Previous Reports

Daily Report: Tue, 05/28/2019 - 17:42

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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Weekly Report: Fri, 05/24/2019 - 20:36

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

Daily Report: Thu, 05/23/2019 - 19:35

Although it’s been over a week, with both China and the United States moving farther away from an agreement and resolution to the current trade war. 
The additional tariffs That Trump initiated by raising the current tariffs from 15% to 25% was huge, and the blacklisting this week of the tech company Huawei, also fueled the strong response by the Chinese. 
The moves on the part of the United States has had a dramatic impact on the Chinese economy. The intention by the administration was obviously to have the Chinese be more flexible, the truth is it has created a scenario... Read more

Daily Report: Wed, 05/22/2019 - 18:59

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