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Gold sees some routine profit-taking after recent good gains
Gold and silver prices are trading weaker in midday dealings, with gold seeing some normal profit-taking pressure from recent good gains. A rally in the U.S. dollar index today is also a negative for the metals markets. The gold market bulls have gained a slight near-term technical advantage. More anxiety in the marketplace early this week has added some support to the precious metals markets, on safe-haven demand. October gold futures were last down $4.70 at $1,782.90 and September Comex silver was last down $0.146 at $23.645 an ounce. Read More
Gold market remains supported as global growth has peaked - BMO Capital Markets
The gold market is unable to break above $1,800 an ounce, but one Canadian Bank is not giving up on the precious metal just yet.
In a recent note to clients, commodity analysts at the Bank of Montreal said that they expect gold prices to remain supported as the global economy faces new risks with the rise of the COVID-19 Delta variant. Last month, the Canadian bank said that it sees gold prices averaging this year around $1,815 an ounce, relatively unchanged from their previous forecast. Read More
Gold & Silver Market Analysis for Wednesday 18th of August
The gold price is continuing its dance again, with the resistance level of $1,790.
Despite some “risk-off” bites on the markets, bullion was hit by the strength of the US Dollar in the first part of the week. Moreover, after the massive rebound seen in the last few days, some investors started taking profits.
Today, the price is continuing its recovery, while the momentum for gold still appears positive. Read More
$50 silver price, $2,300 gold are next, but not before this happens first - Patrick Karim
Gold and silver are about to break out in an "explosive rally" said Patrick Karim, technical analyst and co-founder of Northstar & Badcharts.
According to Karim, silver and gold both need to hit certain price levels first before another bull rally is confirmed, and once they do, new all-time highs can be breached. Read More
Afghanistan tensions and gold, here's what to watch for - MKS PAMP Group
Increased geopolitical tensions surrounding developments in Afghanistan are unlikely to kickstart a new rally in gold, but there are a few key risks to watch, said MKS PAMP Group.
When it comes to geopolitical flare-ups and gold, traders are more likely to benefit from being short on de-escalation than from being long on escalation, said MKS PAMP Group head of metals strategy Nicky Shiels. Read More
Gold futures traded to $1797.60 and then closed lower on the day
Gold futures basis most active December 2021 Comex contract opened at $1789.10 and then traded within $2.90 of $1800, before closing lower on the day compared to both its opening price and yesterday’s close. As of 4:32 PM EST December, futures are currently trading off by $2.90 and fixed at $1786.90, a net decline of 0.16%. Read More
Bitcoin will surpass gold's market cap soon, gold is 'pretty much dead' - Scott Melker
Bitcoin is going to "flip gold" in market capitalization once crypto ETFs make it even easier for institutions and generalist investors to own the asset, said Scott Melker, host of "The Wolf of All Streets” podcast. Read More
Gold and silver move up ahead of the European cash open
After a bit of a choppy session yesterday gold is trading 0.36% higher leading into the European open on Wednesday. Silver has also moved into the black and trades 0.40% up at $23.73/oz. Looking at the rest of the commodities complex, copper (0.13%) and spot WTI (0.42%) are both trading higher too. Read More
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Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or other advice.
