Price Group Flynn Looks For Follow-Through Momentum In Comex Gold

Published: Jun 13, 2016 19:22

Save

Uncertainty over the U.K. vote on leaving the European Union, combined with anticipation of a Federal Open Market Committee meeting next week.

Friday June 10, 2016 09:04

Uncertainty over the U.K. vote on leaving the European Union, combined with anticipation of a Federal Open Market Committee meeting next week, should provide further support for Comex gold futures, says Phil Flynn, senior market analyst with at Price Futures Group. “Gold this week has performed really, really well,” he says. “We can see some follow-through momentum. People are getting more nervous as we get closer to the Brexit vote and they will be getting more nervous as the FOMC comes up.” The Federal Open Market Committee meets next week and financial markets have ruled out any meaningful chance of a rate hike, particularly after the soft U.S. jobs report issued last Friday. As of 9:54 a.m. EDT, Comex August gold was up $5.20 to $1,277.90 an ounce. The contract peaked at $1,278.50, its most muscular level since May 18.

Source:Kitco

precious metals gold prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

20 hours ago

Gold: Iran War Only a Pause in the Upward Trend

The current development of the gold price continues to cause frustration for many investors. Despite the ongoing uncertainty in the Middle East and the war involving the USA and Israel against Iran, gold has so far failed to gain lasting new momentum from these events.

20 hours ago

After the Decline: Is Gold Now Presenting an Attractive Entry Opportunity?

The gold price has undergone a sharp correction since its January high, unsettling many investors. The price decline of more than $1,000 per ounce appears at first glance to represent a break in the previous uptrend. However, according to analysts at WisdomTree, this movement reflects less a fundamental change in the macroeconomic situation than a combination of position adjustments, liquidity needs, and short-term market pressure.

20 hours ago

Gold in a state of emergency: dollar up, oil up – and Russia turns off the tap

In principle, the basic rule of the stock market is: when the US dollar rises, commodities and gold immediately come under pressure. But today everything is different. For the first time in weeks, we are seeing a rare trio at the top: gold, crude oil and the US Dollar Index are rising at the same time.

20 hours ago