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Silver Price News: Future Trade Tariffs Still Weigh on Silver
While incoming global growth surprises have tipped into positive territory for the first time since June in recent weeks, markets’ attention remains firmly fixed on the prospects for further trade disruption under a second Trump presidency.
However, this would merely represent a continuation of the deglobalization of trade seen in recent years, with increased onshoring and ‘friend shoring’ of global supply chains and record levels of trade disputes referred to by the World Trade Organisation. With US trade policy unlikely to crystallize until well into 2025, this is likely to remain an overhang for silver investors. Silver starts Monday trading at $30.6/toz.
Flows and Positioning:
Unsurprisingly, the most recent Commitments of Traders report from the CFTC, published late on Friday, saw a further reduction of net speculative long silver positions. These now lie some 28% below the 56-month high registered at the end of October and consistent with the levels seen in late September, when the silver price was also in the $30/toz-$31/toz range. Recent flow data from physical silver ETCs/ETFs also suggests continued outflows, reinforcing a bearish flow picture. Read More
Silver KAG/USD – 1hr view – Kinesis Exchange
Gold Price News: Gold Faces Headwinds from Dollar and Rates
Gold continues to labour under some fundamental headwinds. Incoming US growth and inflation data remain solid, and upside surprises have rapidly risen to a seven-month high.
While the Dollar Index (DXY) appears to have plateaued for now in the 106-107 range, it remains c.6% above its level at the end of September. Meanwhile, the prospect of a 0.25% rate cut at the Fed’s next meeting on 18 December continued to recede, with CME FedWatch currently ascribing a 62% probability.
Gold KAU/USD – 1hr view – Kinesis Exchange
The US Federal Reserve has reiterated its relatively hawkish stance, with Chairman Powell suggesting on Friday that ‘the economy is not sending any signals that we need to be in a hurry to lower rates’. Gold starts Monday trading at $2,582/toz.
Flows and Positioning:
The most recent Commitments of Traders report from the CFTC, published late of Friday, saw net speculative long gold positions flat on the previous week and some 25% below the 54-month high reached at the end of September. However, flow data from physical gold ETCs/ETFs suggests that net outflows accelerated last week across all regions and monthly net outflows have already reached 54% of October’s elevated net inflows. Read More
Gold, silver see strong gains on safe-haven bids, bargain hunting
Gold prices are strongly higher and silver is posting solid gains in midday U.S. trading Monday. Safe-haven buying, perceived bargain hunting after recent selling pressure, and short covering from the shorter-term futures traders are featured to start the trading week. December gold was last up $44.40 at $2,615.00 and December silver was up $0.863 at $31.30.
Gold and silver bulls stepped up to the plate on the long side after U.S. President Biden authorized Ukraine to strike Russia using U.S.-supplied long-range missiles. The decision will allow for attacks farther inside Russia and comes just after news Russian President Putin has positioned North Korean troops along Ukraine’s northern border to try to reclaim territory seized by Ukrainian forces. This has put keener uncertainty into this major geopolitical event.
Technically, December gold bears still have the slight overall near-term technical advantage. Prices are still trending down on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,700.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at last week’s low of $2,541.50. First resistance is seen at today’s high of $2,619.50 and then at $2,633.40. First support is seen at $2,600.00 and then at $2,575.00. Wyckoff's Market Rating: 4.5.
Image Source: Kitco News
December silver futures bears have the slight overall near-term technical advantage. Prices are still trending down on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $32.50. The next downside price objective for the bears is closing prices below solid support at $29.00. First resistance is seen at today’s high of $31.255 and then at last week’s high of $31.66. Next support is seen at the overnight low of $30.35 and then at $30.00. Wyckoff's Market Rating: 4.5. Read More
Image Source: Kitco News
Gold at a crossroads: will the shining metal reclaim its momentum or sink further?
Image Source: Kitco News
In a quiet US data week, gold prices has started the week on the front foot by moving to the upside and recovering some of the losses that it experienced in the past few days. Traders are looking at the gold price and asking themselves this very question which is if the price action will continue its price momentum to the upside by not only recovering recent losses and a gradual move towards a new all time high or if the price of the shinning metal will fall further as the floor hasn’t hit by the price action.
Gold’s Price Action:
Gold prices have recorded two consecutive weeks of losses as of Friday last week as most traders and investors have been in the profit taking mode. However, if we zoom out a little and focus on the monthly chart for the gold price, one would see that the precious metal hasn’t recorded any losses for months as the last negative month for the yellow metal was in June and the one before that was in January this year. So it would be very much fair to say that the price is set for a stellar rally for this year as only two months so far have been negative and even then the price action was able to recover its loses very easily.
Although, the gold price is very much in a strong uptrend but for speculators the main game in terms of price target is the level of 3,000 USD per ounce and the current belief among them is that the odds are becoming weaker for the gold price to touch that level by the end of this year as fundamentals have shifted. Read More
Gold surges on Goldman Sachs' bullish $3,000 forecast amid global uncertainties
Gold prices demonstrated remarkable strength in New York trading, surging $47.40 to reach $2,615.20 for December futures, marking a 1.85% daily gain. While dollar weakness contributed to the precious metal's ascent, with the dollar index falling 0.51% to 106.257, market analysis reveals that robust bullish sentiment drove approximately 1.36% of the day's gains independently of currency movements.
Image Source: Kitco News
This significant upward movement appears to have halted a six-day losing streak and potentially marks the end of a substantial price correction that began on October 31, when gold futures peaked above $2,800 per ounce. The correction had seen prices decline by roughly $261, reaching an intraday low of $2,541.50 last Thursday.
J.P. Morgan Global Commodity Research provides context to the recent market dynamics, noting that gold futures experienced a 7% reduction in open interest last week, largely attributed to substantial outflows of $6.8 billion from gold ETFs. The front-month gold futures contract had retreated 6.4% from its October 30 record close of $2,788.50. Read More
$2,604 in spot market is key to support next gold breakout with $2,700 in sight – FX Empire’s Hyerczyk
Spot gold’s break above $2604 could drive prices toward $2,653 in the near term, before targeting retracement zones between $2,663 and $2,693, according to analyst James Hyerczyk at FX Empire.
Gold prices are recovering in Monday’s trading following a six-session slide as the dollar weakens, but Hyerczyk noted that rising Treasury yields are continuing to cap any significant upside momentum.
“The rebound comes as the U.S. dollar stalls below its recent one-year high, making gold more attractive for non-dollar holders,” he said.
Hyerczyk said that the resistance at $2604.39 is “a critical technical level” that is being closely watched by traders. “A sustained break above this level could generate momentum, pushing prices toward the 50-day moving average at $2653.63 and the retracement zone between $2663.51 and $2693.40,” he said. “However, if new sellers emerge at these higher levels, it could signal continued pressure on gold.”
On the other hand, Hyerczyk wrote that a break below $2,536.85 would suggest weakness and the potential for a sharper decline toward the $2,403.46 200-day moving average. Read More
UAE surpasses London to become the world’s second-largest gold hub as Asian demand grows - DMCC
Asian demand has transformed the gold market this year, driving prices to record highs. While the market has recently retreated from those highs, Asia’s influence in the marketplace is expected to grow, according to the latest report from the Dubai Multi Commodities Centre (DMCC).
The DMCC highlighted that Dubai and the United Arab Emirates are uniquely positioned to serve as an important bridge between East and West. According to the report, the DMCC envisions the start of an "Asian Century" for gold, with a focus on developing a new gold economic corridor among BRICS nations, including the UAE.
“In recent years, we have witnessed historic shifts in the precious metals market, driven by Western sanctions that have forced record gold buying by central banks and led many countries to rethink their reliance on the US dollar,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of the DMCC, in a statement. “We are seeing a new gold corridor form across Asia, with Dubai at its center – exemplified by the UAE’s rise to become the world’s second-largest gold trading hub last year.”
The optimistic outlook comes as the UAE has seen significant growth in gold trading this year. The DMCC reported that $129 billion in gold flowed through Dubai in 2024, marking a 36% increase compared to the previous year. Read More
Bitcoin climbs above $91k, altcoins soar, and gold rallies amid interest rate uncertainty
Financial markets started the week in the green, with Bitcoin (BTC) briefly spiking above $92,000 while gold inched higher and stocks looked to regain lost ground after sliding lower last week.
The sell-off last week came after the Federal Reserve signaled it was in no rush to slash rates amidst robust economic growth and a solid job scene, which put pressure on risk assets and helped put a bid under for gold.
After rallying over the weekend and continuing to push higher on Monday, the yellow metal currently trades at $2,611.30 per ounce for a gain of 1.91% on the session.
Stocks rallied higher during morning trading but pared their gains in the afternoon. At the market close, the S&P and Nasdaq finished higher, up 0.39% and 0.60%, respectively, while the Dow lost 0.13%.
“This AM, BTC sprinted to match last Friday’s ceiling of 92k, only to dip under the 90k mark—a hot zone lately,” noted analysts at Secure Digital Markets. “Meanwhile, SOL punched above $240, marking a three-year high, while BTC caught its breath, stealing the show in today's session.” Read More
Gold is still on track despite severe selloff - State Street’s George Milling-Stanley
After a six-day selloff, the gold market appears to be finding its footing again as prices push back above $2,600 an ounce.
Since Trump’s election, gold prices have dropped nearly 5%. However, in a recent interview with Kitco News, George Milling-Stanley, Chief Gold Strategist at State Street Global Advisors, said that even with the current selloff, the gold market remains in a solid uptrend and is still on track to end the year within his bullish scenario.
Earlier this summer, Milling-Stanley raised his year-end bullish gold price forecast to between $2,500 and $2,700 an ounce. His base-case scenario was for gold to trade between $2,200 and $2,500 an ounce.
“I have been a little shocked by the severity of the selloff in gold, but I don’t think it will be sustainable,” he said. “After seeing gains of 33% this year, I don’t think investors should be too worried about this selloff.”
Gold has struggled as the U.S. dollar has gained new momentum, with traders expecting that President-elect Donald Trump’s America First policies will support the currency. Since the U.S. election, the U.S. dollar index has rallied 3%. However, that momentum has started to reverse as the index drops below 106.5 points, down 0.2%. At the same time, gold prices have pushed solidly back above $2,600 an ounce. December gold futures last traded at $2,616.40 an ounce, up nearly 2% on the day. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
Featured Image - Source: Unsplash
