Gold futures have experienced significant volatility in 2024, driven by economic and geopolitical factors. After closing 2023 at $2,135.39 per ounce, gold prices have continued to rise, reaching new highs. As of mid-May 2024, gold futures were trading around $2,316 to $2,322 per ounce, with fluctuations influenced by the strength of the U.S. dollar and Read More…
Gold prices recovered on Tuesday as demand rose due to a decline in US Treasury yields and the dollar. This decline came after the US released an upbeat wholesale inflation report that had the opposite effect on prices. At the same time, gold was stronger as Powell maintained his outlook that inflation would decline, hence Read More…
Introduction Gold has been the standout so far this quarter as geopolitical tensions persist. It is not only acting as a safe haven, but the chart has some great formations we can take advantage of. The daily chart shows just how strong the trend has been since November 2023, with the 21-week Simple Moving Average Read More…
Gold prices pulled back on Tuesday as investors paused and took profits after the recent rally. However, the bullish bias remains as markets cheered the increased likelihood of a Fed cut in September. At the same time, central bank purchases kept demand high. The pause in gold prices might be temporary, as most indicators point Read More…
Chart Overview Trendlines and Channel (BULLISH):The chart shows a rising channel pattern. The price is bouncing between the top and bottom lines of the channel, and these lines are clear and strong. Candlestick Analysis (BEARISH):The recent candlesticks are a mix of green and red, and the latest one is a big red candle. This is Read More…
Gold prices fell over 1% on Tuesday due to a rally in the dollar and Treasury yields. Nevertheless, prices ended a third month of gains amid increased demand. US employment costs (Source: US Bureau of Labor Statistics) The dollar and Treasury yields soared Tuesday after upbeat employment data. The US Labor Department reported a higher-than-expected Read More…
