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It was a disappointing week for gold prices this past week. Sure, the precious metal just barely pulled off a gain of +0.3%. However, XAU/USD reversed most of its upside progress in what could have been a 1.8% rally. Let us take a closer look at the price action. On the daily chart below, gold was seen struggling to hold a push above the 23.6% Fibonacci retracement level of 1971.63. The breakout was false at the conclusion of last week.…

Gold, silver back off after better-than-expected U.S. manufacturing reports Gold prices are moderately lower and silver has lost all the big early price gains in midday U.S. trading Monday. Some upbeat U.S. economic data and positive remarks from the head of the largest U.S. bank worked to pressure the two precious metals markets. June gold was last down $8.10 at $1,990.90 and July silver was down $0.006 at $25.25. (By the way, I encourage you to check out my new…

The Fed, US dollar may stop gold's record run next week With so much uncertainty dominating financial markets, most analysts expect it's only a matter of time before gold prices hit new record highs above $2,000 an ounce. However, with the market looking slightly overstretched, it might be challenging for gold to hit its new target next week. The cautious outlook for gold and silver comes as the precious metals saw significant breakout moves above $2,000 and $25 an ounce,…

Gold price rallies, post-FOMC, as USDX, U.S. bond yields sink Gold and silver pricesare higher and near their daily highs in afternoon U.S. trading Wednesday, in the wake of a slight interest rate increase from the Federal Reserve that was widely expected. April gold was up $15.30 at $1,960.40 and March silver was up $0.199 at $24.03. The U.S. data point of the week is the Federal Reserve Open Market Committee (FOMC) meeting that just ended. The FOMC raised its…

Gold price will power to $7,400; Rally is far from over as ‘perfect storm’ brews – Chris Vermeulen While geopolitical tensions may provide a short-lived rally in safe haven assets like gold, there is no denying that the metal is still in a long-term technical bull cycle that mirrors the beginning of 2008, said Chris Vermeulen, chief market strategist of TheTechnicalTraders.com. Vermeulen told David Lin, anchor for Kitco News that gold is set to hi $2,700 an ounce in one…

Gold is more than just a safe-haven asset and can fit in all portfolios – WGC's John Reade Safe-haven demand is pushing gold prices to a three-month high but will rising geopolitical tensions create a sustainable bid in the precious metal. On Monday editor Neils Christensen recorded a podcast with Phillip Streible, chief market strategist at Blue Line Futures. The guest was John Reade, chief market strategist of the World Gold Council. The three talked about the health of the…