Gold has traded between $1,180 and $1,191 so far today…as of 11:15 am Pacific, Gold is now up $2 an ounce at $1,190…Silver has climbed 39 cents to $17.13…Copper is 3 cents higher at $2.67…Nickel has added 9 cents to $4.33…Crude Oil is off 92 cents a barrel to $52.86 while the U.S. Dollar Index is up marginally at 100.59…
Gold will record its first weekly loss of 2017 which has brought out some bears again…interestingly, though, the Venture has shrugged off the drop in bullion and should close the week above 800 for the first time since the end of September…the Venture seems to be saying that the retreat in Gold in recent days is nothing more than a healthy pullback after a $90 move to the upside from the December low…
Not only was U.S. Q4 GDP a much less than expected 1.9%, for the weakest annual growth rate since 2011, but orders for durable goods in December also fell short of expectations, dropping by $1 billion or 0.4% (durables were expected to be up by somewhere between 2.2% and 3%)…the government’s durables report covers items with an expected life of at least 3 years, such as kitchen appliances, computers, furniture, autos and airplanes…last month’s decline was the 2nd straight after a 4.8% fall in November…
Comments by HSBC this morning: “We hold to the view that the impact of many of the new (Trump) administration’s policies are Gold friendly.”
Gold 9-Month Daily Chart
A technical boost for Gold should come shortly on an anticipated reversal to the upside in its 50-day moving average (SMA), currently $1,179 where bullion bounced off from this morning…a strong band of support on this 9-month daily chart stretches from $1,171 (Fib.) to $1,195 (Fib.)…
RSI(14) has retreated to 50% where it could find new support…buy pressure (CMF) in January has been the strongest in many months, even slightly above last July-August…
In Today’s Morning Musings…
1. The Venture’s likely direction for February…
2. Alphinat’s huge week…
3. Clean Commodities‘ volume is sending a message…
4. Daniel’s Den – “Friday’s Footnotes” with updates on 6 stocks…
Plus more…click here to read the rest of today’s Morning Musings and all BMR exclusive content, through a risk-free Pro, Gold or Basic package, or login with your username and password…
whoever it was that called for ggi to come down was right on. geez.
Comment by dave — January 27, 2017 @ 1:02 pm
Jon
Will there be a Sunday sizzler this week?
Comment by GREGH — January 27, 2017 @ 8:00 pm
Of course, Gregh, yes.
Comment by Jon - BMR — January 27, 2017 @ 10:19 pm
Thanks Jon
Just Checking as you mentioned you would comment more on the round up and Makela and Goldie next week and I was sort of hoping we might hear more in the sizzler, getting Impatient I guess
Comment by Greg — January 28, 2017 @ 8:04 am
Check back later this evening for another posting, maybe two…
Comment by Jon - BMR — January 29, 2017 @ 7:43 pm