Gold Start The Week Under Pressure As Recession Fear Subsided

Gold could be under pressure this week if recession fears continue to subside. There arent many major economic events this week so if there is volatility it will likely be fueled by unexpected events by China or the United States.Gold futures finished higher last week hitting a multiyear high at $1534.17 in the process. Despite the higher close the price action can best be described as sidewaystoslightly higher. Furthermore the range of the week was formed in one trading session with a potentially bearish closing price reversal top on the daily chart created [read more]

Big Week Ahead

This week interest rates remain in focus market attention is on the Federal Reserve and its chairman Jerome Powell this week. On Wednesday The Federal Open Market Committee (FOMC) will be releasing its July meeting minutes and on Friday Powell will be speaking to kick off the Feds annual Jackson Hole Economic Policy Symposium.Wednesday FOMCFollowing the Feds first rate cut in more than a decade the meeting minutes are expected to provide some additional light around its decision. In that regard it will be important to evaluate divisions in the FOMC to determine [read more]

ECB Easing Package Will Push Gold To $1,600

It is now a fight to the bottom in interest rates and the European Central Bank is packing a monetary policy bazooka that could push gold prices above $1600 an ounce according to analysts.Gold prices are back at session highs and are within striking distance of the weeks earlier sixyear high following speculation that the ECB is looking at releasing a significant easing package at next months monetary policy meeting.In an interview with the Wall Street Journal Finnish central bank governor Olli Rehn raised the prospect of new easing [read more]

USD Holding To It 5 Days Gain

The dollar held onto gains on Friday after a surge in U.S. retail sales eased concerns about the worlds top economy but traders cautioned against reading too much into one piece of data given the growing risks to the outlook.The greenback was on course for a weekly gain against safehaven currencies such as the Japanese yen and the Swiss franc pointing to some respite for frayed nerves after fears of recession and protests in Hong Kong rattled financial markets.Data showing American consumers continued to splurge in July came as a relief to investors [read more]

Bitcoin -$200 Below Psychological Level $10,000

Despite exceeding $12000 several times this month Bitcoin (BTC) has slumped back to $10000 in a recent downtrend. The number one cryptocurrency last traded below $10000 on July 31.A little earlier this month experts were optimistic about Bitcoin continuing its rally citing geopolitical tensions particularly the ongoing United StatesChina trade war as a reason for its possibly continuing success. Recently investors in Hong Kong and Argentina have used the original crypto as a safe haven asset. Now bitcoin has once again dipped under the psychological $10000 mark before somewhat recovering leaving traders and investors [read more]

American Jewelers Are Seeing Increase In Customers Cashing In On Their Jewelry

With gold at an alltime high in many currencies jewelers are swamped with customers looking to cash in Gold prices began the year below $1350 an ounce slowly climbing above $1350 by the end of May followed by a rally to $1400 an ounce in July and then above the $1500 an ounce in August. At the time of writing December Comex futures were trading near sixyear highs at $1527.10 up 0.86% on the day.The gold rally has largely been driven by the U.S.China trade war geopolitical tensions [read more]

US Yields Drop To Historical Low, Causing DJI To Dropped -800

Stocks plunged Wednesday in the Dow Jones Industrial Averages worst performance of 2019 after the bond market flashed a troubling signal about the U.S. economy.The Dow dropped 800.49 points or 3.05% to 25479.42 its worst percentage drop of the year and fourthlargest point drop of all time. The S&P 500 fell 85.72 points or 2.93% to 2840.6 while Nasdaq Composite declined 3.02% to 7773.94. The Dow gave up the entire rebound from a selloff earlier in August and fell to a twomonth low.The yield on the benchmark 10year Treasury note on Wednesday briefly [read more]

Bitcoin Price Outlook

Bitcoin price broke the key $11200 support level and declined below $11000 against the US Dollar.The price tested the $10500 bearish targetThere is a major bearish trend line forming with resistance near $11200 on the hourly chart of the BTCUSD pair The price remains at a risk of more losses below the $10500 and $10320 levels.Bitcoin price is gaining bearish momentum below $11000 against the US Dollar. BTC price tested the weekly bearish target of $10500 and it could continue to weaken.Bitcoin Price AnalysisIn the bitcoin price weekly forecast we discussed the [read more]

Oil Price Back Above The 200-SMA On Lower US Inventory

Oil prices lower this Wednesday from Tuesday closed. Tensions between Iran and most of the Western world over a series of oil tanker attacks and oil tanker seizures in the eve important Persian Gulf. The market has grown increasingly tolerant of the tensions in the Middle East with other metrics having more of an impact on oil prices such production reports out of the shale patch.WTI was trading at $56.46 per barrel under last weeks price. The API this week reported a 4.436barrel build in gasoline inventories for [read more]

Gold Could Reach $2,000 With Yields Worldwide Moving Towards Negative

In a world full of negative yielding debt hard assets like gold could become even more attractive and some strategists say a case could be made for a $2000 per ounce price tag on the precious metal.Gold futures were at $1513.80 an ounce Tuesday down about 0.2%. In late May gold snapped out of its slumber broke above $1300 and has not looked back. In September 2011 gold futures reached alltime high of $1923.70 per ounce.We have a long position trade on. We are targeting $1585 said Daniel Ghali commodities strategist at TD [read more]