|Day's range||1,238.30 - 1,245.80|
Elsewhere on the Comex, silver futures were down 0.13% to $15.795 a troy ounce. Among other precious metals, platinum slumped 1.11% to $821.20 while palladium decreased 2.03% to $914.30 an ounce. Copper futures lost 0.31% to $2.767 a pound.
Investing.com - Gold price bounced back on Monday after dipping to a near 2018 low last week as the dollar slipped ahead of the first official dialogue between U.S. President Donald Trump and Russian President Vladimir Putin summit in Helsinki later in the day.
Gold prices nudged higher in early trade on Monday amid a softer U.S. dollar and slightly weaker Asian shares, after sliding to their lowest in seven months in the previous session.
Based on the early trade, the direction of the August Comex Gold market today is likely to be determined by trader reaction to the steep downtrending Gann angle at $1246.90. Holding inside Friday’s range of $1236.20 to $1248.50 will indicate investor indecision and impending volatility. Look for the price action in the dollar to control the movement in gold futures today.
The gold market continued to remain noisy in the Friday’s session drifting down towards the $1237 level before bouncing a bit. In an alternate scenario, the market needs to break above the $1250 level, to reverse the downtrend. The market has experienced this support level for the couple of times in the last few sessions and if it breaks from here, then the next major support will be at $15.50 level.
Based on the early trade, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the short-term 50% level at .7422. The main trend is down according to the daily swing chart. However, momentum shifted to the upside with the formation of the secondary higher bottom on July 12. The main trend will change to up on a trade through .7484. A trade through .7360 will signal a resumption of the downtrend.
Bitcoin’s looking to consolidate on Sunday’s rally, though much will depend upon the news wires through the day, regulators and governments busy behind the scenes to bring the market into the mainstream on reg front.
New Zealand will be releasing its quarterly CPI later tonight. Forecasts point to a 0.5% increase in inflation during the second quarter. The New Zealand Dollar gained 0.07% on Monday morning, trading at 0.6772.
The euro continues to trade in a range with the region around 1.16 providing some strong support over the last couple of weeks which has helped it to keep afloat
The market could hold steady on Monday as we approach the May 7 bottom at $2.711. We may not see much action to the downside until the release of the next 10 to 14 day weather forecast and the first round of storage estimates for Thursday’s government report.
If you’re serious about trading the gold market at this time, you have to block out the noise and focus on the price action of the markets that matter. The biggest influences on gold this year have been the U.S. Dollar, interest rates and appetite for risky assets. Geopolitical turmoil has not been a factor.
Investing.com - The strong dollar looks likely to remain a significant headwind for gold this week, with bearish price action in the precious metal looking set to continue despite growing risk aversion.
Other than a periodic short-covering rally due to profit-taking and position-squaring, we’re likely to see a test of the May bottom at $2.711 or lower. This week, investors are going to continue to focus on rising production and the weather.
The markets appear to have found support late last week after Wednesday’s steep sell-off. The warning by the IEA seems to have slowed down the selling and perhaps brought in a few new buyers. The IEA statement is likely to continue to underpin the markets while the news of labor disputes in Norway and Iraq is likely to attract new buyers. Any surprise announcements about increased supply could limit gains or even drive prices through last week’s lows. For example, an end to the strikes in Norway and Iraq could be the catalysts for such a move.
Gold markets continue to be very noisy overall, and I think that at this point we will more than likely see volatility. I believe that the $1225 level will offer support, just as the $1250 level will massive resistance. I believe that the market will continue to be very difficult over the short term, of course driven by news headlines.
The US dollar has turned sideways overall during the day on Friday, as we hover above the vitally important ¥112.50 level. This was a target for me previously, and I expect to see a lot of digestion of the gains in this area.
Investing.com – WTI crude oil prices settled higher Friday, but posted steep losses for the week, as traders eased bets on a global supply shortage in the wake of resuming crude flows from Libya and expectations the decline in Iranian exports would be less severe than anticipated.
A precipitous drop in industrial metal prices over the past month could be flashing a bullish sign for bonds.
MARKET PULSE Gold futures on Friday posted declines for the session and the week, suffering from their lowest settlement in nearly a year. The yellow metal failed to find support from U.S.-China trade tensions amid overall strength in the U.
Based on the early price action, the direction of the September E-mini S&P 500 Index is likely to be determined by trader reaction to yesterday’s close at 2798.50. Keep an eye on 2798.50 all day and especially at the close. Settling below this level will form a closing price reversal top.
In the preceding parts of this series, we discussed how gold prices have remained weaker despite escalating trade war fears and geopolitical tensions. Many of these risks stem from the ongoing trade spats, which would create inflationary (TIP) pressures in the economy apart from uncertainty. Gold (GLD) is often seen as an inflation hedge.
The CFTC (Commodity Futures Trading Commission) reports the position of major players in the futures market through its COT (Commitment of Traders) report. According to the COT report for the week ended June 26, 2018, money managers were barely net long on gold with just over 4,000 net speculative long contracts. According to Commerzbank, “Short positions, in particular, were built up, which means speculative financial investors are currently betting heavily on falling prices.” For the week ended June 3, money managers kept their positions almost unchanged, which implies the lowest levels of net long positioning since late 2015 when gold prices dipped below $1,050 per ounce.
MUMBAI/BENGALURU (Reuters) - Demand for physical gold in India picked up this week as prices fell to a five-month low, but buyers in other major centres in Asia awaited a bigger correction before placing orders, traders and analysts said. "In last few days the rupee and international prices are moving in favour of buyers. In the Indian market, gold futures were trading around 30,096 rupees per 10 grams, after falling to 30,072 rupees earlier in the day, the lowest level since Feb. 14.
Investing.com – Gold prices slipped on Friday as the dollar extended gains from the previous session. A strong U.S. inflation report and continued trade war concerns were cited as tailwind for the greenback.
Investing.com – Gold prices steadied Thursday, as the dollar gave up some of its gains, while easing trade-war concerns prompted traders to cut bearish bets on other metals.