Metals

Key factors precious metals traders will be watching for the rest of this week are discussed in this article. US dollar and yields rise following on hawkish comments from the Fed’s Christopher Waller, but this has not prevented gold from rising back above $2200. Technical analysis point to new records for gold.

Looking at an equal-weighted gold basket against FX majors, its bullish character has certainly changed since breaking above its previous ATH.

Gold, silver and copper all rally as US dollar drops despite hot inflation, with base metals finding additional boost from optimism about Chinese demand. Silver analysis suggests the grey metal could be in for more gains, while gold analysis point to a new record high.

Gold bears are in charge amid a hawkish Powell and FOMC, and follows a strong NFP report. We ISM PMI coming up next but don’t expect a quick US dollar reversal unless the data is super bad. Gold technical analysis point to a potential drop towards, if not below, $2K.

Revisions to past NFP data takes shine off headline beat, sending metals higher as the dollar retreats. Gold technical analysis: $2030ish support holds for now, eyes turn to $2075/80 resistance area...

Gold just posted its highest monthly close on record, and now trades less than $40 from its record high set in May. With seasonality on its side, I suspect another crack at the record high could be in order. Although it does run the risk of a shakeout around the milestone level.

Gold spent the whole of last week consolidating its sharp 7% rise recorded in October, ending a run of three consecutive weekly gains. The precious metal has struggled to move north of the key $2000 mark, though the metal hasn’t exactly sold off yet.

Welcome to Technical Tuesday, a weekly report where we highlight some of the most interesting markets that will hopefully appease technical analysts and traders alike. In this edition of Technical Tuesday, we will analyse the EUR/USD, Gold and the Dollar Index.

Gold has continued to hit the headlines as it teases investors with a record high. But that doesn’t mean gains will be plain sailing from here, even if we remain bullish this year overall.

Gold is holding above $2K ahead of the Fed & ECB rate decisions. Our bullish gold outlook remains intact heading into these events.

The gold outlook has improved because of a drop in US dollar and bond yields, following the release of more disappointing US data.

While the metal may well extend its drop in the short-term, my longer-term gold outlook remains positive. I therefore envisage a rise to a new record high soon.

Renewed weakness in bond yields and US dollar, thanks to soft US data, has brightened the gold outlook

Falling US dollar is boosting the silver forecast, along with gold and copper. Precious metals have had a great month so far and that run could continue.

Copper is benefiting from a weaker US dollar and China re-opening

The StoneX Metals and Energy Markets Annual Outlook forecasts double digit percentage increases for seven out of twelve commodities tracked.

For gold to make a stronger recovery, we will have to see a surprise miss on Friday’s NFP