex gold futures contract the rest of the session is likely to be determined by trader reaction to the 50% level at $1289.20.
It’s been a particularly choppy start to the year for the U.S equity markets. The Dow fell to 2019 low 22,686.22 before bouncing back to hit 24,000 levels on Thursday. A number of drivers have dictated direction at the turn of the year.
Risk off trading activity in global equity markets boost demand for yellow metal, while crude oil also declines on cues which affected global equity markets.
A weak dollar and lower demand for risky assets should underpin gold prices today. The trend is up, but the market has been rangebound for more than a week. This suggests investor indecision and impending volatility.
A break above $1300 level would send the gold prices towards the $1400 level in the long term. The silver prices were mostly sideways in the Friday’s session as the $15.50 level underneath continues to offer strong support. In an alternate scenario, it silver prices breaks down below the $15.50 level, then it could reach down to $15.20 level.