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Gold Feb '20 (GCG20)

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Gold Futures Market News and Commentary

Precious Metals Close Higher on the Outlook for a BOE Rate Cut and Signs of Strong Industrial Metals Demand

Feb Comex gold (GCG20) on Friday closed up +9.8 (+0.63%), and Mar silver (SIH20) closed up +0.134 (+0.75%).

Precious metals moved higher Friday with Mar silver at a 1-week high. Gold prices found support on weak UK data that increases the chances for a rate cut by the BOE while silver rose on improved industrial metals demand prospects due to stronger-than-expected U.S. and China economic data.

The 10-year UK gilt yield dropped to 3-month low Friday of 0.609% after weak retail sales data boosted the outlook for a BOE interest rate cut, which is bullish for gold demand as a store of value. Friday's data showed UK Dec retail sales ex auto fuel unexpectedly fell -0.8% m/m, weaker than expectations of +0.8% m/m and matched Nov as the largest decline in a year.

Strength in Chinese and U.S. data on Friday is positive for industrial metals demand and bullish for silver prices after China Dec industrial production rose +6.9% y/y, stronger than expectations of +5.9% y/y... 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
$5,500/5,000
First Notice Date
01/31/20 (13 days)
Expiration Date
02/26/20 (39 days)

Seasonal Chart

Gold Feb '20
Average Price Chart for 5 Prior Feb Contracts

Commitment of Traders Positions as of Jan 14, 2020

View Chart Details
Commercials - Long / Short
221,358 (+18,906)
571,177 (+12,644)
Non-Commercials - Long / Short
376,809 (-6,671)
57,574 (-3,615)
Producers - Long / Short
40,178 (+16,563)
181,318 (+13,955)
Swap Dealers - Long / Short
125,556 (+1,469)
334,235 (-2,185)
Managed Money - Long / Short
262,402 (+1,319)
31,943 (+617)
Other Reportables - Long / Short
114,407 (-7,990)
25,631 (-4,232)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
1,474.3 +5.83%
on 12/18/19
1,613.3 -3.29%
on 01/08/20
+79.7 (+5.38%)
since 12/17/19
3-Month
1,453.1 +7.38%
on 11/12/19
1,613.3 -3.29%
on 01/08/20
+55.1 (+3.66%)
since 10/17/19
52-Week
1,292.3 +20.74%
on 05/02/19
1,613.3 -3.29%
on 01/08/20
+230.4 (+17.32%)
since 01/17/19

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Precious Metals Close Higher on the Outlook for a BOE Rate Cut and Signs of Strong Industrial Metals Demand

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Precious Metals Gain on the Outlook for a BOE Rate Cut and Signs of Strong Industrial Metals Demand

Feb Comex gold (GCG20) this morning is up +7.5 (+0.48%), and Mar silver (SIH20) is up +0.116 (+0.65%). Precious metals are moving higher this morning with Feb gold and Mar silver at 1-week highs. Gold...

Final intraday price markers now with the equities open

Price markers for the markets

Trading the Noise - Blue Line Morning Express

Actionable ideas for ES, NQ, Crude, Gold and more.

Possible intraday ranges for early open futures

We use these levels to gauge the possibility of a range for the intraday session

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 56% Buy with a Strongest short term outlook on maintaining the current direction.



Long term indicators mostly agree with the trend.

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Key Turning Points

2nd Resistance Point 1,569.1
1st Resistance Point 1,564.7
Last Price 1,560.3s
1st Support Level 1,552.6
2nd Support Level 1,544.9

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52-Week High 1,613.3
Last Price 1,560.3s
Fibonacci 61.8% 1,490.7
Fibonacci 50% 1,452.8
Fibonacci 38.2% 1,414.9
52-Week Low 1,292.3

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InsideFutures Commentary

InsideFutures is a twice weekly newsletter that features a selection of the latest and best commodities commentary appearing on Barchart.com. Delivered every Wednesday and Friday morning to your inbox.

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