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

Hot Keywords

  • Nickel
  • Nickel ore
  • Inventory data
  • Copper
  • Stainless steel
  • Rare earths
  • Aluminium
  • Macroeconomics
  • Zinc
  • Iron ore
  • Production data
  • Market commentary
  • Tin
  • Morning comments
  • Futures movement

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

Industry News 07:22:54PM Jun 13, 2016 Source:SMM

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

Key Words:  precious metals  gold prices 

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

Industry News 07:22:54PM Jun 13, 2016 Source:SMM

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

Key Words:  precious metals  gold prices