|Day's Range||1,280.7 - 1,286.799|
|52 Week Range||1,280.699951 - 1,286.799316|
Investing.com – Gold prices gained on Tuesday as intensifying U.S.-China trade tensions fuelled investor appetite for safe-haven gold. A softer dollar was also cited as supportive.
Increased safe haven demand is helping to boost gold prices early Tuesday. The buying is being driven by a drop in U.S. Treasury yields and U.S. equity futures in reaction to President Trump’s threat of new tariffs on China.
Investing.com – Gold prices rose modestly as the U.S. dollar remained flat against its rivals and rising U.S.-China trade tensions fuelled investor appetite for safe-haven gold.
Gold prices moved lower and are consolidating on Monday after tumbling on Friday as the dollar gained traction. The ECB and the Federal Reserve met last week and are on diverging paths as the Fed continues to raise rates and normalize. Higher U.S. interest rates are making the dollar more attractive and gold prices more expensive in other currencies. As long as the dollar continues to make headway, gold prices will have a difficult time gaining ground. The ECB on the other hand, kept rates unchanged but discussed the phasing out of their quantitative easing. QE will be reduced by half in September and will phase out completely as of December 2018. Just because QE will be terminated does not mean that the ECB will begin to increase interest rates.
Comex gold futures for August delivery were up 0.21% to $1,281.20 a troy ounce as of 10:28 AM ET (14:28 GMT). On Friday U.S. President Donald Trump announced a 25% tariff on 818 different Chinese goods worth $34 billion beginning on July 6. The two largest economies in the world have been in a tit-for-tat over global trade tariffs in recent months as the two struggle to reconcile their trade differences.
The S&P 500 was down 20 points or 0.74% to 2,758.94 as of 9:38 AM ET (13:38 GMT) while the Dow composite decreased 235 points or 0.94% to 24,855.30 and tech heavy NASDAQ Composite fell over 61 points or 0.79% to 7,685.17.
Investing.com – U.S. futures were lower on Monday as rising trade tensions between the U.S. and China continued to weigh on investors.The S&P 500 futures was down 16 points or 0.58% to 2,786.25 as of 6:45 AM ET (10:45 GMT) while Dow futures decreased 176 points or 0.70% to 24,933.0. Meanwhile tech heavy Nasdaq 100 futures fell 50 points or 0.69% to 7,231.25.On Friday U.S. President Donald Trump announced a 25% tariff on 818 different Chinese goods worth $34 billion beginning on July 6. China promptly retaliated with a 25% tariff on U.S. ...
As far as the trade war between the U.S. and China is concerned, we’ve seen the move by the Trump administration and the retaliation by China. Both moves were already on the table so no surprises there. One factor that could really get gold bulls talking would be if China slaps a duty on U.S. oil. This move would take the trade war to a new level of seriousness.
Based on Friday’s close at $1278.50 and the early price action, the direction of the August Comex Gold futures contract the rest of the session is likely to be determined by trader reaction to a downtrending Gann angle at $1282.40 and an uptrending Gann angle at $1283.90.
Investing.com - Federal Reserve tightening looks likely to remain a strong headwind for gold in the coming week after the precious metal tumbled on Friday to mark the lowest settlement since December, well below the psychologically important $1,300 level.
Gold’s freefall wasn’t much of a surprise to investors who have watched the market fail to respond to potentially bullish news over the last month including trade war tensions, the political turmoil in Italy, the economic turmoil in Venezuela. Despite the bearish outlook, we do think that conditions could turn quickly to the upside if a steep break in equity prices encourages strong flight-to-safety buying.
Based on the close at $1278.50, the direction of the gold market on Monday is likely to be determined by trader reaction to the main bottom at $1286.80.
Gold markets initially tried to rally during the week, breaking above the $1300 level. However, we ended up turning around and breaking down through a major uptrend line. This is a very negative turn of events, and we are closing towards the bottom of the range for the week, which is also a very negative turn of events.
Gold markets broke down significantly during the trading session on Friday, as people start running towards US treasuries in the face of a potential trade war. It’s likely that we will continue to see a lot of volatility in this market, but what’s more telling is the fact that we have broken through a major uptrend line that extends back to December 2016.
Investing.com – Gold prices continued to languish at year-to-date lows despite the dollar turning negative and rising geopolitical tensions amid growing fears of a U.S.-China trade war.
Investing.com - Gold prices slid in midmorning trade on Friday, hitting its lowest level so far this year despite news that the U.S. was pushing forward with tariffs on an additional $50 billion in Chinese goods.
The S&P 500 was down 11 points or 0.41% to 2,771.16 as of 9:38 AM ET (13:38 GMT) while the Dow composite decreased 181 points or 0.72% to 24,993.69 and tech heavy NASDAQ Composite fell over 39 points or 0.51% to 7,721.38.
Gold prices tumbled through trend line support, a day after the dollar surged versus the Euro following the ECB meeting. Eurozone inflation was confirmed below 2%, which coincides with the ECB’s dovish bent.
Investing.com – U.S. futures slumped on Friday as trade tensions between the U.S. and China escalated.The S&P 500 futures was down 11 points or 0.42% to 2,776.75 as of 6:45 AM ET (10:45 GMT) while Dow futures decreased 152 points or 0.60% to 25,058.0. Meanwhile tech heavy Nasdaq 100 futures fell 19 points or 0.26% to 7,292.25.U.S. President Donald Trump announced tariffs on $50 billion of Chinese goods, with a list of 800 products expected to revealed on Friday. It is unclear what goods will be impacted and when the tariffs will go into effect. ...
Investing.com - Gold prices traded lower in morning European trade but remained on track to register a second consecutive weekly gain as investors waited for U.S. President Donald Trump to approve tariffs on goods on Chinese goods worth about $50 billion.
Gold prices initially rose after the ECB announced it would end stimulus in December then weakened once it became clear the central bank had no intention of raising rates until at least July 2019.
Gold markets rallied during the trading session on Thursday, as we broke towards the $1308 level above. The market continues to be very resisted at that area, but I do think that eventually we can break above there. Part of this reaction was due to the ECB stepping away from quantitative easing only partially, and not completely as I think some traders anticipated.
Draghi said, “We didn’t discuss when to raise rates.” That quote was a red flag for long Euro investors, catching many off-guard and obviously on the wrong side of the market. It also highlighted the divergence in monetary policies between the hawkish U.S. Federal Reserve and the dovish European Central Bank.