Gold

In today's episode Joseph Wagner does a deeper dive into the silver markets.

In our show today we look at Gold's current Elliot Wave count and Joseph Wagner takes a deep dive into silver's price action and recent disconnect with gold.

Amidst a confluence of factors typically bearish for the precious metal, gold prices managed to post solid gains on Thursday. This resilience in the face of economic data and market dynamics that would normally weigh on the yellow metal suggests the recent price correction may be nearing its end.

Gold prices continued their downward trend on Thursday, unable to sustain early gains despite a brief rally in overseas trading. The precious metal's most active December contract settled at $2,423, marking a daily decline of $8.60 or 0.35%. This performance extends gold's losing streak to five consecutive days, during which it has shed $70 in value.

The gold market has been experiencing a turbulent period in August, with prices declining for the fourth consecutive trading session. This downward trend began on August 1, when the December gold contract decline by the fractional amount of $2.50, after opening at $2,493.40.

In a tumultuous day of trading, gold futures experienced a significant downturn, mirroring the broader market sell-off that swept across various asset classes. The most active December contract for gold plummeted nearly $100 in volatile trading, opening at $2,490.30 and reaching an intraday high of $2,500.80 before succumbing to intense selling pressure.

The July non-farm payroll report released by the Bureau of Labor Statistics has sent shockwaves through financial markets, raising concerns about the U.S. economy's health and dramatically altering expectations for Federal Reserve policy. The report revealed a significant weakening in the labor market, with only 114,000 new jobs added in July, far below economists' forecasts.

Gold has staged a remarkable rally, posting solid gains for three consecutive days, driven by a complex interplay of economic indicators and global events. The precious metal's December futures contract closed at $2,488.80 on Thursday, marking a cumulative increase of over $50 since Tuesday.

Gold prices continued its remarkable price advance following the Federal Reserve's latest FOMC meeting, signaling a potential shift in the central bank's monetary policy. The precious metal's December futures contract opened at $2,455.60 and closed at $2,493.40, marking a substantial daily gain of approximately $38.

In a notable uptick, gold prices rallied on Tuesday, reflecting market optimism about potential interest rate cuts by the Federal Reserve later this year. The precious metal's value climbed by 1.09%, or $26.40, with the most active December futures contract settling at $2,451.90 as of 5:50 PM EDT.