Gold and silver holding, a big move is coming Gold and silver are setting up for a much bigger move. They have been vacillating in a tight range for the last five days. This pattern is known as consolidation, which is always a precursor to a much bigger move. Based on the current trend, which is lower, we expect that move to be lower. We know that the next move can be in either direction, but the odds favor down.…
Gold's shocking fall: Is the bull market over? Gold shed nearly $100 in just 24 hours this week, with the precious metal dropping 5% on Thursday. The trigger was the Federal Reserve's interest rate announcement. A surprisingly hawkish stance led to some chaotic trading and gold dropped below the $1,800 an ounce. Here is a look at Kitco's top three stories of the week: 1. Federal Reserve signals it could raise rates twice in 2023 2. Why is gold down…
Gold is in a bearish correction or trend 6/18/21 On a higher timeframe basis: I cautioned on 8/16/18 the break above $1,179.7-$1,183.7 warned of renewed strength. We have seen $905.5 of this. This is ON HOLD. We held major exhaustion at $2,071.6-93.2 with a $2,089.2 high and rolled over $412.8 into the macro bearish correction warned about. The decent trade below $1,879.3 projects this downward $24 minimum, $76 (+) maximum. We attained $111.4. I warned we will likely have to…
Gold and silver move higher ahead of the European open Gold and silver have moved higher leading into the European session despite more bearishness on Thursday. Gold is now trading at $1785/oz while silver has moved to $26.17/oz. One of the big stories from yesterday's session was the drop in palladium. The precious metal moved 11.26% lower. In the rest of the commodities complex, copper trades 0.35% higher and spot WTI has moved -0.31% in the red. The risk sentiment…
Gold and silver trader higher leading in to the European session despite suffering heavy losses post FOMC Gold is trading 0.41% higher after losing ground following the FOMC event last night. Silver is also positive and has moved 0.46% higher and trades above the $27/oz psychological level. In the rest of the commodities markets, copper is 1% higher while spot WTI trades 0.36% in the black. After inheriting a negative handover from Wall Street, bourses in the Asia Pac area…
Gold and silver trade higher leading into the European open Gold and silver are trading marginally higher as we lead into the European session this morning. The yellow metal is trading at $1860/oz while silver has moved to reach $27.73/oz. In the rest of the commodities complex, copper trades -0.34% lower after a dismal session on Tuesday and spot WTI is up another 0.27% to trade at levels not seen since October 2018. After inheriting a weak handover from the…
Inflation is a double-edged sword for gold Beginning tomorrow, the Federal Reserve will begin its FOMC meeting for June, which will conclude on Wednesday. Following the conclusion, the Federal Reserve will release a statement, which a press conference will follow by Chairman Jerome Powell. One of the most important topics that market participants will focus upon is the forward action of the Federal Reserve as to whether or not they will begin to taper their massive asset purchases, which have…
Gold price stuck at a 'speed bump' on its path to $2,000 – analysts Gold failed to hold the $1,900 an ounce level as it wrapped up the week. And prices are said to remain choppy until the $1,950 an ounce level is reached, where the new buyers would come in to take gold to $2,000, according to analysts. The gold space fell victim to profit-taking Friday as the U.S. dollar and the U.S. Treasury yields climbed higher. "The U.S.…
Gold's path to $2K: Biggest market risk is 'invisible wealth destruction' Gold's $1,900 an ounce level remains a high hurdle to breach, but analysts still expect more gains for the yellow metal this summer. With U.S. inflation now running at an annual pace of 5%, the attention is turning to the Federal Reserve meeting next week. The key question is whether the Fed will continue to ignore rising prices or start hinting at tapering. Here's a look at Kitco's…
Gold Price Prediction – Prices Drop to Support as the Dollar Surges Gold prices dropped sharply on Friday as the dollar surged higher. The move in the dollar came despite a further decline in U.S. yields. The 10-year Treasury yield closed at the lowest level in 4-months declining down to 1.45%, after hitting a high of 1.67% early in May. The net worth of U.S. households climbed to new heights as 2021.Technical analysis Gold prices rebounded from session lows and…