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Bearish technicals limit buying interest in gold, silver Gold and silver prices are modestly down in midday U.S. trading Wednesday, with gold notching a 3.5-month low overnight. A lack of markets-moving fundamental news at mid-week has traders focused more on the analytical charts for the precious metals, which are leaning bearish. August gold was last down $3.50 at $1,920.30 and July silver was down $0.095 at $22.865. Federal Reserve Chairman Jerome Powell, European Central Bank President Christine Lagarde, Bank of…

U.S. durable goods beat expectations in May, gold price erases early-morning gains The gold market erased its early-morning gains after the newly released data showed that orders for long-lasting U.S. factory goods were up 1.7% in May versus the expected decrease of 1%. The monthly increase in durable goods orders was $4.9 billion and was largely driven by transportation equipment that was up for the third consecutive month, the U.S. Census Bureau said in the report. The core durable goods…

Gold will rise with dollar as 'violent' global debt crisis unfolds, de-dollarization will take at least a decade – Brent Johnson The dollar will gain strength relative to other currencies, along with gold, as a "violent" global debt crisis unfolds. That is according to Brent Johnson, Founder and CEO of Santiago Capital. Johnson, who created the Dollar Milkshake Theory, said that "there is no alternative to the dollar" when it comes to international trade and debt agreements. "I think that…

Will jobs and inflation data confirm the Fed's stance on two more rate hikes? This is what gold price is watching Gold is seeing its worst week since February as the Federal Reserve's outlook of two more rate hikes weighs on the precious metal. But some analysts don't see the macro picture supporting that hawkish view. The gold market is down around $40 on the week, with August Comex gold futures last trading at $1,931.30 an ounce. Federal Reserve Chair…

If you think gold had a brutal selloff this week, just look at a silver chart Gold prices this week had such a strong decline that they traded to a low not witnessed since the first week of March, declining by approximately $39 per ounce. Gold futures basis most active August contract opened at approximately $1969 on Tuesday and as of 5:25 PM EDT is fixed at $1930.30. This week’s price decline resulted in gold losing 1.96%. The key factors…

Gold breaks below recent lows as central banks worldwide raise rates The Federal Reserve’s drumbeat signaling more rate hikes is loud enough to be heard on the other side of the world. In his second day of testimony to the House and Senate Chairman Powell is reiterating his message that a “strong majority” of Federal Reserve officials are strongly committed to raising rates twice for a total of 50 basis points by the end of the year. This would take…

Powell's testimony helps take gold futures to the lowest value since March 17th Chairman Powell testified before the House Financial Services Committee today. This is part of his semiannual report which will conclude tomorrow when he appears before the Senate Banking Committee. His opening statement was close to a word-for-word repeat of his opening statement at last week’s press conference. Most importantly, the chairman did little to convey any new information regarding upcoming rate hikes and inflation that was not…

Gold, silver sink as USDX rallies, crude dips; Powell on deck Gold and silver prices are solidly lower in midday U.S. trading Tuesday, feeling the pressure of a higher U.S. dollar index and lower crude oil prices on this day. August gold was last down $23.40 at $1,947.90 and July silver was down $0.891 at $23.235. The marketplace awaits Fed Chair Jerome Powell’s latest thoughts. He will provide his semi-annual monetary policy report to Congress on Wednesday and Thursday. Powell…