Gold Price Analysis – Gold futures are edging lower on Monday after an early session attempt to take out Friday’s high was met with selling pressure. Treasury yields are dipping lower early in the session, but the U.S. Dollar is trading higher against a basket of currencies, suggesting we could be seeing early signs of a risk off trading session.
Natural Gas Prices Today: After forming an elongated support base, natural gas futures surged on Tuesday amid forecasts calling for colder temperatures over the next seven-to-10 days.
Gold Fundamental Forecast – Gold futures traders are expected to take their cues this week from Treasury market investors and U.S. Federal Reserve policymakers, however, there are some who will argue that the two are not on the same page at this time and quite frankly a little disjointed.
Gold Price Technical Analysis: Gold futures are trading at their high of the session late Wednesday as Treasury yields eased after subdued consumer inflation data and an adequate 10-year Treasury bond auction. The drop in yields also drove the U.S. Dollar lower, making dollar-denominated gold more attractive to foreign buyers.
Gold price futures are trading lower today after giving up earlier gains. The price action looked promising for the bulls shortly after the pre-market opening, but the buying wasn’t strong enough to sustain a rally over our key level at $1711.70.
Fundamental price of Gold Weekly Forecast: Despite closing lower last week for the third consecutive time and taking out the June 5, 2020 bottom at $1704.60, the last weekly main bottom before the March 2020 main bottom at 1424.20 that started last year’s rally, there was a subtle sign that gold may have reached a short-term bottom.
Oil Price Fundamental Weekly Forecast: After a weak start last week on expected production hikes by OPEC+, U.S. West Texas Intermediate and international-benchmark Brent crude oil jumped higher following the decision by OPEC+, not to increase oil output, except to Russia and Kazakhstan.
Gold price futures finished slightly lower on Friday after clawing back earlier losses. Despite reports in the press and from some lazy analysts, the market did not make its low of the session following the release of the stronger-than-expected U.S. Non-Farm Payrolls report.
On Wednesday Natural gas price are edging higher building on yesterday’s higher performance while completing a 50% retracement of the recent sell-off. The market is being supported by rising liquefied natural gas (LNG) exports.
Natural Gas Price Forecast – Massive Draw Expected : Natural gas futures are trading slightly better on Friday, clawing back some of the losses from the previous session as traders assess the impact of the current unprecedented disruptions on the supply/demand balance.