David

Gold's technical problem –  'Massive resistance' at $1,800 keeps gold price down – analysts Gold ran into "massive resistance" at the $1,800 an ounce level, triggering a $30 retreat Friday. And analysts say that gold won't commit to a rally until there is enough interest to take gold past its key technical barriers. Weighing on gold was a better-than-expected economic outlook following strong retail sales, with December Comex gold futures tumbling to $1,769 an ounce, down 1.61% on the day. The…

Multiple factors create a perfect storm pressuring gold lower A combination of events collectively has put tremendous bearish pressure on gold pricing. At least for today, the combination of all of these events has resulted in a perfect bearish scenario causing a $30 drop-in gold futures. As of 5:10 PM EDT, the most active December 2021 futures contract is currently fixed at $1768.10, a net decline Philip Streible, the chief market strategist at Blue Line Futures, summed it up, “gold…

Gold, silver hit 4-week highs on improved charts, inflation worries Gold and silver prices are higher in midday U.S. trading Thursday and hit four-week highs. The metals are being propelled up by improving near-term chart postures and lingering concerns about rising and even problematic price inflation. December gold futures were last up $4.30 at $1,798.80. December Comex silver was last up $0.34 at $23.51 an ounce. The U.S. data point of the day Thursday saw the producer price index report…

Gold price sees double-digit jump as IMF cuts global growth outlook, cites 'dangerous divergence in economic prospects' The International Monetary Fund trimmed its global growth forecast, citing rising risks from supply chain bottlenecks, price pressures, and threats from the delta variant. In its World Economic Outlook, the IMF said its 2021 global growth forecast is now at 5.9% from the previous July estimate of 6%. The forecast for 2022 remained unchanged at 4.9%. "This modest headline revision, however, masks large…

Bullish sentiment in gold improves but prices are still stuck around $1,750 Sentiment continues to improve in the gold market even as the price spins in neutral, unable to get any sustainable traction following another month of disappointing labor market data. The latest Kitco News Weekly Gold Survey shows that both Wall Street analysts and Main Street retail investors are solidly bullish on gold in the near term. Ole Hansen, head of commodity strategy at Saxo Bank, said that the…

Is $2k or $5k gold price still possible? Even a big miss in the U.S. September job numbers couldn't trigger a much-needed rally in gold. And unless the precious metal can find a way to close above $1,780 an ounce, analysts say they will remain neutral on the metal. Here's a look at Kitco's top three stories of the week: 3. Bitcoin breaches $55,000 as bullish momentum grows in the crypto space 2. September U.S. job growth was the slowest…

'Bad news is good news for gold,' but why is the price stuck? With gold unable to deliver a rally despite a disappointing U.S. September employment report, analysts weigh in on gold's sticky price levels. The U.S. September jobs report surprised on the downside with just 194,000 positions added versus the expected 500,000. This is a big miss considering that Federal Reserve Chair Jerome Powell needed "a reasonably good report" to begin tapering as soon as November. "We had a…

Gold has fractional gains even with moderate dollar strength both gold and silver gained fractional ground with gold as of 6:10 PM Eastern Standard Time fixed at $1763.90, after factoring in today’s gain of $1.90, or 0.11%. Silver gained $0.12 in trading today and basis the December futures contract is currently fixed at $22.65 which amounts to a percentage gain of 0.52%. The prices quoted our based upon the opening in Australia as the financial markets begin to trade overseas…