|Day's Range||1,327.70 - 1,334.20|
The early forecast for this week’s U.S. Energy information Administration’s weekly storage report, covering the time period ending February 23, shows an expected draw of -65 Bcf.
The Fed added to the gold market’s volatility last week when it released its minutes, and could do it again in the coming week as investors are likely to react to Powell’s views on inflation and the possibility of future rate hikes.
Prices are likely to remain firm at the start of the week due to the events in Libya.
Gold prices tumbled last week, posting its biggest weekly decline in 2 ½ months, as the U.S. Dollar continued to build a support base slightly above three year lows on the back of higher U.S. Treasury yields.
Based on the close at $1330.30 and last week’s price action, the direction of the gold market this week is likely to be determined by trader reaction to a pair of Gann angles at $1330.50 and $1330.70.
Based on Friday’s close at .7836, the direction of the AUD/USD on Monday is likely to be determined by trader reaction to .7859 and .7789.
Based on Friday’s price action, the direction of the April WTI futures contract is likely to be determined by trader reaction to the Fibonacci level at $62.91.
The Ethereum markets initially rallied during the trading session on Friday, gaining about 6% as I record this market. However, we are starting to see the market roll over, and on the longer-term charts, some of the crypto currency major players are starting to look a bit suspicious.
Will Inflationary Pressure Give Gold Some Buoyancy? Precious metals’ reaction was also due to economic numbers indicating the health of the US economy in general. Last week, the CPI number—which measures changes in prices for goods and services purchased by consumers—was standing at 0.5%.
April Comex Gold futures settled slightly lower on Friday and for the week as investors continued to react to the uncertainty over the number of Fed rate hikes in 2018 and a firmer U.S. Dollar. At 2135 GMT, April Comex Gold futures are trading $1330.90, down $1.90 or -0.14%. Gold is currently in a position to post its biggest weekly decline in 2 ½ months on the back of higher U.S. Treasury yields.
Based on the price action into the close, traders appear to be going after the downtrending Gann angle at 6903.25.
Investing.com – Gold prices were on track to post a weekly loss Friday amid dollar strength despite the Federal Reserve expressing its desire to continue its gradual approach to rate hikes.
Based on the current trade, the direction of the index the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 2721.00.
Gold settle lower Friday, logging its worst weekly decline so far this year as the U.S. dollar bounced back from its earlier weakness.
Natural gas prices edged lower on Friday holding support level despite colder than normal weather which continues to spread across most of the western portion of the United States. The EIA released their inventory figures which showed a larger than expected draw but stocks remain within their 5-year average range. Demand continues to decline as the warmer weather through most of February undercut natural gas use.Technicals
Gold prices held support levels, despite softer than expected data released out of the Eurozone this week. Eurozone inflation was confirmed at lower levels and Germany provided details of its Q4 expansion which showed that private consumption and capital investment were unchanged. Gold prices where nearly unchanged on Friday holding support near an upward sloping trend line that comes in near 1,325. Resistance on the yellow metal are seen near the 10-day moving average at 1,337. Momentum on the yellow metal is negative as the MACD (moving average convergence divergence) index recently generated a crossover sell signal.
Investing.com - Crude oil prices turned higher on Friday, supported by news of supply disruptions in Libya offset lingering worries over U.S. production levels.
Investing.com - Gold prices were hovering near one and-a-half-week lows on Friday, as expectations for multiple U.S. rate hikes this year continued to lend broad support to the greenback.
U.S. stock futures climbed Friday, building on gains in the prior session amid signs of an increased appetite for perceived riskier assets such as equities. Dow futures rose 160 points, or 0.7%, to 25,175, ...
By Hilary Russ NEW YORK (Reuters) - Shares rose broadly worldwide on Friday, with strong technology stocks and a retreat in Treasury yields lifting Wall Street, while gold had its biggest weekly loss this year as investors shrugged off concerns about interest rate hikes. The dollar edged higher as investors positioned for a more aggressive Federal Reserve to raise U.S. interest rates three times this year. In its semiannual report to Congress released Friday, the Fed's Washington-based Board of Governors looked past a recent stock market sell-off and inflation concerns, saying it sees steady growth continuing and no serious risks on the horizon that might pause its planned pace of rate hikes.
Midway through the two-week competition, the Americans were on pace for their lowest medal count in 20 years, but a recent surge could lift them out of that slump. Entering competition Friday in Pyeongchang, ...
Based on the current price action, the direction of the gold market the rest of the session is likely to be determined by trader reaction to the intermediate Fib level at $1330.20.