GOLD FORUM

Gold New Global by Kieugold

kieugold
Gold prices ended the U.S. day session higher Wednesday on a corrective bounce from selling pressure seen earlier this week. Bullish outside markets that included a lower U.S. dollar index and higher crude oil prices on this day were also a positive for the precious metals markets. June Comex gold futures were last up $10.70 an ounce at $1,275.50. July Comex silver was last up $0.238 at $17.33 an ounce.

Wednesday was another uneventful day in the marketplace. It’s been a quieter week, markets-moving news-wise. World equities markets were mostly weaker on corrective pullbacks from gains seen earlier this week. U.S. stock indexes were weaker in afternoon trading Wednesday.

The lower U.S. dollar index Wednesday helped give a lift to many raw commodity markets. The dollar index had seen a decent rebound the past several sessions, but the greenback bears continue to have the overall near-term technical advantage. Meantime, the other key “outside market” was also friendly to the raw commodity bulls Wednesday as Nymex crude oil prices were solidly higher.
Technically, June gold futures prices closed near mid-range. The gold bulls have the firm overall near-term technical advantage, which means the path of least resistance for prices will remain sideways to higher for at least the near term. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the May of $1,306.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at 1,250.00. First resistance is seen at today’s high of $1,280.80 and then at 1,287.60. First support is seen at today’s low of $1,266.30 and then at this week’s low of $1,258.50.
kitco.com
Lukan
Vàng có lên được 1300 nữa k bác
kieugold
Gold prices ended the U.S. day session modestly lower Thursday. Prices briefly popped above unchanged in morning trading following a significantly downbeat U.S. jobless claims report, but the yellow metal saw those gains eroded quickly. Trading in the gold market has turned choppier, but the bulls are maintaining their firm overall near-term technical advantage. June Comex gold futures were last down $3.60 an ounce at $1,271.90. July Comex silver was last down $0.209 at $17.11 an ounce.

The key “outside markets” were in a bearish posture for the precious metals and the raw commodity sector on this day. The U.S. dollar index was firmer today and even shook off the downbeat U.S. jobs number. Gold prices have seen a keener daily inverse trading relationship with the dollar index recently. The other outside market saw Nymex crude oil prices slightly lower and nearer the daily low in afternoon trading after hitting a 5.5-month high early on. An International Energy Agency report Thursday said despite virtually flat-out production by some major world oil producers, the glut of oil on the world markets will subside in the coming months.

World stock markets were mostly weaker overnight. U.S. stock indexes were also weaker in afternoon trading.

In other news, the Bank of England today left its interest rates unchanged at its regular monetary policy meeting, as expected. The BOE said in a statement that if Britain left the European Union it would significantly hurt the U.K.’s economic growth prospects.
Technically, June gold futures prices closed nearer the session low as trading remains choppy. The gold bulls still have the firm overall near-term technical advantage. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the May of $1,306.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at 1,250.00. First resistance is seen at today’s high of $1,282.50 and then at 1,287.60. First support is seen at today’s low of $1,266.80 and then at this week’s low of $1,258.50
kitco.com
kieugold
Gold prices ended the U.S. day session slightly higher Tuesday, lifted in part by a sell-off in the U.S. stock market. The key outside markets were also in bullish postures for the precious metals markets—a weaker U.S. dollar index and firmer crude oil prices. Gains in gold were limited by a batch of U.S. economic reports that were just a bit “hawkish.” June Comex gold futures were last up $2.30 an ounce at $1,276.50. July Comex silver was last up $0.086 at $17.235 an ounce.

The U.S. April consumer price index came in at up 0.4%. The figure was expected to be up 0.3%, and up 0.2% excluding food and energy. April housing starts came in at up 6.6%. That number was forecast at up 4.6%. The latest report on U.S. industrial production also showed a 0.7% rise in April versus expectations for a 0.3% gain. The data favored the U.S. monetary policy hawks, who would like to see the Fed continue to raise interest rates.

World stock markets were mostly higher overnight, following the lead of crude oil prices that are at six-month highs. Nymex June crude oil prices are near steady in pre-U.S. trading and hovering just below $48.00 a barrel. Bulls are eyeballing the key psychological resistance level of $50.00 as being achievable.

However, U.S. stock indexes could not follow the lead of their overseas counterparts and were under selling pressure Tuesday.
The other key “outside market” on Tuesday saw the U.S. dollar index modestly lower. The greenback bulls still have some momentum on their side after the recent rally in the dollar index.

Technically, June gold futures closed prices closed near mid-range. The gold bulls have the firm overall near-term technical advantage. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the May of $1,306.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at 1,250.00. First resistance is seen at today’s high of $1,283.90 and then at this week’s high of $1,290.40. First support is seen at $1,270.00 and then at $1,264.00
kitco.com
kieugold
Gold prices are moderately lower in afternoon U.S. trading Tuesday, pressured by just-released FOMC minutes that were deemed to favor the hawkish camp on U.S. monetary policy. A higher U.S. dollar index on this day was also a bearish element for the precious metals markets. June Comex gold futures were last down $9.30 an ounce at $1,267.60. July Comex silver was last down $0.200 at $17.05 an ounce.

The minutes of the latest Federal Open Market Committee (FOMC) meeting said FOMC members will raise U.S. interest rates in June if second-quarter U.S. economic growth continues on a sound track, which is what the FOMC expects to happen. Thus, unless there is some seriously downbeat economic data released in the next few weeks, there will be another Fed rate hike in June.

U.S. stock indexes turned negative in the aftermath of the FOMC minutes, while the U.S. dollar index rallied. U.S. Treasuries sold off on the FOMC minutes.

World stock markets were mostly weaker overnight, partly on continued worries about the health of China’s economy, which is the world’s second-largest. There was also continuing trepidation regarding the future path of U.S. monetary policy.
In other news, the Euro zone got some more dour news on the deflation front Tuesday. Consumer price inflation in April was down 0.2%, year-on-year, and unchanged month-on-month.
Technically, June gold futures closed near mid-range. The gold bulls have the firm overall near-term technical advantage. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the May of $1,306.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at 1,250.00. First resistance is seen at today’s high of $1,283.50 and then at this week’s high of $1,290.40. First support is seen at the May low of $1,258.50 and then at 1,250.00.
kitco.com
kieugold
Investors’ interest in the minutes of the April 26-27 Federal Reserve meeting that were released Wednesday increased notably after some central bank officials suggested earlier that markets may be underestimating the probability of an interest rate increase as early as this summer. The Fed did not disappoint. The Fed Lifts Off Here are five key takeaways from the minutes: 1. Echoing the recent statement of three Fed regional presidents, the minutes indicated that members of the Federal Open Market Committee were worried that markets were underestimating the possibility of an early rate hike. Fed officials sought to correct this .
kieugold
Gold prices ended the U.S. day session solidly lower and scored a three-week low Thursday, on follow-through selling pressure in the wake of bearish FOMC minutes that were released Wednesday afternoon. Prices did finish up from the daily lows Thursday. An appreciating U.S. dollar following the FOMC minutes is also working against the precious metals markets bulls. The U.S. dollar index hit a four-week high today. June Comex gold futures were last down $18.60 an ounce at $1,255.90. July Comex silver was last down $0.627 at $16.505 an ounce.

Nymex crude oil prices were also lower on the day Thursday, to make the key outside markets in a bearish posture for the precious metals and the raw commodity sector.

The marketplace was still digesting the minutes of the latest Federal Open Market Committee (FOMC) meeting. The minutes said FOMC members will raise U.S. interest rates in June if second-quarter U.S. economic growth continues on a sound track, which is what the FOMC expects to happen. Thus, unless there is some seriously downbeat economic data released in the next few weeks, there will be another Fed rate hike in June. The FOMC minutes were deemed hawkish on U.S. monetary policy and were a bit of a surprise to most.

The U.S. dollar index has rallied in the aftermath of the FOMC report. World stock markets were mostly weaker overnight, partly on the FOMC news. U.S. stock indexes were weaker in afternoon New York trading Thursday. The appreciating value of the greenback has also put downside price pressure into many raw commodity markets.

Traders and investors are closely monitoring news reports that an Egyptian airliner with 66 people on board, which took off from Paris and was headed to Cairo, has disappeared from radar screens. Early indications point to terrorism. This news also took away some risk appetite in the world marketplace.