The Fed is not ready to pivot now, but it might be soon The gold market continues to hold its own as prices end the week slightly above $1,750 an ounce. The precious metal was once again thrown a lifeline by the Federal Reserve after the minutes from the November monetary policy meeting were deemed to have a dovish tilt. According to the minutes, a majority of participants judged that a slowing in the pace of increases would likely be…
Gold needs a new catalyst as prices end the week around $1,750 The gold market is holding its own at $1,750 an ounce, but analysts are warning investors not to expect a breakout move anytime soon as the precious metal is in desperate need of a new catalyst to drive prices. According to commodity analysts, the Federal Reserve's aggressive monetary policy stance remains the most significant driver for the gold market. While the U.S. central bank has signed that it…
SocGen looks for bonds to outperform equities as Fed pivots in Q2 – gold remains a risk hedge A mild recession in the U.S. in 2023 will force the Federal Reserve to pivot in the second quarter of next year, according to market analysts at Société Générale. The French bank said Thursday that it was making some significant changes to its multi-asset portfolio ahead of the new year and is heavily weighted toward sovereign debt compared to equities and commodities. The…
Gold price firms after FOMC minutes lean a bit dovish Gold and silver prices are higher and hit daily highs in afternoon U.S. trading Wednesday. The U.S. data point of the week saw the FOMC meeting minutes tilt slightly dovish on U.S. monetary policy. December gold was last up $5.70 at $1,745.50 and December silver was up $0.381 at $21.43. The just-released minutes from the last FOMC monetary policy meeting showed FOMC members saying it would soon be appropriate to…
Gold, silver slightly up amid weaker USDX, higher crude oil Gold and silver prices are slightly higher but well off daily highs in midday U.S. trading Tuesday. The metals are getting a slight lift from a lower U.S. dollar index and higher crude oil prices on this day. U.S. Treasury yields have down-ticked today and that's also limiting selling interest in the safe-haven metals. December gold was last up $2.20 at $1,741.80 and December silver was up $0.178 at $21.05.…
Gold, silver down as USDX rallies, crude oil tanks Gold and silver prices are solidly lower in midday U.S. trading Monday. The metals are feeling the heat of strong gains in the U.S. dollar index to start the trading week and a big drop in crude oil prices. December gold was last down $20.00 at $1,734.30 and December silver was down $0.302 at $20.70. The key outside markets today see the U.S. dollar index in a strong rebound, including sharply…
Market sentiment for gold adjusts to recent Fed officials' comments The Merriam-Webster dictionary defines sentiment as, “an attitude, thought, or judgment prompted by feeling: predilection.: a specific view or notion: opinion.: emotion.: refined feeling: delicate sensibility especially as expressed in a work of art.: emotional idealism.” As it pertains to the financial markets, market sentiment is the view or attitude that creates our opinion as to whether an asset class is overvalued or undervalued. It shapes and changes the value…
Did gold price rally run out of steam? After nearly hitting $1,780 an ounce this week, gold is starting to backtrack amid hawkish comments from Federal Reserve officials. And analysts are warning that a drop below $1,750 an ounce could end the rally and open the door to a steeper pullback. The extent of the rally in gold took many by surprise these past two weeks. But the precious metal might have moved too high, too fast, RJO Futures senior…
Are we seeing the first indications of a correction in gold? This has been a most interesting year for investors and traders who have been active in gold. There have been two completed trends that contained both a multi-month rally and a multi-month correction. During the first week of January gold was already in rally mode, and opened at $1827 on the first day of trading, January 3. By March 8, gold had traded to its highest value this year…
Gold’s recent short-term trend is in a defined cycle – Rally, Consolidate, Repeat Gold has shifted gears from extended rallies followed by a multi-month correction to its current almost parabolic upside move. This move began during the first week of November and continues to this day. In fact, we are getting the first indications that the extended correction at least for now has concluded and a new stage has begun. The best way to describe the characteristics of this recent…