Gold prices consolidate their weekly gains on Friday as the dollar rebounded. The Greenback fell to a 33-month low on Thursday and continued to lift the week’s commodity complex. US yields moved higher despite a decrease in riskier assets. US leading economic indicators came out slightly better than expected while the US current account deficit widened by more than expected.
Gold prices moved higher on Wednesday and closed at fresh 8-years highs, despite a better than expected US industrial production report.
Gold Market Analysis — Gold prices broke out above trend line resistance and closed the session at a fresh 7.5 year high. The next level of target resistance is the April intra-day highs at $1,747.
Natural Gas Price Prediction – Natural gas prices whipsawed, tumbling more than 9% after breaking out above trend line resistance on Tuesday.
Gold prices dropped sharply on Thursday for the fourth consecutive trading session despite a decline in the dollar. It appears that gold and the dollar have been moving in lockstep which is generally not the case since gold is priced in dollars.
Gold prices consolidated after surging during the week rising 2.5% and closing at a weekly 7-year high. The next level of target resistance is the April high at $1,747. After that level, gold could rally to $1,921. A break of this 2011 level would lift gold into blue sky territory.
⭐⭐⭐⭐ Gold prices moved lower as a round of profit-taking took prices of the yellow metal back to the open of the week. This forms a doji day with a long upward wick, which appears to be a rejection of higher levels. The US dollar was down for the day but up for the week.
Gold prices surged higher on Thursday following an announcement by the Federal Reserve that they would increase their programs to support small businesses.
Gold prices rebounded on Thursday despite a rising dollar as the US yields edge higher. Gold has been unable to gain haven status, but gold volatility remains elevated and will continue to generate volatile price action. Riskier assets whipsawed following a larger than expected rise in US jobless claims which more than doubled from the record levels posted in the previous week.
Natural gas prices moved slightly higher on Thursday following a less than expected build in natural gas stockpiles. There is one disturbance in the Gulf of Mexico. Tropical depression 16, is now swirling in the Gulf and is expected to turn eastward making landfall in Louisiana and then Florida.