Gold has once again found its footing and now for a second consecutive day has closed higher when compared to the previous close, and gains have included both a higher low as well as a higher high. As of 5:00 PM EDT gold futures basis the most active August contract are currently fixed at $1336 per ounce which is a net gain of $9.20 on the day.
Today’s gains have been attributed to multiple factors. First there is the continuing belief of a high probability that the federal reserve will implement interest rate cuts later on this year. Possibly as early as July when the next FOMC meeting... Read more
After trading to lower prices on Monday and Tuesday of this week, gold has staged a moderate recovery. Monday’s action resulted in a $10 drop in price, this occurring after a phenomenal rally which began on Thursday, May 30. This would mark the beginning of seven consecutive days which resulted in higher closes when compared to the previous day. In fact with the exception of one day, June 6, the remaining six trading days could all be characterized as having a higher close, a higher high and a higher low than the previous day. Although in terms of time duration this leg of the rally was rather brief... Read more
Gold is trading fractionally higher today, with the most active futures contract (August 2019) currently bid up by $1.40, this as of 5 PM Eastern daylight Time. However what is most impressive about today’s move was the fact that gold closed very much off of the lows achieved today which came in at $1323.60.
With the recent moderate decline which began overseas, Monday morning in Australia, today’s lower low and price recovery indicate that traders and market participants are looking at various price points to see if there’s potential price support.
Sunday – Mondays selloff was largely... Read more
On February 20 of this year gold pricing peaked at $1350 per ounce, the highest value gold has achieved this year up until recent action. For almost 5 months following the highs achieved on February 20 gold prices methodically and slowly corrected, giving up roughly 50%of the gains that were achieved from October 2018 until the middle of January.
On that particular rally gold prices moved a total of $150.00, taking gold from just under $1200 per ounce to $1350. What would follow was gold prices giving back approximately $75 until it reached a triple bottom at approximately $1270 per ounce.... Read more