I am anticipating a continued bullish pattern from the 14.000 area retracement in my opinion. FUTURES ARE JANUARY 2019…. DECEMBER EXPIRING SOON This is a bullish January futures suggestion. Support 14.030, 14.150, 14.000 area. Resistance 14.750, 14.805, 15.000(100 day MA) area. These are wider targets, targets closer to the last traded price, 14.412 last, as for this writing. Closer targets are 14.300 support and …
SOMBER DAYS, SUBDUED MARKETS, FADING OPPORTUNITIES
MARKET BACKDROP: Hello readers. First, I’d like a moment to briefly acknowledge and honor the memory of those who we lost 17 years ago on September 11th in this written material. I know that’s a very solemn and heavy way to start off, but I felt it necessary, and I thank those readers who took a moment for that just …
Gold Pulls off Monthly Highs
Gold retreated today in a continuation from Tuesday, falling from monthly highs seen on Monday. Markets seem to be getting more comfortable with trade negotiations and geopolitical risks as Trump has been willing to negotiate with individual countries, and there are even inklings that North Korea may be amenable to denuclearization. This is turn strengthened the US dollar and further …
Gold is the New Green
Gold continues its recent advances settling in the green to start the week posting new monthly highs at the same time. Geopolitical tensions and a weakened dollar remain the main reasons for price support for the yellow metal. The USD slid this morning to a one month low despite easing tensions with China over tariffs. Gold keeps its momentum going …
Golden Week, More to Come?
Gold hit highs for the week today ending in the green, having a weekly intraday high today at $1,350 and a weekly intraday low seen Tuesday at $1,306. Today also marked a monthly high for the yellow metal. Quite a move after the FOMC meeting raised interest rates on Wednesday, but this was mostly priced in to the market already. …
Metals on the Move After FOMC
The FOMC met the last two days and just released their commentary showing an as expected quarter point raise to the fed funds rate. This was a much anticipated meeting as this was Chairman Powell’s first quarterly meeting as chair and first news conference. Because of long liquidation and profit taking in the USD, which was in the red prior …
Metals Slide on Equity and USD, Long Opportunity?
Metals trended lower today given the upcoming FOMC meeting, a rally in the stock markets and increase in the USD. All metals fared similarly down between 1/2 to 1%. Silver is getting down near a long term support, approaching $16, which could be a good entry point for bulls as the white metal has traded between $16-$17 since the beginning …
Gold Awaiting Fed Meeting
Gold started the day in the red before going green into the afternoon. The FOMC is meeting later this week and forecasts are for them to raise rates by a quarter point. Any divergence from that forecast would see volatility for gold. With the strong economic releases last week, the realistic, but still unlikely, scenario that would diverge from expectations …
Gold Starts and Ends the Week In The Red
Gold settled down Friday, ending the week in the red with the weekly low occurring today, touching levels not seen since the first day of March. A few announcements came out today that showed strength in the economy resulting in weakness for the yellow metal. Consumer sentiment hit a 14 year high last seen in March 2004. Job openings hit …
Silver Ready for a Breakout?
Silver is coming close to hitting a major long term support line, and is currently in a channel that last time hit the trend line subsequently rallied. Together with a head and shoulders bottom, get ready for a breakout if Silver gets above the 17.50 resistance level. Its currently trading below its 5, 20, 50, 100, and 200 day moving …