Economic Calendar

A miserable rest of the day for the precious metal bulls.  They showed no interest in defending the overnight lows in gold, and so more aggressive metal algo selling smashed prices into last Wednesday’s lows at the S&P cash open.  A brief pullback for US yields into the London close helped gold bounce, and platinum’s […]

A challenging overnight session for the precious metals as expected following yesterday’s very poor performance during NY trade.  A -0.60% flush lower at the illiquid Globex open set the tone, stopping out Chinese buyers from the night before and so it was understandable that they didn’t return.  A two-hour decline for US yields, following a […]

A very disappointing performance from the precious metal bulls to round out this Monday.  They had every opportunity to break gold prices above the overnight high with some USD sales following the weaker-than-expected ISM Manufacturing headline, but they didn’t show up for 20mins after the release.  Aggressive algo selling then hammered all the metals lower […]

A challenging start to the week for the precious metals at the Globex open last night following a weekend Bloomberg report that said China had scrapped a tax break for gold retailers sourcing the metal from non-exchange sources, that will “likely increase the cost of buying gold for Chinese consumers”.  A local gold expert on […]

A disappointing last 16hrs for the precious metal bulls.  We initially got the upside breakout above Wednesday’s high that I was expecting after yesterday’s technically strong NY closing print, but Chinese buyers were still nowhere to be found and we headed lower after the PBOC’s daily CNY fix for the 8th Asian session in a […]

A somewhat frustrating 10am-2pm ET window for the gold bulls as prices couldn’t advance further amidst a 2hr negative US yield move and strong rally extensions for palladium, platinum, and silver.  The -0.65% S&P selloff, from 2-4pmET, finally helped the safe-haven precious metal catch-up to the upside; and what’s been especially impressive is how gold […]

A nerve-racking Asian session for the precious metal bulls last night as expected, following yesterday’s technically poor NY close for gold (well below the 55hr moving average).  Trump and Xi’s meeting then ended around midnight ET without any formal statements from either leader, and as luck would have it the S&P futures puked -0.5% and […]

An awful rest of the day for the precious metals, due to three aggressive algo sell programs during the 9amET hour, bulls chickening out into the London close, and the bears attacking this afternoon when Powell pushed back on the 85% odds for a December rate cut by saying “it is far from assured”.  This […]