{"id":124981,"date":"2024-06-17T09:12:05","date_gmt":"2024-06-17T09:12:05","guid":{"rendered":"https:\/\/kinesis.money\/?p=124981"},"modified":"2024-06-17T09:12:05","modified_gmt":"2024-06-17T09:12:05","slug":"gold-recovers-investors-defy-dot-plot","status":"publish","type":"post","link":"https:\/\/kinesis.money\/nl\/market-analysis\/gold-news\/gold-recovers-investors-defy-dot-plot\/","title":{"rendered":"Gold Price News: Gold Recovers as Investors Defy the \u2018Dot Plot\u2019"},"content":{"rendered":"\n

Gold unexpectedly surged on Friday, gaining almost $30 an ounce to close above $2330 an ounce<\/a> and a weekly gain of $37 per ounce (+1.6%). While this move has taken gold back above resistance at $2312, it remains challenged by a flattening 50-day simple moving average at $2345. Today\u2019s early trading has seen gold decline towards $2317.<\/p>\n\n\n\n

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

Friday\u2019s move is particularly worthy of comment as it appears anomalous when framed against incoming data.<\/p>\n\n\n\n

It is certainly the case that both the US May Import Prices and US June Michigan Consumer Sentiment prints on Friday came in below expectations and are somewhat gold-supportive. However, both are, at best, secondary drivers for gold investors. Indeed, the Michigan survey also highlighted consumers\u2019 continued expectation of long-term inflation above the Fed\u2019s target and the Cleveland Fed\u2019s updated nowcast for core PCE inflation remains stuck at 2.6%.<\/p>\n\n\n\n

Despite this absence of key data, Friday saw a very big shift in Fed Fund Futures, which was ultimately the primary gold price driver. These are now pricing in just a one in three chance that rates will remain on hold at the FOMC 18 September meeting and a 70% chance (from just 30% on Thursday) that rates will be cut twice by December. This is a massive investor rejection of the Fed\u2019s \u2018one and done dot plot\u2019. It remains to be seen how this disparity will be resolved.<\/p>\n\n\n\n

The market calendar for the early part of this week includes the May US Retail Sales and US Industrial Production data on Tuesday, which are likely to be of interest to gold investors.<\/p>\n\n\n\t\t\t

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Mike 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 unexpectedly surged on Friday, gaining almost $30 an ounce to close above $2330 an ounce and a weekly gain of $37 per ounce (+1.6%).<\/p>\n","protected":false},"author":51,"featured_media":125009,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-124981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\nGold Price News: Gold Recovers as Investors Defy the \u2018Dot Plot\u2019 | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Monday 17th of June 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=\"nl_NL\" \/>\n<meta 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