The gold bulls are in firm control as prices are poised to extend the recent rally.
Closing the week at 101.1 the US Dollar must remain above 99.5 on the Index in order to avoid an extremely bearish reversal pattern.
Bank of America Meryl Lynch put out an interesting piece of research this week raising alarm bells over a potential déjà vu in the financial markets.
The gold market ended last week not far from recent highs, and the yellow metal looks poised for further gains.
Based on the recent analysis, we can conclude that gold itself still has further room to run over the intermediate timeframe.
Texas Precious Metals Presents: The Money Project
The gold market remains on the offensive as ongoing uncertainty surrounding the Trump administration and implementation of its policies continues to cloud investor sentiment.
Generally speaking, a falling US dollar will cause prices of commodities and international trade items to be more expensive as priced in the falling currency.
The Federal Reserve appears to be in no major hurry to raise interest rates, and investors may continue to focus on the Trump administration as it continues to try to implement its policies.
The Thompson Reuters/Jeffries Commodity Research Bureau Index (CRB Index) which is a weighted index of 19 commodities that trade on exchanges worldwide points that worldwide commodity prices are currently at lows not seen in over 40 years.
Gold saw its first losing week of the New Year last week, as stocks saw further buying on strong appetite for risk and yields rose.
Gold was resilient over the last two weeks in holding up over the $1,200 level, and indeed almost had us fooled that it was about to ignore this resistance and continue to advance higher. Yet after several failures to mount a sustained advance, gold succumbed to selling pressure by Tuesday. For the week, gold closed down $16 or 1.4% to finish at $1,188 as of the final trade on the New York COMEX on Friday. Although gold did push above the $1,200 figure marginally, the message of the market here is of sellers who showed up every time gold attempted to make some distance above the round number.
Trump is the first President in modern history to openly criticize the Federal Reserve for its money-printing practices. Saying Fed chairwoman Janet Yellen should be “ashamed” of keeping interest rates too low (which requires printing money to buy short-dated bonds), accusing the Fed of creating a “false economy” and engaging in “political things” – this is unprecedented rhetoric coming from a presidential candidate during a major campaign.
On Friday, January 20th, Donald Trump was inaugurated as the 45th President of the United States. With the new administration comes a great deal of economic optimism, along with a lot of uncertainty and disapproval.
The gold market has been showing some signs of life in recent trade, and the possibility of a bottom being put in appears to be on the rise.
Texas Precious Metals Presents The Money Project:
Both the gold and silver markets limped to the finish line to end a tumultuous year.
Fortunately for the gold market, the year will soon be coming to a close.
Texas Precious Metals Presents The Money Project:
The highly anticipated FOMC meeting has now come and gone, and as expected, the central bank raised the Fed Funds rate by 25 basis points.
The gold market continued its recent losing ways on Friday, as the yellow metal finished decidedly lower to end the trading week.
Although the gold market ended last week on a positive note, the bulls have their work cut out for them undoing the recent chart damage inflicted on the yellow metal in the aftermath of the surprising Donald Trump election victory in early November.
With gold trading below the $1200 level and silver approaching $16 per ounce, this could potentially prove to be a significant buying opportunity for the long-term investor.
Unfortunately, what is being lost in the debate over the last two weeks over President-Elect Donald Trump is not how, but why.
The gold market ended last week near key support at the $1200 level, and thus far the gold bulls have not been able to really stop the bleeding.
It’s worthwhile to take a measured second look at what has been an absolutely wild week for the markets.
With solid weakness in Friday’s session to finish the week on a sour note, gold could see additional selling pressure before finding more solid footing.
Tick tock tick tock tick tock... The clock is quickly winding down to the U.S. Presidential election, and right now it appears to be a dead heat.
Gold futures closed higher on Friday as oil prices plunged over the week, and posted a weekly advance for the fourth-straight time as investors’ desire for safe haven investments overshadowed expectations for a December US interest rate hike.
The idea of gold and precious metals lacking any fresh, bullish catalyst has been an ongoing theme for some time now. Could that be about to change?
Gold futures closed higher on Friday after experiencing a late session bounce on renewed safe have demand following the news that the FBI was reopening its probe into US presidential candidate Hillary Clinton’s emails.
After seeing some significant downside in recent action, the gold market is trying to find some stable footing once again.
Gold futures managed to close Friday’s session in the black, bucking the trend of a higher US dollar. Over the full week the commodity appreciated roughly 1%, its first positive finish of the month.
To say the past trading week for gold was uneventful would be an understatement.
Gold futures ended Friday’s session in the red, but managed to post a small weekly gain, after two consecutive weeks of declines. While nothing major developed in the gold markets this week, it was the same wrangling back and forth about whether or not the Fed will move to increase interest rates by year end.
Gold and silver have been hit hard in recent trade. The question is: Will the bulls be able to stop the bleeding or is there more downside in store?
With the most recent FOMC and Bank of Japan meetings out of the way, markets will turn their attention elsewhere.
It was a rough week for gold, with the commodity shedding 5% of its value and closing lower everyday of the week as traders priced in the impact of a Fed rate hike by year-end.
Gold futures closed Friday’s session with a 0.7% loss, pushing the metal to a 0.3% loss for the quarter, its first quarterly loss of the year.
Two of the most highly anticipated economic news events for the month have now come and gone, and markets are still trying to make up their minds regarding the potential implications.
Gold coin premiums saw very modest increases this week, although it was a busy week for gold in general with the Federal Reserve’s policy-setting meeting on the schedule.
The gold market had a less than stellar showing last week, with prices remaining on the defensive and testing recent swing lows.
Gold futures ended Friday’s session with a small loss, but it was enough to take the commodity to a three-month low. During Friday’s session the price of gold declined 0.6% to $1,310.20 an ounce, its lowest price point since June 23. Over the week gold shed 1.8% of its value.