Gold

Today’s selling continued to day’s trading resulting in a strong draw down in both gold and silver with futures gold closing down $13.50 currently fixed at $1242 an ounce. At the same time spot gold gave up $14 in trading today and is currently fixed at 1241 32.

After an unsuccessful attempt yesterday to break above the current resistance level, gold returns to trading under pressure. Today’s market activity resulted in gold futures declining by approximately $3.20, which is a quarter percent decline. Gold futures are currently fixed at $1,256.40.

Gold futures gained $2.60 in trading today and is currently fixed at $1,258.40. Gold traded to the highest level in the last eight days when, on an intraday basis, it traded to $1,266.90.

Gold gained value on Tuesday and Thursday (trading was closed in observance of the Fourth of July on Wednesday), the first occurrence of two consecutive up trading days, in which gold closed above its opening price and resulted in a moderate price increase, since June 14.

Following the Fourth of July holiday, gold futures opened at $1,253.50 and traded higher, reaching $1,257.80 as of 4:45 PM Eastern standard time. Today’s price gains were a combination of a weakening U.S. dollar along with traders bidding up the precious yellow metal.

TRADE ALERT: Cover Short August Gold, and remove stop when markets reopen following the holiday. 

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Dear Subscriber,

I am pleased and elated to announce that we have moved to an upgraded studio and production facility. It is for that reason that today we will not be releasing a standard video report. We should have the production facility and recording studio completed by tomorrow. We will do a shortened video report then, or even possibly later on today.

Today’s modest price increase has had little effect on the weekly tally. As of 3:30 PM Eastern standard time, gold futures (August 2018 Comex contract) are trading $1.80 higher on the day, and currently fixed at $1252.80. Considering gold opened on Monday at approximately $1,272 per ounce, this week’s activity resulted in a decline of $20.

or not gold is currently oversold; rather it is all about whether or not the U.S. dollar is overbought. The current selloff in gold, which began immediately following prices reaching the 2018 apex at $1,370 ounce, has been driven first and foremost by dollar strength. It is the dollar leading gold prices and not the other way around.

The U.S. dollar index scored a tremendous gain, breaking above resistance and closing at the highest price point of 2018. Gaining almost ¾ of a percent on the day, the dollar gained 0.679 points and closed at 95.025.