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Gold Aug '23 (GCQ23)

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Gold Futures Market News and Commentary

Dollar Slightly Lower as T-note Yields Fall

The dollar index (DXY00) on Thursday traded slightly lower most of the day. The dollar was undercut by Thursday’s -2.2 bp decline in the 10-year T-note yield, which undercut the dollar's interest rate differentials. 

The dollar was also undercut as the markets this week slightly boosted the odds for a rate cut at next week's FOMC meeting to 7% from 3% on Monday, while the markets are now expecting a 100% chance of a rate cut at the following meeting on September 17-18, up from 97% on Monday.

The main bullish factor for the dollar was Thursday’s US economic reports, which were mostly stronger than expected. 

US Q2 real GDP rose +2.8% (y/y annualized), stronger than expectations of +2.0% and up from Q1's growth rate of +1.4%.  In addition, Q3 personal consumption rose +2.3%, stronger than expectations of +2.0% and up from Q1's growth rate of +1.5%.  The GDP report helped to ease market fears about reduced consumer spending and a slowing economy.  The inflation news i... 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
07/31/23
Expiration Date
08/29/23 (expired)

Seasonal Chart

Gold Aug '23
Average Price Chart for 5 Prior Aug Contracts

Commitment of Traders Positions as of Jul 16, 2024

View Chart Details
Commercials - Long / Short
110,041 (+17,134)
419,345 (+45,809)
Non-Commercials - Long / Short
349,827 (+46,784)
64,803 (+16,535)
Producers - Long / Short
23,789 (+9,758)
84,107 (+17,685)
Swap Dealers - Long / Short
62,675 (+492)
311,661 (+21,240)
Managed Money - Long / Short
216,502 (+34,520)
31,970 (+7,455)
Other Reportables - Long / Short
133,325 (+12,264)
32,833 (+9,080)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
1,884.0 +2.79%
on 08/17/23
1,971.6 -1.78%
on 07/31/23
-23.9 (-1.22%)
since 07/28/23
3-Month
1,884.0 +2.79%
on 08/17/23
2,000.7 -3.21%
on 06/01/23
-26.6 (-1.35%)
since 05/26/23
52-Week
1,682.1 +15.12%
on 09/28/22
2,102.2 -7.88%
on 05/04/23
+137.5 (+7.64%)
since 08/26/22

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Most Recent Stories

More News
Dollar Slightly Lower as T-note Yields Fall

The dollar index (DXY00 ) on Thursday traded slightly lower most of the day. The dollar was undercut by Thursday’s -2.2 bp decline in the 10-year T-note yield, which undercut the dollar's interest rate...

DXY00 : 104.358 (-0.03%)
^EURUSD : 1.08487 (+0.08%)
^USDJPY : 153.823 (-0.04%)
GCQ24 : 2,362.4 (-2.21%)
SIU24 : 27.970 (-4.59%)
1 Copper Mining Giant to Buy on the Dip

Teck Resources emerges as a top copper play after selling its coal assets, giving investors exposure to projected upside in copper prices amid bullish market forecasts.

HGU24 : 4.1160 (+0.17%)
TECK : 45.69 (+1.15%)
GLNCY : 11.0900 (+0.64%)
Gold to NOT Rally After the Rate Cut

What? Shouldn’t gold decline after the rates are lowered? It can, but it can also decline, and the latter is actually more likely.

Dollar Slightly Lower as T-note Yields Fall

The dollar index (DXY00 ) today is slightly lower by -0.11%. The dollar is being undercut by today's -6.5 bp decline in the 10-year T-note yield, which undercut the dollar's interest rate differentials....

DXY00 : 104.358 (-0.03%)
^EURUSD : 1.08487 (+0.08%)
^USDJPY : 153.823 (-0.04%)
GCQ24 : 2,362.4 (-2.21%)
SIU24 : 27.970 (-4.59%)
Gold/Silver: Bloodbath Overnight! - What to Watch

Discover insider insights on your favorite Precious Metals, uncover overnight developments, and gain expert analysis on what to watch for every trading day.

3 Gold ETFs That Could Surge Higher on a September Rate Cut

As gold prices hover around new highs, fueled by expectations of a September rate cut, investors can capitalize on this golden opportunity through ETFs such as SPDR Gold Shares, ProShares Ultra Gold, and...

GCQ24 : 2,362.4 (-2.21%)
GCY00 : 2,363.02 (-1.46%)
$SPX : 5,426.96 (unch)
SIU24 : 27.970 (-4.59%)
SIY00 : 27.8444 (-3.69%)
GCQ24 : 2,362.4 (-2.21%)
GLD : 218.35 (-1.56%)
UGL : 78.76 (-3.23%)
CEF : 21.90 (-2.28%)
Dollar Slightly Lower on Weak US Economic Reports

The dollar index (DXY00 ) on Wednesday fell slightly by -0.06%. The main bearish factor was the weak US manufacturing PMI and new home sales reports. The dollar partially recovered from early losses...

DXY00 : 104.358 (-0.03%)
^EURUSD : 1.08487 (+0.08%)
^USDJPY : 153.823 (-0.04%)
GCQ24 : 2,362.4 (-2.21%)
SIU24 : 27.970 (-4.59%)
Dollar Rises Slightly as Political Factors Continue to Buffet the FX Markets

The dollar index (DXY00 ) on Tuesday rose slightly by +0.14% as US political factors continued to buffet the FX markets. Bearish factors for the dollar include Tuesday’s -1.0 bp decline in the 10-year...

DXY00 : 104.358 (-0.03%)
^EURUSD : 1.08487 (+0.08%)
^USDJPY : 153.823 (-0.04%)
GCQ24 : 2,362.4 (-2.21%)
SIU24 : 27.970 (-4.59%)
Copper (HG) Double Three Elliott Wave Correction in Progress

Short Term Elliott Wave View in Copper (HG) suggests that correction from 5.20.2024 high remains in progress. The internal subdivision of the correction is unfolding as a double three Elliott Wave structure....

Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Weak Signal Strength.

Key Turning Points

3rd Resistance Point 1,962.6
2nd Resistance Point 1,949.6
1st Resistance Point 1,943.0
Last Price 1,936.5s
1st Support Level 1,923.4
2nd Support Level 1,910.4
3rd Support Level 1,903.8

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52-Week High 2,102.2
Fibonacci 61.8% 1,941.7
Last Price 1,936.5s
Fibonacci 50% 1,892.2
Fibonacci 38.2% 1,842.6
52-Week Low 1,682.1

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