Gold

Gold prices continue to advance trading to a new record close today with one notable exception: gains over the last two days have been primarily driven by dollar weakness rather than buying.

Today the chairman Powell continued the narrative that he and other Federal Reserve officials have been reinforcing, that the Federal Reserve is “in no hurry to cut rates”. 

Gold continues its dynamic rally moving to higher ground for the fourth consecutive day, with the last three consecutive days resulting in a new record settlement price. As of 4:00 PM ET, gold futures basis the most active April contract is currently trading up $11.70 and fixed at $2138.20.

Gold futures have advanced nearly $70 in the last two trading days. Beginning last Friday, gold opened at $2052.80, traded to a high of $2097.10 and settled at $2095.70 after factoring in a gain of $41. Today the strong advance and powerful upside rally continued.

Exceptional, phenomenal, amazing, surprising, astounding, and almost beyond belief are only a few of the many words that can be used to describe today’s exceedingly strong upside breakout in gold futures. Gold opened today at $2052.82 and by the close of Globex at 5:00 PM ET gold futures are up $$41.