{"id":130784,"date":"2024-09-04T09:18:09","date_gmt":"2024-09-04T09:18:09","guid":{"rendered":"https:\/\/kinesis.money\/?p=130784"},"modified":"2024-09-04T09:18:12","modified_gmt":"2024-09-04T09:18:12","slug":"gold-runs-out-of-steam","status":"publish","type":"post","link":"https:\/\/kinesis.money\/it\/market-analysis\/gold-news\/gold-runs-out-of-steam\/","title":{"rendered":"Gold Price News: Gold Runs Out of Steam"},"content":{"rendered":"\n

While gold has largely been in consolidation mode since 19 August, price action this week is starting to suggest a retracement with the metal now trading at c. $2486\/toz. This has come against a fundamental backdrop that has little changed over recent days with a slight easing of US rates and some firming of the US dollar, creating very little net impact for non-yielding dollar-denominated assets such as gold and silver.<\/p>\n\n\n

\n
\"gold
Kinesis gold (KAU) price – $\/g – on Kinesis Exchange<\/figcaption><\/figure>\n<\/div>\n\n\n

Consequently, it seems more likely that gold\u2019s current weakness is a function of both recent performance \u2013 up 2.3% in August amid broader market turmoil – and an absence of further clear catalysts prompting profit-taking. Certainly, multiple geopolitical flashpoints remain, but timing remains a known unknown. So, are we seeing \u2018stale bulls\u2019 remove support?<\/p>\n\n\n\n

The question is pertinent. We noted on Monday that the most recent CFTC Commitments of Traders (CoT) report saw speculative gold futures net longs at a 52-month high. It certainly remains to be seen how resilient this elevated level of speculative interest remains during this period of neutral fundamental support and recent depressed price momentum<\/p>\n\n\n\n

Technically, gold is currently testing both the 20-day Simple Moving Average and the 23.61% Fibonacci retracement of the 25 July- 20 August uptrend at $2490\/toz. Given that the standard MACD line pushed below the signal line on Monday and has descended further since, there is a reasonable probability of a further downside break. Should this occur, then the next likely levels of support are at the 38.3% Fibonacci retracement level of $2464\/toz and descending oblique major support at $2445\/toz.<\/p>\n\n\n\n

To the upside, we see ascending major oblique resistance at $2510\/toz and major horizontal resistance at $2513\/toz. The initial breakout target of $2543\/toz remains.<\/p>\n\n\n\n

Significant events for gold investors going forward include the Bank of Canada rate decision (with high probability of a 0.25% cut) on 4 September and August US ISM Servies PMI on 5 September.<\/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":"

While gold has largely been in consolidation mode since 19 August, price action this week is starting to suggest a retracement with the metal now trading at c. $2486\/toz. This has come against a fundamental backdrop that has little changed over recent days with a slight easing of US rates and some firming of the […]<\/p>\n","protected":false},"author":51,"featured_media":130786,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215],"tags":[],"class_list":["post-130784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news"],"acf":[],"yoast_head":"\nGold Price News: Gold Runs Out of Steam | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Wednesday 4th of September 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=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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