Gold Futures traded to a higher high, and a higher low than yesterday’s price range. The most active December contract also closed fractionally higher on the day. As of 4 PM EST gold is currently up one dollar at $1472.90. This is an extremely fractional gain of .05%. However, the fractional gains seen in gold pricing today also had to overcome fractional dollar strength. Currently the U.S. dollar index is trading fractionally higher on the day and currently fixed at 97.735, after factoring in a gain of .072 points.
All the other precious metals in the complex traded significantly higher on... Read more
The entire precious metal complex experienced a moderate gain today. Gold as of 3:30 PM EST is currently trading at $1471.50, which is a net gain of three dollars on the day. The moderate gains in gold pricing can be directly attributed to two primary factors. First is dollar weakness, the dollar index currently down .23%, and fixed at 97.645. Second is a lack of clarity in terms of the current negotiations between China and the United States. Currently both superpowers have been in intensive negotiations to come to a partial and interim agreement called “phase one.”
However, there is a real... Read more
On Monday, November 11th, we first spoke about two different technical indicators used to mathematically quantify market sentiment.
One study we spoke about which is used to identify current market sentiment was a simple 50 and 200-day moving average. Then we discussed a technical study referred to as a Fibonacci retracement and we used it to identify a potential bottom and price support in gold.
One critical benefit from the use of Fibonacci retracement theory is that this technique or study is one of the few leading technical indicators. Fibonacci retracement theory uses... Read more
On Monday, November 11th, we first spoke about different technical indicators used to mathematically quantify market sentiment. We first spoke about one of the most widely accepted technical indicators which is used to identify current market sentiment; a simple moving average. While the 50-day moving average is used to identify the most current and short-term trend in a market, it is the 200-day moving average which is most highly used to look at the long-term trend of a stock or commodity.
We then used a technical study most commonly referred to as Fibonacci retracement theory to... Read more