|Day's Range||1,295.5 - 1,307.901|
|52 Week Range||1,295.4995 - 1,307.9008|
Investing.com – Stocks were waiting on Monday for the second-quarter earnings season to shift into high gear.
The Gold markets continue to consolidate and grind sideways overall, as we don’t know what to make of Federal Reserve actions, and of course the global economy itself.
Gold stocks just ended the week at a new 2019 high, while gold confirmed its breakdown in the most important – weekly closing price – terms. Who should one believe?
The Dollar is entering the trading week looking quite shaky and vulnerable as expectations mount over the Federal Reserve cutting interest rates this month.
Gold is currently moving in a small range between 1,410 and 1,420; the unit is 0.08% negative at 1,415. Technical indicators don’t show much upside potential for now. On the bigger picture, gold is trading sideways between 1,385 and 1,440.
The stronger than expected Empire State report is probably going to reduce the chances of a 50-basis point rate hike and this should be supportive for Treasury yields and the U.S. Dollar, while pressuring gold prices.
Based on the early price action, the direction of the August Comex gold market on Monday is likely to be determined by trader reaction to the pivot at $1413.80.
Investing.com - Wall Street was mixed on Monday as second-quarter earnings season kicked off with earnings from Citigroup (NYSE:C).
Investing.com - Gold prices headed higher on Monday as a boost in risk appetite from generally positive economic data was insufficient to derail demand in an environment marked by decreasing yields.
Investing.com - U.S. futures were slightly higher on Monday, as investors looked ahead to a second-quarter earnings season that starts with the market close to record highs.
So why the muted reaction by gold to Powell’s revelation? I believe it is because gold traders along with Treasury traders had already priced in a 100% chance of a 25-basis point rate cut. So the key to whether prices move higher over the near-term will be whether the Fed considers a 50-basis point rate cut.
Investing.com - Gold prices were little changed on Monday in Asia after data showed China’s second-quarter growth data slowed to a 27-year low but matched expectations.
Based on Friday’s price action and the close at $1412.20, the direction of the August Comex gold market on Monday is likely to be determined by trader reaction to the short-term pivot at $1413.80.
Gold markets tried to rally during the week but failed to hang onto gains yet again for the third week in a row. This tells me that the Gold markets are getting exhausted and we very well are ready for some type of pullback.
Investing.com – The Dow reached another record high on Friday, after Federal Reserve Chairman Jerome Powell’s dovish comments earlier in the week set stocks soaring in anticipation of a rate cut later this month.
Investing.com - Gold prices moved higher Friday, easily shaking off a stronger-than-expected reading for producer price inflation in June.
Investing.com - U.S. futures pointed to another record high on Friday, as momentum continued after the Dow Jones Industrial Average closed over 27,000 for the first time on Thursday.
Investing.com - Gold prices rose on Friday in Asia despite stronger-than-expected U.S. inflation and labor data that contrasted with Federal Reserve Chair Jerome Powell’s concerns that economic growth was under threat.