David

Gold prices move near session highs as Federal Reserve raises interest rates 75 basis points The gold market is seeing some new buying momentum as the Federal Reserve looks to slightly adjust its aggressive monetary policy stance. In a widely anticipated move, the Federal Reserve raised its Fed Funds rate by 75 basis points. This is the fourth consecutive supersized rate hike this year. While the central bank remains focused on bringing inflation down, it does appear to be adjusting…

Gold – Caution still warranted The bear market rally currently transpiring in stocks has momentum on its side, with the upper range target at the cross-section between the upper resistance line and the 50-week moving average as the standing target. The below chart is an update of the S&P futures chart on a weekly basis; note the stochastic RSI looks like it wants to reach all the way to overbought as well. Although Thursday’s action in gold looked constructive for…

Price pressure on gold, silver as USDX, bond yields rebound Gold and silver prices are moderately down in early U.S. trading Friday, once again falling victim to a higher U.S. dollar index and rising U.S. Treasury yields to end the trading week. December gold was last down $10.90 at $1,654.60 and December silver was down $0.199 at $19.29. The geopolitical front is far from calm at present. However, there have been no major, new developments to shake up the marketplace.…

Gold market sees muddle sentiment, but price needs to hold above $1,620 next week Once again, gold is poised on a knife's edge as the prices end the week below $1,650 an ounce, and muddled market sentiment is unlikely to provide any clear direction for the precious metal next week. Latest Kitco News Gold Survey shows that bullish analysts and retail investors have a slight advantage; however, there is no dominant conviction in the marketplace. According to some analysts, many…

Gold has respectable gains, but still based on dollar weakness and not buying Golf futures basis the most active December 2022 Comex contract is currently up $11.20 and fixed at $1669.70. Noteworthy was today’s intraday high of $1679.40 which came in just below the first level of resistance at $1680. However, once again we can see that while gold’s gains are respectable, they are based entirely upon dollar weakness. Furthermore, market participants bid the precious metal lower. According to Reuters,…

Gold’s tepid response to dollar weakness and geopolitical uncertainty One might think that with the increased geopolitical uncertainty and recent dollar weakness that gold would have strong gains. However, that is absolutely not true in trading today. As of 5:15 PM EDT, the most active December contract of gold futures is currently up only $3.30 or +0.20% and fixed at $1657.40. Fractional gains in gold today have occurred with extreme dollar weakness. The U.S. dollar index is currently down -1.02%…

Market participants continue to be headlined driven as seen in gold on Friday Gold investors and traders are reacting strongly to any shift in the Federal Reserve’s narrative concerning upcoming interest rate hikes. This was seen on Friday when a single article published by the Wall Street Journal resulted in strong gains for gold. On Friday Mary Daly the president of the San Francisco Federal Reserve Bank said, “I think the time is now to start talking about stepping down…