GoldFix PM: market recap
Housekeeping: Tomorrow Morning at 7:45 AM ET, The Ultimate Gold-Market Primer goes out.
Contents
Morning Rundown:
Macro-Economics/Commodities:
Geopolitics/Elections:
Founders:
GOLDFIX Intraday Chat
Market Recap as warranted
Morning Rundown:
Macro-Economics/Commodities:
Geopolitics/Elections:
Founders:
GOLDFIX Intraday Chat:
Community comments and insights…
Market Recap:
Today’s session delivered a reversal for bullion and miners, sparked by dovish commentary from Zervos and weak housing data. Markets traded as if a rate cut were in play. Gold and silver reacted most strongly, equities moved higher with less conviction, and the dollar weakened in line with expectations.
Gold held its 100-day moving average and bounced decisively, while silver did the same at its 50-day. Such technical rebounds often fail on a second test, but the current setup suggests stability for several days. The move reflects more than speculative flows, with evidence pointing to institutional and possibly pension-related buying.
Three factors supported the shift. First, reports from Goldman Sachs and UBS (we’ll share that tomorrow) encouraged renewed interest in gold after months of silence from major banks. Second, the moving averages held, drawing in momentum-driven traders. Third, anxiety ahead of Jackson Hole has spurred participants to secure exposure before policy commentary. Together, these forces are likely to produce further strength leading into the event.
Miners, which had sold off sharply the previous day, regained ground. Their earlier weakness reflected overbought conditions and the presence of short-term holders. For months, miners moved higher without bullion’s help; now bullion itself is providing the lift, a more balanced foundation for further gains maybe.
Gold still remains range-bound between 3250 and 3450, but the resilience at key support levels provides a stronger base. In English. We should have tested lower this time but did not. The next test will come with Powell’s remarks, which may determine whether this momentum consolidates or fades.
We bought small gold (call spreads only) late in the day for 3 day trade with a stop at the 100 day. And added to silver after the morning rundown. Adding to silver as long as the ratio holds under 90.. (which can be tricky stuff intraday)
Good Night