Gold Outlook, Crude Oil & Nat Gas Numbers Tomorrow! +Futures Trading Levels for 01.18.24
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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Talking Gold Futures
By Mark O’Brien, Senior Broker
A six-month decline followed by a two-month rally of almost equal price movement. On April 4, Feb gold traded to its all time high of $2,140.30 per ounce. Almost six months to the day, on Oct. 6, the benchmark precious metal had declined ±$300 per ounce (a ±$30,000 move) to $1,842.50. Then, within almost an exact two-month span, on the Sunday Dec. 4th opening of trading, Feb. gold capped a ±$300 per ounce rally, trading briefly up to a new all-time high of $2,152.50. Today, gold prices fell to a more than one-month low, trading intra-day to $2,004.60 per ounce. Credit strong economic data that strengthened dollar and Treasury yields and lowered market expectations of a U.S. rate cut in March. The Commerce Department reported a more-than-expected rise in U.S. retail sales for December. This followed the strong gains in employment and wage gains reported earlier this month and an uptick in inflation last week.
The U.S. Consumer Price Index last week did not persuasively indicate under-control inflation,
but with energy and grain prices remaining significantly below last year’s highs, the prevailing
direction of inflation points down with economic conditions improving.
Heads up: Both Natural Gas and Crude Oil numbers come out tomorrow due to MLK holiday this past Monday and the short trading week.
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Futures Trading Levels
01-18-2024
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