U.S. equities sold off sharply today having the worst performance in a single day since August 23. As of 4:06 PM EDT the Dow Jones industrial average has closed down 494.42 points, a net decline of 1.86% today with the average currently fixed at 26,078.62. The Dow is having the worst weekly performance since May, with all 11 sectors closing lower on the day. The Dow as well as the S&P 500 are starting this quarter with the worst performance since the 2008 financial crisis. Many of the mitigating factors and fears that were present during the 2008 recession seem to be reemerging.
Many... Read more
Gold had a solid performance today following the release of the ISM index (manufacturing) data which contracted from 49.1 in August versus 47.8 in September. Gold futures traded to its lowest price point today when it traded to an intraday low of $1465 before recovering. The net result of this data put significant pressure on U.S. equities and was highly supportive of gold pricing. Continued unrest and protests in Hong Kong have added fuel to the real concern that this geopolitical event is far from over. New sources reported in escalation in violence both from the protesters and the response from... Read more
With the last trading day of September, and the quarter just completed, it seems that technical selling has moved gold pricing dramatically lower. In fact, gold futures opened at $1501.70 in New York this morning and within a few hours broke strongly below its 50-day moving average which is currently fixed at $1500.30.
As of 5:15 PM EDT the December contract is fixed at $1478.30 after factoring in today’s decline of $28.10 (-1.87%). Although there was mild downside pressure directly attributable to dollar strength today, the dollar’s input into today’s strong decline is minimal at best. The... Read more
Gold continues to trade lower on the day, breaking below $1500 per ounce for a brief moment before recovering. Currently the 50-day moving average is at $1498.80, a critical and key level that gold futures need to hold to technically remain in an uptrend.
As of 4:15 PM EDT December futures are trading down $10.90 (-0.73%), and fixed at $1504.20. One major factor that has put solid pressure on current gold pricing has been the dollar. Although the dollar is trading in essence unchanged at 98.755, the index has gained value throughout the week. Gold has been trading under pressure for four of... Read more