Gold Prices Bounce On Fed Speak, Weaker USDX, US Stocks

Commodities – gold prices bounce Back on Softer Dollar Ahead of Fed Commodities – Gold Gains In Asia Ahead Of fed policy views Commodities – Crude Oil Gains In Asia As API Estimates Support

 · 100-day SMA becomes important not only for the Gold but also for the US Dollar Index; though, here it’s working as a strong support and can trigger the gauge’s swing to.

 · (Kitco News) – A commodity bull market is forming and gold has a big part to play, according to one Bank of America Merrill Lynch (BAML) strategist. This year, gold prices will rise past the $1,350-$1,375 resistance level, BAML technical strategist Paul Ciana told CNBC on Saturday.

Gold prices finished higher Monday, recouping the losses suffered in the previous session on the back of a more steady U.S. dollar and a pull back in Treasury yields ahead of a busy week for appearances by Federal Reserve officials. April gold US:GCJ8 rose $2.50, or 0.2%, to settle at $1,332.80 an ounce.

Typically: *Oil dropping helps the economy with lower prices driving the stock market. *Gold. the Fed Chairperson has said publicly she tracks, does not call for a rate hike until possibly December.

In last week’s Gold Report, we looked at the historical relationship between the gold price in dollars and the value of the dollar as measured by the Intercontinental Exchange US dollar trade weighted.

U.S. dollar extends losses following Powell’s statement at Jackson Hole. The ICE U.S. Dollar Index , a popular measure of the greenback against six rivals, slipped 0.6% to 95.099. It was down approximately 0.4% prior to Powell’s speech. The index is now on track for a 1% loss this week, its worst weekly performance since February. Aug. 24, 2018 at 10:14 a.m. ET.

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Gold stocks just suffered a brutal capitulation selloff. These extreme anomalies are rare and inherently unpredictable. The resulting gold-stock prices are radically-oversold and wildly.

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Gold’s price is in a strong uptrend over a year old, high in both its current upleg and young bull market. Gold isn’t far from breaking out to its best levels since September 2013, a really big deal. The stock markets even finally sold off after years of unnatural calm. Yet traders are still down on gold.