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.
Stock investors sure didn’t like what they were hearing on Friday.
Gold futures fell for a third-straight session on Friday, as investors took their last opportunity to digest speeches from Federal Reserve members ahead of the period of silence before the September policy setting meeting.
This past week the gold market saw another relatively tight trading range.
Gold futures finished Friday’s session slightly higher as the US Labor Department’s report that the US economy added a smaller-than-expected amount of jobs in August dulled expectations that the Fed would increase rates in September.
Last week, the highly anticipated Federal Reserve symposium from Jackson Hole, Wyoming, drove a large degree of volatility in gold and other markets on Friday.
Gold futures fluctuated this week on changing expectations for the timing of future rate hikes, but surprisingly had a muted response to Friday’s much anticipated speech by Fed Chair iJanet Yellen. Yellen was positive about the health of the US economy, which opened up the potential for a rate hike as soon as September.
To tighten or not to tighten, that appears to be the question…
The gold market was fairly subdued last week, in a trend that could continue for the next couple weeks until summer’s end.
Gold futures fell on Friday, capping a week of oscillating values, as traders adjusted to fluctuating opinions on the future pace of US benchmark interest rate increases.
After a rangebound session, gold futures ended lower on Friday, and over the week the yellow metal declined a marginal 0.09% to mark its fourth weekly decline in the last five.
The gold market wrapped up the trading week with a “thud” as prices got hit hard, declining by over $25 per ounce or nearly two percent.
Gold recorded a hefty loss on Friday, closing down 1.7%, its worst one-day drop since May 24, as the Labor Department’s jobs report supported a Fed rate hike.
Gold ended the week on a high note, showing further signs of underlying strength.
Gold prices were trading higher on Friday, as investors flocked back into the metal amid a flight-to-safety after the US Commerce Department reported a disappointing read on Q2 GDP growth.
The gold market has been on its heels in recent weeks, as equities have pushed to fresh all-time highs and overall risk aversion following the June 23rd Brexit referendum has dissipated.
Gold futures fell this week, with the most-active gold futures contract shedding 0.3%, marking the second-straight week that gold finished with a loss. Still, this week’s decline was much less than the prior week’s when the commodity shed 2.3% of its value. On Thursday, gold touched a one-month low but then regrouped and finished higher for the session. On Friday, August gold declined 0.6%.
The gold market could potentially see some additional selling this week as higher stocks and rising rates point to an improvement in overall risk appetite.
With growing negative interest rates and G20 bank bail-In "legalization" now set in supranational law... owning bullion in hand and directly in geopolitically stable, fully insured nonbank vaults makes more sense than ever.
Ref: VICTORIA ADVOCATE - July 17, 2016
The gold market continues to show several signs of significant underlying strength and appears poised for further upside
The gold market may be poised for a retest of recent highs after posting another solid gain of nearly 1.5 percent in Friday’s trade.
Texas Precious Metals Presents The Money Project: Donald Trump’s Entire Financial History in One Short Video.
That is the question being asked by investors around the globe following the historic vote by the people of Great Britain.
How much change can we see in asset prices in 24 hours?
Gold and other safe haven assets have seen strong momentum leading up to the June 23rd ‘Brexit’ referendum when the United Kingdom will vote whether to remain within or exit the European Union.
Texas Precious Metals Presents the Money Project:
It says a lot about the state of the world economy when ideas dictated through extreme political leaders have populist appeal to them and are what is driving the promotion of regressive economic policies