{"id":129271,"date":"2024-08-14T09:15:04","date_gmt":"2024-08-14T09:15:04","guid":{"rendered":"https:\/\/kinesis.money\/?p=129271"},"modified":"2024-08-14T09:48:33","modified_gmt":"2024-08-14T09:48:33","slug":"gold-glitters-once-again","status":"publish","type":"post","link":"https:\/\/kinesis.money\/de\/market-analysis\/gold-news\/gold-glitters-once-again\/","title":{"rendered":"Gold Price News: Gold Glitters Once Again\u00a0"},"content":{"rendered":"\n

Performance & Positioning<\/h2>\n\n\n\n

Gold has continued to build on last week\u2019s recovery, gaining a further c. 1.5% this week at the time of writing. Now trading back around $2467\/toz<\/a>, gold is now back within striking distance of the all-time high of c. $2483\/toz on 17 July. Preliminary data for physical gold ETF\/ETC flows suggests that we have seen small net inflows thus far this week, which is notable given elevated gold prices and a recovery in major asset classes such as equities and fixed income.<\/p>\n\n\n\n

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KAU\/USD 1-hourly Kinesis Exchange <\/figcaption><\/figure>\n\n\n\n

Fundamental Drivers<\/h2>\n\n\n\n

Thus far this week, US rate markets have given back some of the yield increase seen the previous week, with 2-Year and 10-year US Treasuries c.15 bps lower and c.10 bps lower respectively. According to CME FedWatch, markets have also slightly increased their expectations of rate reductions at the next FOMC meeting on 18 September, with futures currently pricing in a c. 55% probability of a 0.50% cut and a c. 45% probability of a 0.25% cut in the key US Fed Funds rate.<\/p>\n\n\n\n

Looking further ahead, futures markets suggest a total of three quarter-point rate cuts by the Fed\u2019s meeting on 7 November and 4-5 quarter-point cuts by the Fed\u2019s last meeting of the year on 18 December. In combination with a somewhat weaker dollar as measured by the Dollar Index (DXY) and elevated geopolitical risk in Russia\/Ukraine and the Middle East, fundamental support for gold has strengthened.<\/p>\n\n\n\n

Incoming economic data has been supportive of rate reductions, with Tuesday\u2019s softer US PPI reading for July being particularly impactful. Looking ahead, we have crucial US CPI data for July on 14 August and US Retail Sales for July on 15 August.<\/p>\n\n\n\n

Technical Analysis<\/h2>\n\n\n\n

Gold\u2019s negotiation of major horizonal resistance at $2426\/toz has now been confirmed and this level now constitutes major horizontal support. Recent price action suggests that gold also pierced major horizontal and descending minor oblique resistance at $2468\/toz and $2471\/toz respectively on 12 August. However, the subsequent lack of follow-through on 13 August and close near intraday lows suggests that such technical resistance – while weaker – remains. Momentum indicators, such as RSI and MACD have become more constructive, albeit still on depressed volumes. On balance, this suggests a reasonable probability that residual resistance currently at $2468\/toz (horizontal) and $2470\/toz (oblique) can be negotiated.<\/p>\n\n\n\n

Should this occur, then the way seems clear for gold to challenge and possibly move beyond the all-time high of c. $2483\/toz registered on 17 July. Major oblique resistance is currently indicated at just above $2498\/toz.<\/p>\n\n\n\n

To the downside, the gold chart indicates several support levels in addition to the proximate support\/ resistance at $2468\/toz. These include horizontal support at $2426\/toz, the flat 20-day Simple Moving Average and weak ascending oblique support currently at \u00a32418\/toz and $2413\/toz respectively, and the rising 50-day Simple Moving Average and weak descending oblique support at $2378\/toz and $2368\/toz respectively. Additional major horizontal support is offered at $2362\/toz.<\/p>\n\n\n\t\t\t

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Mike<\/a> is a market strategist and media commentator with 30 years of experience analysing precious metals markets.\u00a0\u00a0\u00a0He developed his expertise working as an investment banker in emerging markets such as South Africa, Russia and Chile. His focus on precious metals was extended through subsequent work within private wealth management and his own research consultancy.\u00a0\u00a0\u00a0During this time, he covered the gold, silver, platinum and palladium markets.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/em><\/p>\n

Read our Editorial Guidelines\u00a0here.<\/a><\/em><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Gold has continued to build on last week\u2019s recovery, gaining a further c. 1.5% this week at the time of writing. <\/p>\n","protected":false},"author":51,"featured_media":129287,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[310,215],"tags":[],"class_list":["post-129271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","category-gold-news"],"acf":[],"yoast_head":"\nGold Glitters Once Again\u00a0| Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Wednesday 14th of August 2024, from leading precious metals analyst Mike Ingram.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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