Commentary for Thursday, June 26, 2014 – Gold closed down $6.10 today at $1316.10 in quiet trading. The gold market was tested by the short players overnight in both Hong Kong and London reaching at one point about $1305.00 but bounced back in the domestic trade almost $10.00 before the…
Commentary for Wednesday, June 25, 2014 – Gold closed up a mild $1.30 at $1322.22 after trading lower ($1310.00 – $1315.00) overnight in Hong Kong and London. Domestic trading in New York moved modestly higher as the Gross Domestic Product (GDP) came in at an unexpected negative 2.9% which is…
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Commentary for Tuesday, June 24, 2014 – Gold closed up $2.90 today at $1320.90 and the overnight Hong Kong and London markets were slightly higher so we are seeing an improved technical picture which probably places the bulls back in charge on the short-term. But gold looks like it wants…
Commentary for Friday, June 20, 2014 (www.golddealer.com) – Gold closed higher by $2.50 going into the week at $1316.20 with little fanfare after Thursday’s big jump of $41.30. The aftermarket yesterday was up more than $6.00 so today’s higher price is more settling than follow through excitement. I think professionals…
Commentary for Thursday, June 19, 2014 (www.golddealer.com) – Gold moved significantly higher today up $41.30 at $1313.70 recapturing the important $1300.00 level and waking everyone up – after yesterday’s QE taper of $10 billion dollars. Some expected a weaker gold price today but Yellan’s comments were dovish – meaning traders…
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Commentary for Wednesday, June 18, 2014 (www.golddealer.com) – Gold closed quietly up $0.70 at $1272.40 before FOMC news was released that the Fed will cut its quantitative easing program by $10 billion beginning next month. So even with tepid US economic results the Federal Reserve seems intent on reducing its…
Commentary for Tuesday, June 15, 2014 (www.golddealer.com) – Gold closed down $3.20 at $1271.70 and continues to ignore Iraq in a settling move taking advantage of recent modest gains. This small sell-off is a bit concerning in that it would have been much more technically positive if gold would have…
Commentary for Monday, June 14, 2014 (www.golddealer.com) – Gold moved higher over the weekend as the Iraq situation deteriorates and the Russians have cut off natural gas deliveries to Ukraine asking for payment upfront. So the geopolitical forces are in charge short-term pushing gold as high as $1285.00 before New…