Make Kitco Your Homepage

LaSalle's Nedoss: Gold Prices Could Dip Further To 20-Day Average

Kitco News

Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!

Gold futures could ease some more toward the 20-day moving average, said Charlie Nedoss, senior market strategist with LaSalle Futures Group. If that level holds, however, he looks for the market to bounce again. The 20-day stood around $1,383.60 as of when he spoke. At 9:57 a.m. EDT, Comex August gold was $30 lower to $1,390.90 an ounce. “The employment report was stronger than the market was looking for,” Nedoss said. June nonfarm payrolls rose by 224,000. “The dollar is strong.” Further, he added, gold now appears to have formed a double-top on the charts just above $1,340 an ounce.

By Allen Sykora of Kitco News; asykora@kitco.com

 

RBC’s Gero: Gold Weaker After Surge In Nonfarm Payrolls

Friday July 05, 2019 10:15

Gold futures got whacked Friday after the Labor Department reported a stronger-than-forecast 224,000 rise in nonfarm payrolls during June, said George Gero, managing director with RBC Wealth Management. At 9:57 a.m. EDT, Comex August gold was down $30 at $1,390.90 an ounce. “[The] employment numbers dashed hopes of rate cuts, lowering gold again,” Gero said. 

By Allen Sykora of Kitco News; asykora@kitco.com

 

Commerzbank: Gold Traders To Eye ‘Already-Optimistic’ CFTC Data  

Friday July 05, 2019 10:15

Market participants will be eying the next round of positioning data from the Commodity Futures Trading Commission to gauge whether gold prices remain vulnerable to a potential bout of selling in the form of profit-taking after the run-up in prices over the last few weeks, said Commerzbank. As of the most recent data, which were through June 25, money managers were net-long, or net bullish, by 177,741 futures contracts, which was an 11-fold increase from 15,937 as of May 28. The next data, which would be through July 2, “will show whether speculative financial investors have expanded their net long positions in gold again,” Commerzbank said. “Their already- optimistic positioning beforehand entails a risk of profit-taking and thus price setbacks if investor sentiment turns. As soon as some of these short-term-oriented investors are shaken out of the market, the path for further price rises should be clear.”

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.