Gold is just stepping back to build a running start After a month of massive volatility, markets are now comfortable with the idea that the Federal Reserve is not done raising interest rates. Not only is a 25-basis point hike for May firmly priced in, but markets have now pushed back the timing of any potential rate cut to the end of the year. At the height of last month's banking crisis, markets were pricing in a potential rate cut…
The hawkish Fed narrative continues to underscore the need for further rate hikes The recent volatility that led to diminished bullish market sentiment for gold has diminished as gold continues to effectively find support at $2000 per ounce and above. Today gold traded to a low of $2002.20, effectively above the current critical support level of $2000. This morning in New York traders witnessed a quick and powerful price surge taking gold to a high of $2024.20. As of 4:00…
Fed narrative alarms traders who believe that a rate pause is imminent after the May rate hike Recent volatility led to diminished bullish market sentiment for gold causing a price break and taking gold futures to $1980.90 before recovering. This morning in New York traders witnessed a quick and powerful price decline in gold breaking $20 below $2000 and recovering just as quickly as it sold off. This was in response to Federal Reserve officials who continue to reiterate the…
Gold has found support above $2000 aided by the belief the Fed will pause hikes soon Over the last 10 trading days, gold futures have effectively closed above $2000 per ounce. Although on an intraday basis, gold has moved below $2000 on three occasions, gold prices recovered and closed above $2000 on each instance. On April 3, gold futures opened at $1990, traded to a high of $2007 and closed just at $2000 per ounce. On the following day, April…
Gold futures trade to $1993.40 and recover back above $2000 As of 4:25 PM EST, gold futures basis the most active June 2023 contract is trading down $8.50 or 0.42% and fixed at $2007.20. In earlier trading market participants actively moved gold below the key psychological level of $2000, taking June gold to its intraday low of $1993.40. Today’s price decline in gold can be 100% attributed to dollar strength. Currently, the dollar is up 0.54%, however, when compared to…
Gold prices remains under pressure as U.S. retail sales drop 1% in March Recession fears could start to pick up again as U.S. consumers cut back on their spending, with retail sales numbers dropping more than expected last month. U.S. retail sales dropped 1.0% in March, following a revised 0.2% decline in February, according to the latest data from the U.S. Commerce Department. Economists expected a decrease of 0.4%% in last month's headline number. Core sales, which strip out vehicle…
Wild daily swings define gold price action on its path to record highs, focus on Fed speak and bank earnings next week The gold market is ending the week with another massive move. After rising to a 13-month high Thursday, gold gave up all weekly gains Friday, falling $40 on the day. On the macro level, the gold market is reacting to positive economic news and some hawkish Federal Reserve speak. "It wasn't just the data today, you had the…
Gold prices slide lower as UofM consumer sentiment rises to 63.5 Stronger-than-expected U.S. consumer sentiment is adding further selling pressure to gold and is solidifying expectations that the Federal Reserve will raise interest rates by 25 basis points next month. Friday, the University of Michigan said the preliminary reading of its Consumer Sentiment Index rose to 63.5, down up from 62.0 in March. The data beat expectations as consensus forecasts called for a roughly unchanged reading in consumer sentiment. "Sentiment…
Gold, silver hit 13-mo. highs on tame U.S. PPI, slumping USDX Gold and silver prices are sharply higher in midday U.S. trading Thursday and scored 13-month highs. The metals bulls are being fueled by a tame U.S. inflation report, a slumping U.S. dollar index and rising crude oil prices. Gold bulls are now confident they can breach the all-time record high of $2,078.80, basis nearby Comex futures, sooner rather than later. June gold was last up $28.40 at $2,053.20 and…
Gold, silver up, but down from daily highs on some profit taking Gold and silver prices are modestly higher but nearer the daily lows in midday U.S. trading Wednesday. Some profit-taking pressure from the shorter-term futures traders kicked in after both metals touched 13-month highs in the immediate aftermath of a tamer U.S. inflation report this morning. June gold was last up $4.20 at $2,023.20 and May silver is up $0.114 at $25.30. The U.S. data point of the week…