With commodities in general taking a hammering in the markets at the moment, neither silver or gold have escaped. In the last two days, the dramatic falls in silver, have also been reflected in gold futures, with the June contract trading lower once again overnight on Globex as we test the $1540 per ounce level.
Gold continued to trade in a narrow range once again yesterday, with the April gold futures contract closing marginally lower and ending the gold trading session with a narrow spread down candle, closing just below the psychological $1600 per ounce level at $1594.80 per ounce.
Morning Coffee Break – Monday April 1 In today’s Morning Coffee Break we find as traders come to their trading systems after a 3 day weekend and the start of the second quarter have several milestones to build on from record closes on the Dow and S&P 500.
Morning Coffee Break – Wednesday March 27 Today’s Morning Coffee Break is finding U.S. equity futures are indicating a lower open this morning after yesterday’s push higher towards an all-time high of less than two points in the S&P 500.
Gold price continued its climb higher for a second day after Federal Reserve announcement of third round of quantitative easing which weakens the U.S. dollar and in turn strengthen gold’s price as traders look for safety. The FMOC’s announcement of QE3 was more aggressive than most analysts were anticipating with a plan to purchase 40 billion USD in mortgage backed securities on a ongoing unlimited fashion until the U.S. economy
Gold is roughly flat on day going into the July 4th weekend, tomorrow will be light volume with only a half day of trading. The SPDR Gold Trust (GLD, [stock GLD]) ETF is lower by 0.14% in the final hour of trading today while the iShares Gold Trust (IAU, [stock IAU]) ETF is holding flat on the day.
Looking at the gold charts today we find a solid bounce off support at $14.90 on the iShares Gold Trust (IAU, [stock IAU]). iShares Gold Trust has been in descending channel since early February dropping over 14% since before bouncing off solid support
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