Gold market sees quiet trading with New York and London Hubs closed

Gold market sees quiet trading with New York and London Hubs closed

(Kitco News) – It is a quiet day in the precious metals market, with prices drifting lower as two of the world’s largest trading hubs are closed for holidays. TradingPedia.com is focused on providing news and education covering forex, stocks, commodities, binary options and cfd’s. Find the best brokers where to trade. Gold is 0.3% lower today, as it extends a short-term consolidation following last Thursday’s decline. European markets are trading higher Monday. 

Paris’ CAC-40 index is 1% higher, while the DAX in Frankfurt is up 1.5%.

(Kitco News) – It is a quiet day in the precious metals market, with prices drifting lower as two of the world’s largest trading hubs are closed for holidays.

Momentum is weak Monday with New York and London markets enjoying a long weekend. Still, analysts note that there is enough bullish sentiment to continue to support prices through the slow summer months.

In low trading activity during the holiday session, June gold futures last traded at $1,727.20 an ounce, down 0.48% on the day. Meanwhile, silver prices, which captured everyone’s attention last week, last traded at $17.635 an ounce, down 0.33% on the day.

Some analysts have noted that gold is just seeing some further technical selling after prices pushed to a fresh 7.5-year high last week.

Marc Chandler, chief market strategist at Bannockburn Global Forex, noted in a report Sunday that profit-taking after last week’s highs is not surprising as momentum indicators have not signaled a breakout move.

He added that $1,700 has been an area of support he is watching as the price has held above that level since May 13.

“We still see the next important target near $1800,” he said.

Analysts at Commerzbank said that they are also watching support at $1,700 an ounce. They also said that it is not surprising the gold market has leveled off after last week’s multi-year high.

“We believe that the price is merely taking a breather within an intact upwards trend. Only if it were to dip below this threshold [$1,700 an ounce] would any prolonged correction phase be likely. There is little to suggest that this will happen at the moment, however,” the analysts said.

Analysts at IG Markets said that they remain bullish on gold as long as prices hold critical support above $1,692 an ounce.

Although gold appears to be holding above critical support, Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said that the market needs a spark to ignite a new rally higher, which could come from weak equity markets.

“Gold remains bid near the $1725 per ounce, as investors believe that the upside potential could be unlocked with a renewed landslide across global equities. Yet, anything less than a sizeable and durable risk sell-off should maintain the top-sellers in place approaching the $1750 mark,” she said in a note Monday.

According to some market analysts, this will be a big week for economic data. Tuesday, markets will see how consumer sentiment is fairing amid the COVID-19 pandemic.

According to some market analysts, this will be a big week for economic data. Tuesday, markets will see how consumer sentiment is fairing amid the COVID-19 pandemic.

“The gradual pace of recovery, even in states that have eased social distancing policies, is consistent with our view that the U.S. faces a long road ahead to any type of normalization,” economists at Nomura said in a report published last week.

In April, the U.S. Conference Board saw its most significant decline in consumer sentiment on record. Economists will be anxious to see if there has been an improvement as states have eased some lockdown measures.

“Despite the stabilization of sentiment, a slower-than-expected recovery in demand or a second wave of COVID-19 cases continue to present significant risks to the outlook. In addition, with partisanship returning to fiscal negotiations, a failure to extend fiscal support later this summer could result in a sharp deterioration in the consumer outlook. Stubbornly elevated initial jobless claims this week highlight continued labor market strain that will likely persist,” analysts at Nomura said.

Later in the week, markets will get the second reading of first-quarter gross domestic product data. The first reading showed that the U.S. economy declined 4.8% in the first three months of the year, just as the economy was starting to feel the impact of the COVID-19 pandemic.

Source: www.kitco.com

Author: http://www.facebook.com/kitconews


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Daily Gold News: Monday, May 25 – Gold Trading Along Last Week’s Lows

Daily Gold News: Monday, May 25 – Gold Trading Along Last Week’s Lows

The gold futures contract gained 0.79% on Friday as it slightly retraced Thursday decline of 1.7%. On Thursday it extended a downward correction from the last Monday’s new monthly high of $1,775.80. The market has retraced almost all of the decline from April 14 high of $1,788.80, before reversing downwards again. Gold price continues to trade within an over month-long consolidation, as we can see on the daily chart:

Gold is 0.3% lower today, as it extends a short-term consolidation following last Thursday’s decline. What about the other precious metals?: Silver gained 1.89% on Friday and today it is 0.5% lower. Platinum gained 2.29% and today it is 0.7% lower. And palladium lost 4.13%. Today it is 0.3% higher. Precious metals are within a short-term consolidation today.

Last week’s economic data releases didn’t bring much surprises. They have been confirming a negative coronavirus impact on gobal economies for some time. Thursday’s Philly Fed Manufacturing Index came at over -43.1 points and the Unemployment Claims were over 2.4 million. Flash Manufacturing and Services PMI’s have been as expected, however still below the 50 mark. The markets are used to bad economic numbers, as stocks remain relatively close to their medium-term local highs following rebounding from the late March lows. On Friday, we didn’t get any important economic data. And today, there’s a bank holiday in the U.S. – Memorial Day. So markets’ volatility is somewhat less than usual.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days. Investors will wait for tomorrow’s U.S. CB Consumer Confidence along with the New Home Sales data releases:

Monday, May 25

  • 1:30 p.m. Canada – BOC Governor Poloz Speech
  • All Day, U.S. – Bank Holiday (Memorial Day)
  • Tuesday, May 26

  • 9:00 a.m. U.S. – HPI m/m, S&P/CS Composite-20 HPI y/y
  • 9:00 a.m. Eurozone – ECB Financial Stability Review
  • 10:00 a.m. U.S. – CB Consumer Confidence, New Home Sales
  • 1:00 p.m. U.S. – FOMC Member Kashkari Speech
  • 5:00 p.m. Canada – BOC Governor Poloz Speech
  • For a look at all of today’s economic events, check out our economic calendar.

    * * * * *

    Disclaimer

    All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

    Source: www.fxempire.com

    Author: Paul Rejczak23 hours ago (May 25, 2020 01:15 PM GMT)


    Markets in Paris, Frankfurt Trading Higher; London Closed

    Markets in Paris, Frankfurt Trading Higher; London Closed

    European markets are trading higher Monday. 

    Paris’ CAC-40 index is 1% higher, while the DAX in Frankfurt is up 1.5%.  London’s FTSE index is closed for a public holiday. 

    Tokyo’s Nikkei index closed 1.7% higher on news that the government was set to lift the coronavirus state of emergency on Tokyo, while the Hong Kong’s Hang Seng index ended 0.1% higher after struggling throughout the day as a new round of protests broke out in the financial hub over a proposed national security law promoted by China that  critics say will bring an end to the city’s semi-autonomous status. 

    Shanghai’s index closed slightly (0.15%) higher, while Sydney’s S&P/ASX ended 2.1% higher.  Seoul’s KOSPI is up 1.2%, while Taiwan’s TSEC index finished the trading day 0.5% higher. 

    In oil trading, U.S. crude oil is $33.49 per barrel, up 0.7%, while the international standard, Brent crude, is basically flat at $35.11 per barrel. 

    All three U.S. stock exchanges will be closed in observance of Monday’s Memorial Day holiday.  

    Source: www.voanews.com

    Author: By VOA News

    Thu, 05/21/2020 – 18:00


    Gold market sees quiet trading with New York and London Hubs closed

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