Gold futures have been trading lower ever since prices reached an apex last week when on Friday, July 12 the most active August contract traded to a high of $1454.40. Even during the trading session on Friday gold closed well off of that high and close at approximately $1428 per ounce. Yesterday gold traded in a narrow and defined trading range of approximately eight dollars and closed fractionally lower on the day.
Today U.S. dollar strength in tandem with mild selling pressure took gold pricing lower the precious yellow metal traded to an intraday low of $1414.60, and they recovered... Read more
Although gold futures have exhibited solid gains over the last two months today traders and market participants kept the precious yellow metal in a narrow and defined trading range. Gold futures basis most active August contract traded to a high today of $1430.80, and a low of $1423, resulting in a tepid eight dollars trading range. This is in stark contrast to recent moves in gold in which we saw increased volatility and an expanded trading range.
On Thursday of last week gold traded from a low of $1415 per ounce to a high of $1449 resulting in a $35 range between the daily high and low.... Read more
Although gold prices have pulled back substantially from the highs achieved yesterday and today, the precious yellow metal did close higher on the week. More importantly today’s low which came in at $1421.10 matches the former resistance trend line which was created from a series of lower highs on a daily gold chart.
On Wednesday of this week gold opened just above the support trendline drawn from a series of higher lows on a daily chart, and closed just at or below the resistance trendline. This was followed by Thursday’s action which opened and closed above resistance trendline. This price... Read more
It seems when it rains it pours, as multiple variables collectively had a profound and bullish impact on market sentiment for both gold and silver. Gold futures gained over 1.5% in trading today, while silver gained almost 2.5%. These events include a statement by John Williams President of the Federal Reserve Bank of New York. The news of the U.S. Navy shooting down an Iranian drone. Most interesting of all is an un-substantiated tweet that a large supra-national organization is acquiring a vast amount of the gold produced in North America.
Lower for Longer
Federal... Read more