Forecasts & Analysis | Gold, Page 1

Based on Friday’s price action and the close at $1560.30, the direction of the February Comex gold futures contract on Monday is likely to be determined by trader reaction to the minor top at $1564.20.

Gold rallies despite surge in the greenback

After rallying more than $165 since November, gold is taking a well-deserved breather. A brief pause, then gold should continue to fresh highs and $1700 by March. 

Gold markets rallied slightly during the trading session on Friday to in the week, showing signs of resiliency yet again. It looks as if we are very comfortable with the bullish uptrend.

The gold fell a bit during the week, but then turned around to show signs of life again. We are above the $1550 level, but also have a shooting star above.

The price action suggests that gold traders are betting once again on a steep break in the stock market. They believe stocks are overpriced and setting up for a huge decline.

Gold futures gained 0.6% on Wednesday, January 15 as it continued to rebound off Tuesday’s local low of $1,536.40. The price has got closer to the recent highs. Overall, it has been trading within a week-long $1,540-1,560 consolidation following January 8 run-up above $1,600 mark that ended with a sharp

The gold markets pulled back slightly during the trading session on Thursday, as we continue to chop back and forth. One thing that should be noticed though is that we have formed a couple of hammers on the way down.

With significant downside risks to the global economy turned aside, and worries over a possible recession diminishing, there is a sprouting belief supported by evidentiary proof in the data that global growth could gain momentum over the coming months.

Certain precious metals, Gold, Silver, and Platinum, have shown moderate upside price trending over the past 20+ months while Rhodium and Palladium have skyrocketed higher. These more precious metals, Rhodium and Palladium, have many industrial and consumer uses. Rhodium is used in electronics and plating and Palladium is