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Gold Jul '24 (GCN24)

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Gold Futures Market News and Commentary

Dollar Gains as Fed Members Signal Patience on Rate Cuts

The dollar index (DXY00) Tuesday rose by +0.09%.  The dollar Tuesday finished slightly higher on comments from Fed Governor Waller and Atlanta Fed President Bostic, who said they favor waiting for inflation to decline before cutting interest rates.  Gains in the dollar were contained on Tuesday due to lower T-note yields. 

Fed Governor Waller said he needs to see "several more" months of good inflation figures to begin interest rate cuts. 

Atlanta Fed President Bostic reiterated his view that inflation will continue to decline slowly and that the Fed can likely begin cutting interest rates in the fourth quarter.

The markets are discounting the chances for a -25 bp rate cut at 5% for the June 11-12 FOMC meeting and 25% for the following meeting on July 30-31.

EUR/USD (^EURUSD) Tuesday fell by -0.03%.  The euro Tuesday posted modest losses on dollar strength. Offsetting Eurozone economic news Tuesday limited movement in the euro after Eurozone Q1 labor costs ac... Read more

Contract Specifications

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Contract
Gold 100-oz
Contract Size
100 fine troy ounces
Tick Size
0.10 (10 cents) per troy ounce ($10.00 per contract)
Trading Hours
5:00p.m. - 4:00p.m. (Sun-Fri) (RTH 7:20a.m. - 12:30p.m.) (Settles 12:30p.m.) CST
Exchange
COMEX
Point Value
$100
Margin/Maintenance
$11,000/10,000
First Notice Date
06/28/24 (37 days)
Expiration Date
07/29/24 (68 days)

Seasonal Chart

Gold Jul '24
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of May 14, 2024

View Chart Details
Commercials - Long / Short
133,583 (+8,684)
365,693 (+13,528)
Non-Commercials - Long / Short
277,642 (+5,498)
73,146 (+569)
Producers - Long / Short
35,446 (-42)
65,005 (-2,653)
Swap Dealers - Long / Short
75,210 (+2,079)
277,761 (+9,534)
Managed Money - Long / Short
171,868 (+7,088)
41,433 (+2,752)
Other Reportables - Long / Short
105,774 (-1,590)
31,713 (-2,183)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

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Most Recent Stories

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Breakouts and Breakdowns - Heating Oil and Gold appear headed in opposite directions

In reviewing the charts of the markets I often trade, it's evident that Heating Oil has decisively broken through the bottom of its wedge pattern, whereas Gold has established a classic "cup and handle"...

Dollar Gains as Fed Members Signal Patience on Rate Cuts

The dollar index (DXY00 ) Tuesday rose by +0.09%. The dollar Tuesday finished slightly higher on comments from Fed Governor Waller and Atlanta Fed President Bostic, who said they favor waiting for inflation...

DXY00 : 104.760 (+0.09%)
^EURUSD : 1.08390 (-0.14%)
^USDJPY : 156.481 (+0.20%)
GCM24 : 2,414.7 (-0.46%)
SIN24 : 32.025 (-0.17%)
Investing in Gold? Forget GLD, Buy PHYS Instead

Many groups are piling into gold, including central banks and sovereign governments. Gold has also become very popular among individual Chinese investors and family offices that cater to the global rich....

GOOG : 178.13 (-0.79%)
AMZN : 184.72 (+0.86%)
PHYS : 18.71 (-0.58%)
GCM24 : 2,414.7 (-0.46%)
$DXY : 104.81 (+0.16%)
GLD : 222.88 (-0.60%)
HSBC : 44.53 (-0.11%)
FCX (Freeport-McMoRan) Favors Upside Bullish Sequence

Freeport-McMoRan Inc., (FCX) engages in the mining of minerals in North America, South America & Indonesia. It primarily explores for Copper, Gold, Molybdenum, Silver & other metals. It is based in Phoenix,...

FCX : 51.99 (-4.29%)
Gold to Silver Ratio Has Resumed Lower

Gold-to-Silver ratio had an overshoot to the upside during the Covid-19. It ended the all-time high on March 2020 at 126.4. The peak time is similar to the major low in World Indices. The ratio then quickly...

Stocks Waver as Fed Preaches Patience on Rate Cuts

The S&P 500 Index ($SPX ) (SPY ) today is up +0.11%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.16%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.09%. US stock indexes today are mixed....

$SPX : 5,321.41 (+0.25%)
SPY : 530.81 (-0.10%)
$DOWI : 39,872.99 (+0.17%)
DIA : 398.30 (-0.12%)
$IUXX : 18,713.80 (+0.21%)
QQQ : 456.14 (+0.07%)
^BTCUSD : 69,636.44 (-0.08%)
^ETHUSD : 3,692.012 (-0.82%)
ZNM24 : 108-315 (-0.23%)
DG : 139.93 (-1.87%)
DLTR : 113.04 (-1.45%)
WMT : 65.24 (+0.14%)
Dollar Slightly Higher on Fed Comments

The dollar index (DXY00 ) today is up by +0.08%. Weakness in stocks today has boosted some liquidity demand for the dollar. The dollar also has support on comments from Fed Governor Waller and Atlanta...

DXY00 : 104.760 (+0.09%)
^EURUSD : 1.08390 (-0.14%)
^USDJPY : 156.481 (+0.20%)
GCM24 : 2,414.7 (-0.46%)
SIN24 : 32.025 (-0.17%)
Stocks Mixed with Fed Speakers in Focus

The S&P 500 Index ($SPX ) (SPY ) today is down -0.05%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.07%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.26%. US stock indexes today are...

$SPX : 5,321.41 (+0.25%)
SPY : 530.81 (-0.10%)
$DOWI : 39,872.99 (+0.17%)
DIA : 398.30 (-0.12%)
$IUXX : 18,713.80 (+0.21%)
QQQ : 456.14 (+0.07%)
^BTCUSD : 69,636.44 (-0.08%)
^ETHUSD : 3,692.012 (-0.82%)
ZNM24 : 108-315 (-0.23%)
KEYS : 149.29 (+2.00%)
PANW : 307.74 (-1.26%)
FTNT : 60.90 (-0.67%)
Managing Stocks and Metals at Record Highs

The E-mini S&P, E-mini NQ, Gold, and Silver are all trading at record levels, we give you the road map of levels to manage this environment.

Gold/Silver: It's about to get volatile up in "thar" hills!

Phil Streible dives into today’s early market action with the Blue Line Futures Metals Minute!

Key Turning Points

3rd Resistance Point 2,479.0
2nd Resistance Point 2,463.9
1st Resistance Point 2,450.4
Last Price 2,423.4
1st Support Level 2,421.8
2nd Support Level 2,406.7
3rd Support Level 2,393.2

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52-Week High 2,464.5
Last Price 2,423.4
Fibonacci 61.8% 2,400.9
Fibonacci 50% 2,381.3
Fibonacci 38.2% 2,361.7
52-Week Low 2,298.1

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