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Gold & Silver Market Analysis for Friday 8th October
Today, bullion is still traded above $1,750, despite the strength of the U.S. Dollar. From a technical point of view, as long as the price holds at this threshold, little volatility can be expected, while a fall below $1,750 could pull the price down to a new test in the region of $1,725 – 1,730.
A clear surpass of $1,770 would be a positive signal, opening space for new recoveries, but it seems clear that investors are watching on, waiting for the upcoming U.S. labour reports and the Federal Reserve’s next move. Read More
Ep.49 - Live From The Vault: Russia and China Capitalise on Basel III Gold Window
In this week’s Live from the Vault, Andrew Maguire explains why he believes gold is coiled to breakthrough crucial resistance and silver is extremely structurally bullish.
With Options Expiry price-capping playing out exactly as predicted, the precious metals expert reveals that Russia and China are seizing the opportunity to grow their already substantial physical gold reserves.
Shifting to the COMEX, Andrew Maguire crunches the numbers on the tonnes of gold and silver demanded for delivery into the illiquid October contract.
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The Metals, Money, and Markets Weekly by Mickey Fulp - October 8, 2021
Bullish sentiment in gold improves but prices are still stuck around $1,750
Sentiment continues to improve in the gold market even as the price spins in neutral, unable to get any sustainable traction following another month of disappointing labor market data.
The latest Kitco News Weekly Gold Survey shows that both Wall Street analysts and Main Street retail investors are solidly bullish on gold in the near term.
Ole Hansen, head of commodity strategy at Saxo Bank, said that the precious metal continues to walk a fine line even as the Federal Reserve is expected to shift its monetary policies and start reducing its monthly bond purchase before the end of the year. Read More
Gold's struggle continues
The gold market continues to struggle in obscurity, unable to hold material gains above $1,750 an ounce.
The gold market can't even hold on to gains following the second month of disappointing U.S. labor market data. While the precious metal managed to hit a two-week high briefly, it could not break resistance at $1,780 an ounce.
The market is suffering because investors remain too focused on U.S. monetary policy. Although September's nonfarm payrolls missed expectations, many economists have said that it still won't keep the Federal Reserve from reducing their monthly bond purchase by the end of the year. The Federal Reserve is on track to shift its monetary policy, and that will continue to weigh on gold prices. Read More
Gold price pushing higher following another disappointing employment report, 194K jobs created in September
Gold prices are pushing higher as the U.S. labor market showed further weakness as fewer American's found jobs in September, potentially putting a crimp in the Federal Reserve's plan to shift its monetary policy before the end of the year. Read More
Gold loses early price gains as traders reassess U.S. jobs data
Gold prices have lost early gains that saw the yellow metal hit a two-week high, and are now trading near steady in late-morning dealings Friday. The U.S. jobs report that was a mixed bag is driving market action to end the trading week. December gold futures were last up $0.70 at $1,759.90. December Comex silver was last up $0.142 at $22.80 an ounce. Read More
'Bad news is good news for gold,' but why is the price stuck?
With gold unable to deliver a rally despite a disappointing U.S. September employment report, analysts weigh in on gold's sticky price levels.
The U.S. September jobs report surprised on the downside with just 194,000 positions added versus the expected 500,000. This is a big miss considering that Federal Reserve Chair Jerome Powell needed "a reasonably good report" to begin tapering as soon as November.
"We had a big miss on the jobs number. The bad news is good news for gold. That's because the market believes the Fed can't get as aggressive next month with tapering or future rate hike timeline," RJO Futures senior market strategist Frank Cholly told Kitco News. "It comes down to the Fed not being in a position to take away the punch bowl just yet." Read More
Is $2k or $5k gold price still possible?
Even a big miss in the U.S. September job numbers couldn't trigger a much-needed rally in gold. And unless the precious metal can find a way to close above $1,780 an ounce, analysts say they will remain neutral on the metal. Read More
Gold and silver are flat heading into the European open
Gold and silver are heading into the new week flat. The yellow metal is trading at $1755/oz while silver trades at $22.64/oz. Looking at the rest of the commodities complex copper moved 1.11% higher while spot WTI jumped another 1.52%. 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 other advice.
