Gold traders returning from an extended three-day holiday weekend were met with strong selling pressure and lower pricing in gold, silver and platinum. As of 2:00 PM EDT gold futures, basis the most June 2019 contract is currently trading down by $5.90, and fixed at $1277.70.
On a technical basis major resistance is at $1286 per ounce, the .38% Fibonacci retracement. Major support is $20 below that price point at $1267, the .50% Fibonacci retracement. Now for the last three consecutive trading days, gold has tested the highs around $1286, with no success of breaching above that price.
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Gold’s respectable gains on Thursday took a week that was headed for a lower close, to closing fractionally higher for the week. Gold traded to a low of $1269, which is two dollars above the double bottom which occurred in April. It also traded to a high at exactly $1287 which is a Fibonacci retracement of .38%. This retracement level is created from the lows of October 2018 at $1185, to the yearly high of $1350 which occurred in February. The 38% retracement level has indicated a resistance area, with the 50% retracement level clearly defining support. The weekly low visibly reinforced that level... Read more
Not even the Federal Reserve minutes from last month’s meeting seem to have any kind of dramatic affect either bullish or bearish as it relates to current gold pricing. The minutes released today defined a continuation of the current monetary stance which is focusing on staying the course and moving interest rates neither higher, or lower as they stated in recent statements released at the conclusion of the last couple of FOMC meetings.
As reported in Bloomberg, “Federal Reserve officials judged at their latest meeting that their patient approach to interest-rate change would be appropriate “... Read more