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Powell addresses House stressing data dependency before making decisions

Powell addresses House stressing data dependency before making decisions Today Chairman Jerome Powell finished his semiannual congressional testimony. The chairman warned that the Fed could be more aggressive because "The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated." In yesterday's testimony, he opened the door for a 50-BPS rate hike at the upcoming March FOMC meeting (March 21 – 22). "If the…

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Gold silver punished by still-hawkish Powell

Gold, silver punished by still-hawkish Powell Gold and silver prices are sharply lower in midday U.S. trading Tuesday, as the metals market bulls are feeling the pressure of a still significantly hawkish U.S. central bank. April gold was last down $34.80 at $1,819.80 and May silver prices hit a five-month low and were last down $0.925 at $20.21. Focus of the marketplace today was on Fed Chairman Jerome Powell’s testimony on U.S. monetary policy to a Senate committee. Powell leaned…

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Traders are cautious as reflected in fractional declines in gold and the dollar

Traders are cautious as reflected in fractional declines in gold and the dollar Market participants are trading cautiously with a wait-and-see attitude as this week contains multiple events that could have a deep impact on the financial markets across the board. Cautiousness is the overall demeanor of market sentiment as traders and investors await Chairman Powell's appearance before both the Senate and House beginning on Tuesday. This will be followed by the Labor Department's jobs report for February on Friday.…

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Gold Price to New Heights ?

Gold Price to New Heights ? Since its low in November 2022, the price of gold in dollars has climbed nearly +15% (compared to +4.5% in euros). The rising cost of gold production and the declining profitability of mining companies largely explain this movement. As early as November 2022, we were insisting on the strong probability of an effective gold reversal in 2023. This movement has now been confirmed. But will this rise be enough to drive new highs? Throughout…

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Gold price to take direction from Powell’s testimony US jobs report next week

Gold price to take direction from Powell's testimony, U.S. jobs report next week After five consecutive weeks of losses, the gold market posted its first weekly gain. Analysts say the precious metal will now take direction from the upcoming Federal Reserve Chair Jerome Powell's testimony and the February employment report. After testing the lows at $1,810 an ounce, gold bounced back to the mid-$1,800s range. At the time of writing, April Comex gold futures were at $1,852.70 an ounce, up…

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GoldSilver – The next bull wave begins

Gold/Silver -he next bull wave begins It was a turning point for Precious Metals this week as Gold, Platinum, and Silver all rose after six straight down weeks. The rally came on the heels of a stronger U.S. Dollar and another cycle high in Treasury Yields. The physical buying this year has been robust, and once the Fed concludes hiking rates, news of the pivot will spark an additional buying frenzy. I expect Gold to take a forward-looking approach as…

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Rising USDX US Treasury yields put price pressure on gold silver

Rising USDX, U.S. Treasury yields put price pressure on gold, silver Gold and silver prices are weaker in early U.S. trading Thursday, as rising U.S. Treasury yields and an appreciating U.S. dollar on the foreign exchange market are bearish outside market forces working against the metals market bulls on this day. April gold was last down $7.50 at $1,837.40 and May silver was down $0.20 at $20.895. Global stock markets were mixed overnight. U.S. stock indexes are pointed toward mixed…

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Gold and silver are tactical plays ahead of data storm Powell’s Senate testimony – Pepperstone

Gold and silver are tactical plays ahead of data storm, Powell's Senate testimony – Pepperstone Precious metals could be a tactical play ahead of a data storm in the next two weeks, including Federal Reserve Chair Jerome Powell's testimony before the U.S. Senate, said Pepperstone's head of research Chris Weston. It is getting harder to shock markets with higher-than-expected inflation numbers, and that reaction function is important for the gold market. "The failure of the EUR … to be overly…

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Gold trades higher for a second consecutive day overcoming dollar strength

Gold trades higher for a second consecutive day overcoming dollar strength After four consecutive days in gold traded to a lower high, a lower low, and a lower close than the previous day, traders have witnessed a pivot that began yesterday. Gold futures traded to the lowest value today hitting an intraday low of $1810.80. This follows yesterday’s prior lowest low of $1812. However, both yesterday and today gold closed higher when compared to the previous day and higher when…

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