{"id":2685,"date":"2024-06-15T05:25:22","date_gmt":"2024-06-15T05:25:22","guid":{"rendered":"https:\/\/prendergast.net\/?p=2685"},"modified":"2024-06-15T05:25:22","modified_gmt":"2024-06-15T05:25:22","slug":"gold-price-news-gold-holds-steady-but-fragile","status":"publish","type":"post","link":"https:\/\/prendergast.net\/?p=2685","title":{"rendered":"Gold Price News: Gold Holds Steady But Fragile"},"content":{"rendered":"
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Gold Price News: Gold Holds Steady, But Fragile<\/strong><\/span><\/h1>\n

Gold heads into Friday a little stronger but also little changed from the week’s open.<\/p>\n

It appears to have consolidated around the critical $2,312\/oz level following the previous week’s decline. However, we note that some technicals have deteriorated, with the 50-day simple moving average now becoming a constraint and a head and shoulders pattern now apparent.<\/p>\n

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Nevertheless, from a fundamental perspective, gold has remained relatively resilient, facing mixed US inflation data and, crucially, the Federal Reserve cutting its ‘dot plot’ projection of interest rates from an implied three-quarter-point cut to just one such cut this year. In mitigation, the Cleveland Fed inflation nowcast has moderated a little over the last week, but with the core PCE (the Federal Reserve’s preferred inflation measure) still at 2.6%, this currently gives US rate-setters little scope for comfort.<\/p>\n

Against this backdrop, one might expect that positive (downside) surprises for gold are now priced out of US rates markets. However, both 2-year and 10-year US Treasury yields have moved some 20bp lower this week, leaving a rebounding dollar as the only rate hawkish signal. CME FedWatch suggests futures are still pricing a significant (c. 30%) probability of more than one quarter-point cut in US rates by the end of 2024, little changed from a week ago.<\/p>\n

The market calendar for today is quite light, with only May US import prices and June Michigan Consumer Sentiment prints likely to be of some interest to gold investors.<\/p>\n

Mike Ingram<\/p>\n

Time to Buy Gold and Silver<\/a><\/span><\/u><\/span><\/span><\/span><\/p>\n

<\/p>\n

Tim Moseley<\/p>\n","protected":false},"excerpt":{"rendered":"

Gold Price News: Gold Holds Steady, But Fragile Gold heads into Friday a little stronger but also little changed from the week’s open. It appears to have consolidated around the critical $2,312\/oz level following the previous week’s decline. However, we note that some technicals have deteriorated, with the 50-day simple moving average now becoming a … Continue reading Gold Price News: Gold Holds Steady But Fragile<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[291],"_links":{"self":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2685"}],"collection":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2685"}],"version-history":[{"count":0,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2685\/revisions"}],"wp:attachment":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}