After a relatively muted summer, gold is now ending the week 2% higher. Gold was last quoted up $10.10 at $1255.40 an ounce, its highest level since June 26.
"We definitely hit a bottom last week...I still think we have higher to go," said Gary Wagner of thegoldforecast.com. '
“With the fundamental events in the marketplace now, we could see a break above $1,300 now,” he added. "A break above $1273 would signal the proper momentum to get back to this level."
However, equities in the short-term have definitely outshined the yellow metal. Since last year's Brexit vote, a portfolio with only 5% exposure in gold is up 32%, beating a 50% exposure which is up 17%, according to data analyzed by U.K.-based media outlet The Telegraph.
After rising for three straight sessions, gold came down $1.40 an ounce at $1,217.70 on Thursday. ‘Right now, we hit an intraday low this week at around $1,204 so to me there is some hope that $1,200 will hold as a support level," said Gary Wagner, editor of thegoldforecast.com. In the past three days, gold has had a higher intraday low than the previous trading session on each occasion, Wagner added. "Prices have also traded to a higher high than previous sessions, along with consecutively higher closes. However, during each of these trading days, the positive net change can be characterized as only a small upside move."
The gold market saw additional selling pressure in late-afternoon trading Wednesday, following the early release of former FBI director James Comey’s testimony scheduled for Thursday. However, to technical analyst Gary Wagner, this knee-jerk reaction is a necessary correction in gold’s overall rally. ‘We might go into period of consolidation but overall I am bullish,’ he told Kitco News. ‘Gold challenged the $1,300 mark and I still think we can take that out this year.’
Gold prices continue to hold on to small gains after initial weekly U.S. jobless claims saw muted change, rising by 1,000 to a seasonally adjusted 234,000 in the week to Saturday, the government said. Gold was already showing some modest gains ahead of the report and was relatively unchanged in initial reaction. June Comex gold futures last traded at $1,257 an ounce, up 0.31% on the day. “Immediately following the release of the minutes, we saw U.S. equities moving modestly to higher ground. At the same time, we saw the U.S. dollar trading modestly lower and gold trading slightly higher,” Gary Wagner of thegoldforecast.com said. “These actions come about as a result of the Federal Reserve’s resolve to implement another interest rate hike in June. Based on the CME’s FedWatch tool, which...
Gold prices saw some volatility Friday, first moving higher as it caught a safe-haven bid following President Trump's missile strike on Syria and the release of weaker jobs data in the U.S. However, the yellow metal fell under pressure later in the trading session after hitting a five-month high overnight. Can gold's regain momentum and move higher next week?
Gold prices ended the U.S. day session moderately up and hit a four-week high following last week's uptick. New money is flowing into gold, said Gary Wagner, publisher of the goldforecast.com, on Monday. After the failure to push through a healthcare reform package on Friday, Wagner noted that it has raised questions over President Trump's ability to deliver promised tax cuts and spending plans. That knocked stocks and the dollar to a four-month low and gold is reaping the benefits, he told Kitco News. April Comex gold settled the day at $1,255.70, up 0.58% on the day. May Comex silver settled the day at $18.108 an ounce, up 2%. Wagner explained that the metal needs an effective close over $1,265 and then the next real resistance level will be $1,300.
Gold prices are higher Thursday, hitting a six-week high, and have moved above the key psychological barrier at $1,200.00. “What is interesting is that we are now seeing some similarities between the beginning of 2016 and the beginning of 2017,”said Gary Wagner, publisher of the goldforecast.com. “Gold prices had been under tremendous pressure throughout the 2015 calendar year, with prices culminating at a four-year low at 1050 per ounce. The low seen at the beginning of 2016 was the net result of a multi-year correction, which began after gold had reached its all-time record high of $1900 per ounce. The low that was achieved at the end of 2015 and the beginning of 2016 turned out to be the lowest price gold traded to since October 2009,” he explained. That same low would become the...
Gold sees a small bounce Monday, after hitting fresh ten-month lows overnight. So could the metal be setting itself up for a bigger move later in the week once the U.S. Federal Reserve meeting is out of the way? The overwhelming market sentiment is that an interest rate hike will be announced at the conclusion of the Federal Open market committee meeting, said Gary Wagner of thegoldforecast.com on Monday. ‘At this point, it is widely believed that a rate hike has been factored into current market pricing. With this newfound optimism, we could expect to see a continuation of the pervasive optimism, which has fueled this equities rally since the presidential election,’ Wagner said. He added, ‘Therefore, all things being equal, we could expect to see continued pressure on safe haven...
We don’t know how this new President will act and what kind of environment we’ll live in,” Gary Wagner of thegoldforecast.com told Kitco News at the Silver & Gold Summit in San Francisco. For that reason, he expects exciting times ahead for the precious metals markets. “Gold can move either extremely higher or lower, I don’t think we’ll see a flat market next year.”
With October jobs data in the rearview mirror, all focus has shifted to Tuesday’s U.S. election where the American public will finally decide who will be the next President. And, according to technical analyst Gary Wagner, gold investors will also be on the lookout, potentially holding the metal’s price above $1,300 an ounce. ‘Going into the election, I would expect precious metals and specifically gold to continue to act as a safe haven,’ he told Kitco News Friday. ‘I think it will trade above $1,300 going into the election and if the polls continue to tighten, I would expect that to be a very strong motivating factor to move gold higher.’