Last night’s surge in gold pricing took gold future’s August Comex contract to the highest trading level on a weekly chart since September 2011. However, at least on this attempt a close above $1800 was unsustainable as profit takers entered the market taking gold prices dramatically lower by the close of New York.
As of 4:36 PM EDT April futures are currently down by $19.70 and fixed at $1780.80. The intraday low was $1767.90, indicating that on technical basis no major chart damage was caused as the low remained above a trendline created from the recent intraday lows in the market creating... Read more
Today a joint appearance of America’s most powerful economic policymakers testified before the U.S. House of Representatives House Financial Services Committee to discuss their methodology in aiding those effected by the resurgence of new coronavirus cases. Both economic policymakers offered different pictures of the current state of the U.S. economy. The secretary of the Treasury had a more optimistic forecast saying that he, “expects a rebound in the second half of the year”, while Chairman Powell was less optimistic about his forecast.
Both economic policymakers cited some optimism with... Read more
U.S. equities recovered from Friday’s substantial decline. Market participants bid U.S. equities higher on hopes of a quick recovery from the global pandemic which is now in its fourth month. Despite these real concerns of a major uptick in reported cases the Dow Jones Industrial Average gained 580 points in trading today.
According to Reuters, “Investors have been weighing better economic data against a new uptick in COVID-19 infections. The global death toll from the virus reached half a million on Sunday, according to a Reuters tally. Cases surged in Southern and Western U.S. states,... Read more
Our technical studies have indicated that it’s not if, but when, gold will effectively trade and close above $1800 per ounce. This week gold closed at its highest trading value this year, but more impressively it reached a high not seen for the last 7 ½ years.
On Wednesday gold futures, basis the most active August contract traded to $1796.10 and then closed negative on the day. Yesterday gold futures traded lower but closed above a key level of support at $1766. Today we witnessed gold futures have an exaggerated price range from the intraday low of $1754 before closing positive on the day... Read more