{"id":130989,"date":"2024-09-09T09:20:31","date_gmt":"2024-09-09T09:20:31","guid":{"rendered":"https:\/\/kinesis.money\/?p=130989"},"modified":"2024-09-09T09:20:31","modified_gmt":"2024-09-09T09:20:31","slug":"gold-on-hold","status":"publish","type":"post","link":"https:\/\/kinesis.money\/tr\/market-analysis\/gold-news\/gold-on-hold\/","title":{"rendered":"Gold Price News: Gold on Hold"},"content":{"rendered":"\n

Gold traded down at the end of last week faced with a somewhat firmer dollar and a US August Non-Farm Payroll print that combined both weaker than expected hiring and firmer wages. Rates markets have concluded that this might not only give the Fed pause for thought but that this would also be a policy error. While expectations of total Fed easing until the end of the year have fallen from c. 125bp to c. 115bp, they have also increased from c 240bps to c. 280bps by June 2025. This is ultimately bullish for gold but weakens short-term fundamental support. Gold starts this week trading at $2491\/toz<\/a>.<\/p>\n\n\n\n

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

The CFTC Commitments of Traders (CoT) report published late on Friday saw gold speculators only slightly trim their net long gold futures positions over the week from the 52-month high seen at the end of August. However, data from physical gold ETFs\/ETCs suggests that the first week of September saw net outflows, with European funds leading withdrawals. Friday also saw the People\u2019s Bank of China (PBoC) reporting unchanged reserves at the end of August, implying a fourth straight month of zero net purchases. Overall, the gold flow and positioning picture seems rather less bullish \u2013 perhaps inevitable given elevated prices.<\/p>\n\n\n\n

Technically, gold\u2019s inability last week to successfully challenge descending minor oblique and major horizontal resistance confirms the overall picture of consolidation seen since 19 August and foreshadowed by unfavorable MACD and RSI indicators. Today these resistance levels appear at $2520\/toz (descending minor oblique) and $2525\/toz (major horizontal).<\/p>\n\n\n\n

To the downside, the rising 20-day Simple Moving Average appears to have provided support, and this currently lies at $2498\/toz. However, this seems very vulnerable given its proximity and poor underlying momentum. More dependable support is seen at $2490\/toz being the confluence of major ascending oblique support and the 23.61% Fibonacci Retracement of the 25 July \u2013 20 August uptrend.<\/p>\n\n\n\n

It’s a relatively slow start to the events calendar this week, although August China inflation today and European Commission Summer Economic Forecasts on 10 September should be of interest to gold investors.<\/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 traded down at the end of last week faced with a somewhat firmer dollar and a US August Non-Farm Payroll print that combined both weaker than expected hiring and firmer wages.<\/p>\n","protected":false},"author":51,"featured_media":131050,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-130989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\nGold Price News: Gold on Hold<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Monday 9th 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=\"tr_TR\" \/>\n<meta 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