Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
U.S. inflation reports provided significant support to precious metals markets.
Gold's lightning rally to successive record highs shows every sign of continuing in the second half of 2024 as the fundamental case for bullion remains firmly in place, though $3,000 per ounce looks just out of reach, traders and industry experts said.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Gold's support at 2,287 may hold, but resistance at 2,344 and a significant support zone around 2,195-2,215 suggest continued downtrend risk.
Silver and platinum gained strong downside momentum as U.S. dollar tested multi-week highs.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
The gold markets continue to see a lot of support overall, as we head into the FOMC meeting, and maybe more importantly, the press conference late on Wednesday.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Considering the strong U.S. dollar, upcoming CPI report, and Fed's expected stance on interest rates, the short-term outlook for gold is bearish.
Gold (XAU) is trading at $2,300. Investors are closely watching the $2,310 pivot point for potential shifts in market direction.
Singapore is set to become a leading gold hub as trading shifts east, said the World Gold Council's Head of Asia-Pacific and Global Head of Central Banks, Shaokai Fan. The country's proximity to these central banks which are actively snapping up gold, is a key reason for that, Fan said.