Precious metals market

Following the release of more disappointing US data, silver now looks poised to hit that key $30 level and potentially rise far beyond that level, if the recent gains by gold and copper are anything to go by.

How is the metal likely to react to today’s CPI data? Well, it may not be quite straight forward as I have explained in this article. CPI is expected to have moderated in April to 3.4% y/y from 3.5% previously.

Today’s 1% drop in gold prices appears to be driven by profit-taking, as it comes amid a quiet day for data and follows a decent 2.5% rally last week. However, our gold forecast remains bullish, with the precious metal potentially heading towards its third consecutive month of gains.

Gold and silver are doing exactly what you’d expect after breaking long-running resistance. And that's before you consider fundamentals such as geopolitics, central bank purchases, limited mine development, rising inflation expectations and troubling fiscal outlooks from some of the world’s largest economies.

After the rapid repricing of Fed rate cut expectations, US economic exceptionalism is now arguably already priced into the US dollar, leaving little room for downside disappointment in upcoming US economic data.

Gold’s technical outlook remains bullish above previous-resistance-turned-support near $2200 ahead of NFP on Friday

Key factors precious metals traders will be watching for the rest of this week are discussed in this article. US dollar and yields rise following on hawkish comments from the Fed’s Christopher Waller, but this has not prevented gold from rising back above $2200. Technical analysis point to new records for gold.

How many rate cuts the Federal Reserve signals for 2024 could have an outsized impact on how commodities such as crude oil and gold perform longer-term.

Welcome to another edition of Forex Friday, a weekly report in which we highlight selected currency themes. In this week’s report, we will discuss the US dollar, Japanese yen, gold and the pound ahead of a busy next week for central banks.

Gold traders have a decision to make with fundamental headwinds building from a stronger US dollar and higher bond yields with the price yet to meaningfully respond. What the Fed signals next week looms as crucial for directional risks.

GBP/USD has formed a bearish reversal pattern beneath a failed breakout level, and gold looks set to retrace lower ahead of US PPI data.

Gold, silver and copper all rally as US dollar drops despite hot inflation, with base metals finding additional boost from optimism about Chinese demand. Silver analysis suggests the grey metal could be in for more gains, while gold analysis point to a new record high.

Gold analysis: The precious metal weakened after a stronger than expected CPI report, but the weakness is likely to be short-lived. Indeed, the trend is still quite strong and many traders will be looking fade into short-term weakness.

Looking back at data from the 1960s, gold has only risen nine or more days on nine occasions. And such a sequence has failed to mark a market top this century.

Gold is overbought on a short-term basis, but the long-term returns hint at more room to run higher from here...

Dollar weakens as focus turns to Powell testimony and key employment data. Gold technical analysis suggests metal is about to hit a new record high.