Market Hive

The gold price is not going anywhere anytime soon Stuck in a narrowing trend, gold prices are not expected to go anywhere soon as sentiment has turned decidedly neutral among Wall Street analysts with lackluster interest from retail investors, according to the latest results of the Kitco News Gold Survey. Since mid-July, gold prices have tested resistance at $1,830 but have failed to hold the ground. The latest failed push higher and the drop below $1,800 ahead of the weekend…

Gold and silver are marginally higher heading into the Europen open Gold and silver are heading into the European open marginally higher this morning. On Tuesday the yellow metal suffered heavily and dropped back through $1800/oz while silver also fell 1.50%. Looking at the rest of the commodities complex, copper is 0.21% higher and spot WTI is trading 0.70% in the black. Risk sentiment overnight has been very mixed the Nikkei 225 closed 0.91% higher but the ASX (-0.36%) and…

Gold price analysis on the weekly chart On the weekly chart, it seems easy to see why gold is stuck in a strong consolidation zone. It is best to pick up this timeframe at month-end and as August just closed the downside rejections seem evident. Another key consideration has to be the lack of volume over the last 5-6 weeks there seemed to be no real conviction in any of the downside moves. Looking closer at the technicals, the green…

Gold and silver move marginally higher heading into the European open Gold and silver start the week marginally higher. The yellow metal is trading at $1827/oz while silver has moved to $24.77/oz. In the rest of the commodities complex, copper is down -0.31% and spot WTI has dropped -1.07%. Looking at the risk sentiment in the Asia Pac session, the Nikkei 225 (1.81%), ASX (0.07%), and Shanghai Composite (1.24%) all traded well overnight. Futures in Europe are pointing towards a…

Gold has a path to $1,900 if it can break above $1,830 next week, analysts. The gold market is holding near session highs but is seeing little reaction as momentum in the service sector falls relatively in line with expectations. Friday, the Institute for Supply Management (ISM) said its non-manufacturing index showed a reading of 61.7% for August, down from July's reading of 64.1%. According to consensus estimates, economists were forecasting a reading around 61.9%. The gold market is holding…

Gold remains above key and critical short-term support but it is the release of Friday’s jobs report that will shape the future direction of gold Gold pricing has remained fairly stable and continues to trade above $1800 per ounce. The clear break in gold occurred on Friday after Federal Reserve Chairman Jerome Powell spoke at the virtual Economic Symposium. Last Friday’s dynamic surge in gold took the precious yellow metal from its opening price of $1795 top close at approximately…