From the Trading Desk With the UK and several other major markets out on holiday yesterday, gold cracked above the $1,300 psychological threshold for the first time in over a year. The move took place in thin trading conditions and despite being predominantly technically driven, the yellow metal was also aided by an overall weak USD. Gold tested above $1,300 …
Read MoreMay
2
2016
Current Thoughts for 5/2/2016
By: Doug Eberhardt
Category: Current Thoughts on Gold and Silver
Tags: 1300, commodities, Dollar, Gold, oil, OPEC, reversal, silver
The dollar continued its move lower today and gold shot up over $1,300 an ounce before closing in the $1,295 range. Silver struggled moving past $18 and fell back by the end of the day. I know I have been bullish the metals from a micro level as long as the dollar continues south but I have to think a …
Read MoreApr
28
2016
Current Thoughts for 4/28/2016
By: Doug Eberhardt
Category: Current Thoughts on Gold and Silver
Tags: Bank of Japan, europe, fed, FOMC, Greece, Italy, monetary policy, stimulus, Stock Market
From the Trading Desk Yesterday, the Federal Reserve maintained the status quo on its key interest rates for the third time this year. The Fed’s monetary policy stance remains accommodative with the goal being further improvements in the labor market and a return to 2% inflation. After gold’s typical volatile jitters immediately following the FOMC, the yellow metal calmed down …
Read MoreApr
27
2016
We did get one last push higher for gold after the Fed announcement today where they decided not to raise interest rates. The dollar took the main brunt of the news falling below 94. I had said to keep an eye on the dollar falling below 94 as a reason to stay bullish gold and we now have that target …
Read MoreApr
26
2016
Current Thoughts for 4/26/2016
By: Doug Eberhardt
Category: Current Thoughts on Gold and Silver
Tags: Dollar, durable goods, EURO, weaker
From the Trading Desk Gold came into the US session today feeling heavy and looking like it would break below support at $1,230, the fourth point on a trendline dating back to mid-January. It was given a lifeline by weaker than expected US economic data and was able to catch bids to reverse its course though. US durable goods disappointed, …
Read MoreApr
25
2016
Gold was pretty much all over the place trading from Sunday through Monday, first breaking lower then spiking higher to end in the $1,238 range. Still no break higher and we need to look at the dollar for clues. Silver also moved higher before ending the day below $17, which it needs to stay above for a chance at that …
Read MoreApr
21
2016
Current Thoughts for 4/21/2016
By: Doug Eberhardt
Category: Current Thoughts on Gold and Silver
Tags: Dollar, Gold, lower, reversal, silver, top
Today was an interesting spike up and reversal. Like to see that kind of price action if we are indeed ready to reverse. In last nights Current Thoughts I wrote that I felt the overall market was topping too with the S&P 500 hitting 2100. The S&P 500 closed down 10.92 to 2091.48. Gold shot up to $1,272 in early …
Read MoreApr
20
2016
Current Thoughts for 4/20/2016
By: Doug Eberhardt
Category: Current Thoughts on Gold and Silver
Tags: 10 year treasury, Dollar, Gold, higher, lower, market, rates, silver
I know I may sound like a broken record sometimes, but the dollar late yesterday moved back over 94 on the index and continued higher today continuing a pullback in gold. For short term thinking a fall below 94 I would be long gold and above 95 not want to be long gold or silver at this point. No, the …
Read MoreApr
19
2016
Current Thoughts for 4/19/2016
By: Doug Eberhardt
Category: Current Thoughts on Gold and Silver
Tags: Abe, China, Dollar, Draghi, exchange, resistance, Shanghai
We had a nice run up in gold today and silver took center stage finally pushing past $17. I had written an exclusive article for Seeking Alpha on Sunday saying silver could hit the $17-$18 range and it did do just that today. The dollar, as I have been saying, is the culprit as it broke below 94 for the …
Read MoreApr
18
2016
In lieu of Current Thoughts for 4/18 I have written an article exclusive for Seeking Alpha. Enjoy The Gold Bull While You Can http://seekingalpha.com/article/3965745-enjoy-gold-bull-can Summary Dollar is still the driver for gold. Commodities are still in a downward trend and haven’t broken out. Global financial stability risks will bring some currencies down and boost the dollar. I know there will …
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