Previous Reports

Weekly Report: Fri, 05/03/2019 - 19:13

Although gold pricing closed higher on the day and above yesterday’s open, prices still declined for the week. However, one key element in the trading range created this week was the low. Gold futures traded to a low of approximately $1267 per ounce, which matches within a few dollars to last week’s lows. This is significant in that it shows the potential for that price point to be a major area of support. These equal lows can be seen best on a weekly gold chart which uses Monday’s open and Friday’s close as the two points creating the body of the candlestick, and the highest and lowest trading... Read more

Daily Report: Thu, 05/02/2019 - 18:09

As far as many precious metal traders are concerned the lack of any mention of an interest rate reduction in yesterday’s FOMC statement or Chairman Powell’s press conference left them feeling that “you can’t always get what you want”. Apparently, it was the U.S. economy that instead “got what it needed” with the data revealing a robust first quarter GDP at 3.2%. In an article penned by Myra P. Saefong in MarketWatch, analysts at Zaner Metals said, “Apparently a number of markets were expecting to see signs that the Fed was leaning toward cutting interest rates, and those hopes were dashed by the... Read more

Daily Report: Wed, 05/01/2019 - 17:55

The May FOMC meeting has concluded today and as anticipated the Federal Reserve has left interest rates alone. According to the statement released immediately following the conclusion of today’s meeting the Fed “will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate.” In a unanimous vote of 10 – 0 voting Federal Reserve members decided to leave the target range for benchmark federal funds rates at 2.25% - 2.5%. “Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of... Read more

Daily Report: Tue, 04/30/2019 - 18:14

Today marks the first day of the Federal Open Market Committee meeting otherwise known as the FOMC, which will conclude on Wednesday. As with all FOMC meetings it is the release of the statement as well as a press conference held by Fed Chairman Jerome Powell that traders and market participants will anxiously await. Although it is highly anticipated that the Federal Reserve will continue its current monetary policy and leave interest rates where they are, according to many analysts it is the word choices and nuances of what Powell says that will be of greatest interest. According to MarketWatch, “... Read more