|Day's Range||1,178.5 - 1,192|
|52 Week Range||1,178.500366 - 1,192.000244|
Gold futures finished lower last week after spiking to its lowest level since the week-ending December 23, 2016. The catalyst behind the selling pressure was a stronger U.S. Dollar which surged to its highest level since the week-ending May 19, 2017. The rally in the dollar was fueled by a sell-off in emerging market currencies which was triggered by a collapse in the Turkish Lira.
It’s a big week ahead for the markets and things could unravel should U.S China trade talks disappoint and FED Chair Powell raise concerns…
Gold markets broke down below a major support level during the week, slicing through the $1200 level like it wasn’t even there. This was mainly due to the US dollar strengthening as people began to find themselves concerned about the Turkish lira. Because of this, the natural proclivity of gold to be inverse of the US dollar came into play.
Investing.com - Gold prices Friday were set to post their biggest weekly slump since April last year as fears over a slowdown in China and a stronger dollar wreaked havoc in metals earlier this week.
Gold prices rebounded and the dollar lost traction as riskier assets gain ground following news that Chinese and U.S. negotiators are working on a scheme to hold talks to end the trade dispute. The dollar has been the strongest currency around the globe and the an end to the recent Sino-US trade dispute would allow other currencies including gold to gain a foothold. Gold prices rebound following a spike down doji Day on Thursday which is a sign of a reversal pattern.
Investing.com - Stocks started the day lower on Wall Street Friday, as global market selling on a further tumble in the Turkish lira hit the broader market and weakness in semiconductor earnings hit technology shares.
The gold prices initially rallied during the Thursday’s session but witnessed some amount of selling pressure on the top. The silver prices rallied during the yesterday’s session breaking above the $14.50 level after the news that Chinese delegation will visit the US to discuss the trade policy which eased some amount of tensions from the market. The crude oil prices moved very little during the yesterday’s session hovering just above the $65 level which is offering a bit of support to the market.
Having breached 200-week SMA & $1206-04 horizontal-support, Gold dropped to the lowest levels in nineteen months and still has some room on the downside before visiting important support-region of $1130-27. However, the $1160-58 may offer an intermediate halt to the Bullion prior to dragging it to the $1130-27 area. In case the yellow metal refrains to respect the $1127 mark, the $1100 and $1088 could appear in the Bears radar to target. Given the prices witness short-covering pullback, the $1188 might become immediate cap ahead of highlighting the $1204-06 support-turned-resistance. ...
At this time, there is no evidence of buying in the gold market. Most of the price action the past two sessions has been fueled by aggressive short-covering. Some of the short-covering has been fueled by a slight change in investor sentiment. Technically oversold conditions also caused shorts to cover.
Precious metals are trading range bound as investors await for fresh cues that could indicate future momentum before placing new bets.
Based on the early trade, the direction of the December Comex Gold futures contract is likely to be determined by trader reaction to the January 3, 2017 main bottom at $1184.00. There is room to the upside, but something major has to happen to drive the U.S. Dollar lower. If the dollar plunges then gold could break out over $1189.00 with the next major target the resistance cluster at $1205.90 to $1206.70.
Investing.com – Gold prices traded slightly higher on Friday while the U.S. dollar dropped after White House economic advisor Larry Kudlow confirmed that Chinese and U.S. officials will meet later in August to resume trade talks.
Gold markets were extraordinarily noisy during the day on Thursday, as the US dollar took a bit of a break from its massive strength. Ultimately, the market is breathing a sigh of relief after the Chinese have stated they are coming to the United States to discuss trade. However, that doesn’t change a lot of the other issues around the world so I think that that short-term rally is just that: short term.
Investing.com - Metal prices rebounded Thursday from a rout a day earlier as a subdued dollar and expectations for renewed U.S.-China trade talks supported sentiment, helping gold prices steady.
Investing.com - U.S. futures pointed to a higher open on Thursday, as investors reacted positively to developments in trade talks between China and the U.S. and positive earnings reports from blue-chip companies, while keeping an eye on blue-chip earnings and waiting for a slew of data to be released before the open.
The gold prices broke down significantly during the Wednesday’s session as USD continues to strengthen. The Turkish situation is driving the overall forex and commodity market lower which is very negative for the market as it will restrict the bullish momentum. The silver prices fell hard during the yesterday’s session slicing through the $15 level as it reached down below the $14.50 level.
Short-term, a weaker U.S. Dollar and cheap prices could bring speculative buyers back into gold. The daily chart indicates that if the upside momentum continues, $1205.90 to $1215.10 is a reasonable target zone. Since the trend is down, sellers are likely to show up on a test of this zone.
Precious metals rebound from new lows as USD weakened over news of Sino-U.S trade-related talks and as worries over Turkey’s economic turmoil ease.
Investing.com - Gold prices dropped on Thursday while the U.S. dollar also slid despite higher demand in safe-haven assets amidst the Turkish lira crisis.
Gold markets broke down significantly during the trading session on Wednesday as the US dollar continues to strengthen overall. The Turkish crisis continues to drive money into the greenback, which of course is very negative for precious metals.
Investing.com - Metal prices were hurt by an ongoing rise in the dollar and worries that an economic crisis in Turkey could spread to emerging markets which would hit already fragile demand for commodities.
Gold prices tumbled again on Wednesday breaking down and headed toward target support near the December 2016 lows at 1,120. Resistance is seen near former support now resistance near 1,204. Stronger than expected retail sales helped buoy the dollar paving the way for lower gold prices. The dollar has been the beneficiary of the geopolitical unrest which first hammered the Turkish Lira but has spread to decline in the Indian Rupee and the Chinese Yuan. Momentum is negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. ...
Based on the current price at $1184.50, the direction of the December Comex Gold market into the close is likely to be determined by trader reaction to the former bottom at $1184.00. Now that we’ve tested $1184.00, volatility is expected to pick up since there is plenty of room in both directions with $1210.70 a potential upside target and $1166.60 the next downside target.
Investing.com - Gold prices fell to fresh one-and-a-half year lows on Wednesday as the broadly strong dollar continued to weigh on demand for bullion.