David

Slightly cooler U.S. inflation report boosts gold, silver Gold and silver prices are solidly higher in midday U.S. trading Tuesday, but down from daily highs, following a slightly tamer-than-expected U.S. inflation report. Gold surged to a five-month high and silver a seven-month high right after the report’s release. February gold was last up $26.70 at $1,818.90 and March silver was up $0.407 at $23.81. The U.S. consumer price index report for November showed a rise of 0.1% from October and…

Gold, silver see routine profit taking Gold and silver prices are solidly lower in midday U.S. trading Monday. Normal corrective pullbacks and some profit taking by the shorter-term futures traders were featured to start the trading week, following recent good price gains for both metals. A firmer U.S. dollar index on this day also worked against the metals market bulls. February gold was last down $17.70 at $1,792.90 and March silver was down $0.287 at $23.435. Traders await a major…

Gold trades sideways as investors wait for next week’s FOMC and CPI report Unlike yesterday’s double-digit gain in gold prices, today we see gold once again consolidating as it did on Tuesday. Tuesday’s price consolidation in gold indicated that the dramatic decline that occurred on Monday was more akin to a one-and-done scenario than the beginning of a correction. It was the equal or slightly higher low on Tuesday that was just as important as the fractional gains. It indicated…

Gold breaks above its 200-day moving average then moves back below it Gold futures basis the most active February 2023 contract opened in New York at $1783.30 and traded to a high of $1803.20 just above its 200-day moving average which is currently fixed at $1800.70. The price point of this long-term moving average at least for the short term became a technical level of resistance moving gold back below it. As of 4:19 PM EST, the February contract of…

Gold consolidates after trading to a double top near $1825 yesterday Market participants are acutely aware of next week’s FOMC meeting which begins on Tuesday, December 13, and concludes the following day. Following the conclusion of the last FOMC meeting of the year, the Federal Reserve will release a statement which will be followed by Chairman Powell’s press conference. It is highly anticipated that the Federal Reserve will raise its benchmark Fed funds rate as it has at every consecutive…

Gold, silver hit hard by profit taking, bearish outside markets Gold and silver prices are sharply lower in midday U.S. trading Monday after hitting multi-month highs overnight. The metals are being hit by heavy profit taking from the shorter-term futures traders and by bearish outside markets. The U.S. dollar index is solidly higher and crude oil prices are lower and lost good early gains. Rising U.S. Treasury yields are also a bearish element for the precious metals markets today. February…

Will $1,800 bring the gold bulls back? Analysts look for follow-through buying next week rowing expectations that the Federal Reserve will slow the pace of rate hikes are creating new momentum in the gold market as prices ended the week above $1,800 an ounce. However, some analysts aren't entirely convinced that new capital is coming into the market. Analysts said they are anxious to see if the precious metal can attract some follow-through buying next week and solidly break out…

Solid performances from gold & silver and a jobs report above expectations Solid performances from gold & silver and a jobs report above expectations Both gold and silver had stellar performances this week. This week the precious metals moved on both the jobs report and chairman Powell’s speech on Wednesday. Gold futures opened today at $1817 and traded to a low of $1791.80 before substantially recovering. As of 4:00 PM EST, the most active February 2023 contract is fixed at…