For the week as a sum, gold closed lower by 2.1% or nearly $28 to finish at $1,291 as of the final trade on the New York COMEX on Friday afternoon.
This week is all about the two-day meeting of the Federal Open Market Committee, which starts on Tuesday. The Fed will release a policy statement summary of economic projections and a press conference with Fed Chair Janet Yellen.
The gold market is seeing some moderate selling pressure to kick off the new trading week
Gold is seeing some selling pressure in early action Monday to begin the new trading week.
Exactly 16 years ago today, let us rewind back to the September 11, 2001 terrorist attacks to examine the price action in gold from a technical basis.
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Gold ended the week on a high note and appears poised for further upside.
Traders and investors will continue to digest any key commentary from last week’s Fed symposium in Jackson Hole, Wyoming.
Gold is showing impressive signs of strength in recent trade, and the yellow metal could potentially be in the beginning stages of a significant breakout.
The most important news for precious metals investors was the price increase of gold in Japanese yen terms. Gold price broke above its 2016 high level.
Summer slow time of year for most of the financial markets is over. The strong seasonal period begins in August and continues through September.
The gold price has now made its most legitimate breakout attempt – and furthermore, it has sustained the gold breakout for two full weeks.
Gold is often bought during times of uncertainty, and right now it would seem that investors are feeling more and more uncertain about numerous issues.
You can see that yen and gold have been highly correlated since 2011, moving closely in tandem during both corrections and surges nearly six years.
The gold market continues to show signs of strength even with some bumps in the road this past week. Ongoing geopolitical issues remain a driving force behind risk aversion and desire for perceived safety, and numerous U.S. domestic issues are also likely playing a major role.
How is JPY/USD related to gold? The similarity between these two charts is striking. Our article offers a direct comparison between JPY/USD and Gold.
It is important for investors to follow the valuation of the US dollar because when the dollar sees periods of decline investors seek safety in gold.
Questioning a 10% gold silver allocation strategy from when it was born and to where we stand today.
The gold market is quiet in early action Monday to begin the new trading week, but the yellow metal is not likely to fall far any time soon as several issues keep the safe haven bid alive and well.
Gold and silver have recovered moderately over the past two weeks, which is certainly a positive sign that buyers remain ready to step in anytime.
The gold market has been showing some signs of underlying strength in recent trade, as the metal has recouped nearly $50 per ounce recently. Although gold still remains within its multi-month trading range, the yellow metal could potentially be headed for an upside breakout.
Gold ended the prior trading week on a high note, rising by over $10 per ounce as silver also gained ground. The yellow metal may need to get the new trading week off to a strong start in order to keep any bullish momentum going.
Here is the technical perspective for gold for the short and intermediate timeframes, which shows that gold volatility begins lessening.
The gold market has been trending lower over the last few weeks as numerous issues stand in the way of higher prices. The market appears to be lacking any fresh, bullish catalyst currently, and the increasingly hawkish tone coming from central banks is not helping either.
After silver "flash crash" last week, we believe over the long run, silver will eventually be moving higher.
The volatility in the gold market could increase massively throughout the second half of 2017 and into 2018. Gold is in the process of forming a long-term breakout.
Markets are likely to pick up this week where they left off last, and light holiday trading volumes could potentially exaggerate buying or selling pressure. U.S. markets will be closed on Tuesday in observance of the Fourth of July Holiday, and many traders and investors may be vacationing this week.
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The gold market is on its heels to begin the new trading week, with appetite for risk taking a bite out of the yellow metal’s appeal. Gold is once again finding itself on the defensive following another failed probe higher, and for now it appears that perhaps the market is quite comfortable in its recent trading range.
The CRB index has recently broken below its 15-month support zone between 176 – 179, which had held since April 2016.
Last week, the U.S. Federal Reserve raised interest rates by 25 basis points in a move that was not unexpected.
Gold price fell sharply following the Fed meeting on Wednesday, giving up $20. Investors consider the last FED news is seen as gold-negative.
The failed breakout and reversal back below the long-term declining trendline at $1,280 for gold this past week is a negative development for the entire precious metals complex. From a technical standpoint, it is exactly what we did not want to see as far as a market ready for a major advance.
The gold market is getting off to a sluggish start to begin the new trading week.
The gold market is seeing some buying activity to kick off the new trading week, as a degree of risk aversion appears to be creeping into the marketplace.
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The US bond market, at over $40 trillion in value, is much larger than the US stock market, which comes in at a little over $25 trillion.
The precious metal is now close enough to its key long-term 2011-2017 downtrend, and it could be another attempt to overcome the critical level.
The gold market is getting off to a slow start to begin this holiday-shortened trading week.
The dollar has now negated all of the post-Trump rally, returning round-trip to the 97 level on the dollar index, a process which has taken six months.
The gold market has found itself on more solid footing in recent action as a mix of geopolitical issues and poor economic data drive buying.
There’s no shortage of reasons why the Bank of Canada should start to think about higher interest rates.
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Our market review shows that silver price finished higher last week (about 16,04 per ounce) and continues recovering over the intermediate-term.
It was seemingly only a matter of time before North Korea tested another missile, and over the weekend the nation did just that.
The gold market has been on its heels in recent trade, and the yellow metal could potentially see another dip towards the $1200 per ounce level.