GOLD

Gold opened the week at $1802.05 this week and moved higher over the week but continued to trade inside the month-long trading range. On Wednesday and Thursday, the price of Gold moved up to the top of the range at $1830 from the Federal Open Market Committee meeting announcement that the mood at the FED has shifted from more of a hawkish tightening stance to more or a “dovish” one. This change hurt the value of the U.S. dollar and therefore pushed the price of Gold up. But even with this shift in focus gold prices did not break-out…


GOLD

This week Gold opened at $1808 per oz and then moved higher through Thursday setting a new monthly high at $1834 per oz. On Friday Gold gave back most of the gains as the price slipped all the way back to around $1815 per oz on higher bond yields which boosted the U.S dollar. While Gold lost most of the gains from earlier in the week, the week still looks to close with an overall weekly gain continuing the positive weekly momentum since mid-June. …


GOLD

This week Gold was very volatile moving lower than higher over the week opening at $1781 and chopped down to a low of $1750 before finding support. As buyers jumped in, they pushed the price back up to $1773 on Thursday, before the Non-Farm Payroll numbers came out mixed with more overall new jobs than expected, but a higher unemployment rate pushing the U.S dollar down and pushing the price of gold up close to $1800 before pulling back off those highs to the $1790. With the U.S dollar sliding on Friday, gold moved back up to close the…


GOLD

While gold will finish higher for the week, it has traded mostly sideways trying to move higher each day and then dropping back down to close mostly flat on the day. Monday opened at $1764.55 and is trading right at $1776. With the sideways consolidation the market is very undecided and looking for more information after the Federal Reserve’s comments last week. We do have clear support and resistance levels as a result of the consolidation with support at $1760 per oz. and resistance at about $1800 per oz. The thing to watch closely is the value of the…


Weekly Commodity Update: FED’s New Hawkish Policy Strengthens the U.S Dollar Crushing Gold, Silver and Oil Prices.

GOLD

Gold has had the worst week in nine months following the Federal Reserve’s “hawkish” remarks on Wednesday, indicating a faster taper and willingness to raise interest rates in the future. Gold opened the week at $1877 and dropped all the way down to $1767, more than $100 per oz for the week. In the aftermath of Wednesday’s hawkish announcement, the FED will move away from extremely low interest rates pushing the U.S dollar higher and negatively affecting Gold and other precious metals…


GOLD

Gold opened the week at a $1908.20 at the multi month high and then has struggled this week on talk that the FED would be starting to taper the economic stimulus, thus raising interest rates and weakening precious metals, especially Gold. This continued through Friday morning before The Non-Farm Payroll numbers were released. The price on Friday morning dropped back to $1860 support. This severe weekly drop back to previous support was short-lived on Friday as the NFP numbers came in weaker than expected and fears abated somewhat about the FED near-term taper plans, pushing the price of Gold…


GOLD

Gold opened the week on a high note after last week’s big run-up, opening the week right at last week’s close @ $1831 per oz. Like the rest of the market, this week prices have been all over the place up and down and back up again, and Gold has followed a similar volatile pattern. The pattern, up at the beginning of the week, down hard on Wednesday due to the much higher than expected inflation numbers, to test support and back up on Thursday and Friday to end the week on a positive note, trading in late Friday…


GOLD

Gold opened the week at $1776.81 per oz and has been flat most of the week. After the Federal Reserve made the announcement on Wednesday that they would be continuing the loose monetary policy they have been pursuing during the Covid pandemic by keeping interest rates at almost 0% as expected, gold moved down slightly. Even with the week ending on a bit of a slow but down beat, we are sitting just above support based on the 50-period moving average. Current trading late in the Friday session is right at $1770 for just a modest decline for the…


GOLD

Gold opened the week at $1744 per oz and moved sideways until Thursday when strong consumer spending data and improving earnings moved to stabilize positive economic growth expectations calming down bond yields and pushing Gold higher Thursday with some additional follow through on Friday. The price has now broken higher than the 50 period moving averages the first “hurdle” of resistance, but now as the price moves closer to the $1780 to $1800 range there is significant resistance setting up a 2nd resistance “hurdle.” Late in Friday’s trading session the price is hovering right below $1780. If we can…


GOLD

Gold had been jumping up and down all week, but the bulls won the battle and gold will close higher on the week overall, even after a big slide on Friday erasing much of the weekly gains. Gold opened the week at $1734 per oz and moved higher on Tuesday, and Thursday to a high just below $1760 before dropping back to the low $1740s. Gold moved higher for the week after the Federal Reserve minutes released a continuing weak monetary bias which weakened the U.S dollar and strengthened gold during the week with a big jump Thursday on…

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