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Gold Jun '24 (GCM24)

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Gold Futures Market News and Commentary

Dollar Jumps to a 2-Year High on a Hawkish Fed

The dollar index (DXY00) Wednesday rose by +1.04% and posted a 2-year high. The dollar rallied Wednesday after the FOMC signaled only 50 bp of interest rate cuts next year, down from a September projection of 100 bp of rate cuts.  The dollar also moved higher after the FOMC raised its US 2024 GDP and core PCE price estimates and lowered its US unemployment rate forecast.  Hawkish comments from Fed Chair Powell pushed the dollar to its high Wednesday when he said we need a restrictive monetary policy to reach our inflation goal.  Wednesday’s US housing news was mixed for the dollar, but a record Q3 current account deficit was bearish for the dollar.

US Nov housing starts unexpectedly fell -1.8% m/m to 1.289 million, weaker than expectations of an increase to 1.345 million.  However, Nov building permits, a proxy for future construction, rose +6.1% m/m to a 9-month high of 1.505 million, stronger than expectations of 1.430 million.

The US Q3 current account deficit was a r... 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
$12,650/11,500
First Notice Date
05/31/24
Expiration Date
06/26/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Dec 10, 2024

View Chart Details
Commercials - Long / Short
66,025 (+2,774)
362,896 (+13,370)
Non-Commercials - Long / Short
324,332 (+16,721)
48,746 (+871)
Producers - Long / Short
11,204 (+237)
77,649 (+4,341)
Swap Dealers - Long / Short
33,312 (+348)
263,738 (+6,840)
Managed Money - Long / Short
218,482 (+14,902)
22,404 (-441)
Other Reportables - Long / Short
105,850 (+1,819)
26,342 (+1,312)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
2,285.4 +0.60%
on 06/07/24
2,385.1 -3.60%
on 06/07/24
-35.3 (-1.51%)
since 05/24/24
3-Month
2,193.7 +4.81%
on 03/27/24
2,454.2 -6.32%
on 05/20/24
+100.0 (+4.55%)
since 03/26/24
52-Week
1,879.5 +22.33%
on 10/06/23
2,454.2 -6.32%
on 05/20/24
+269.1 (+13.26%)
since 06/26/23

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Most Recent Stories

More News
Bargain Hunters Step into the Precious Metals Overnight

Bargain hunters take action overnight! Phil Streible breaks down the key levels in today’s Metals Minute. Don’t miss it!

How Gold Became One of the World's Favorite Assets

For the past 50 years, Gold futures have served as the global benchmark for gold pricing.

Dollar Jumps to a 2-Year High on a Hawkish Fed

The dollar index (DXY00 ) Wednesday rose by +1.04% and posted a 2-year high. The dollar rallied Wednesday after the FOMC signaled only 50 bp of interest rate cuts next year, down from a September projection...

DXY00 : 108.381 (+0.33%)
GCG25 : 2,606.1 (-1.78%)
SIH25 : 29.310 (-4.65%)
^USDJPY : 157.661 (+1.85%)
^EURUSD : 1.03665 (+0.13%)
Dollar Slightly Higher Before Fed Rate Decision

The dollar index (DXY00 ) today is trading slightly higher on speculation the Fed will signal a pause in its rate-cutting cycle after cutting rates by -25 bp today. Higher T-note yields today are also...

DXY00 : 108.381 (+0.33%)
GCG25 : 2,606.1 (-1.78%)
SIH25 : 29.310 (-4.65%)
^USDJPY : 157.661 (+1.85%)
^EURUSD : 1.03665 (+0.13%)
Dollar Edges Higher Ahead of Wednesday’s FOMC Decision

The dollar index (DXY00 ) on Tuesday rose by +0.08%. The dollar posted modest gains on Tuesday after US Nov retail sales rose more than expected. Also, the weakness in stocks Tuesday boosted liquidity...

DXY00 : 108.381 (+0.33%)
GCG25 : 2,606.1 (-1.78%)
SIH25 : 29.310 (-4.65%)
^USDJPY : 157.661 (+1.85%)
^EURUSD : 1.03665 (+0.13%)
Why is Gold Stalling?

After reaching a new high in late October, gold futures prices fell by just over $260 per ounce. Since then, gold has been sitting around the midpoint of the trading range as the market digests the most...

NUGT : 35.42 (-1.42%)
BAR : 25.59 (+0.04%)
JNUG : 36.79 (-1.10%)
GCG25 : 2,606.1 (-1.78%)
GDX : 34.31 (-0.64%)
IAU : 48.92 (-0.02%)
GLD : 239.23 (-0.01%)
GDXJ : 44.05 (-0.45%)
Unusual Options Alert: German Government Crisis Offers Potential Upside for First Majestic (AG)

With chaos rippling throughout Europe, the potential push for safe havens might lead to a bullish opportunity for AG stock.

AG : 5.45 (-0.91%)
Dollar Boosted by Higher T-Note Yields

The dollar index (DXY00 ) today is up by +0.03%. The dollar today is posting modest gains after US Nov retail sales rose more than expected. Also, today’s jump in the 10-year T-note yield to a 3-1/2...

DXY00 : 108.381 (+0.33%)
GCG25 : 2,606.1 (-1.78%)
SIH25 : 29.310 (-4.65%)
^USDJPY : 157.661 (+1.85%)
^EURUSD : 1.03665 (+0.13%)
Liquidation Ahead of the Fed Meeting & Key Levels

Liquidation hits ahead of the Fed meeting! Phil Streible dives into key levels and what’s next for precious metals in today’s Metals Minute—tune in!

Silver Can Break to 29 or Lower

In Elliott Wave analysis, I talked about USD and why I think it can move higher, while some of other assets can see limited gains, especially if FED delivers a "hawkish" cut.

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 2,326.1
2nd Resistance Point 2,320.3
1st Resistance Point 2,309.7
Last Price 2,299.2s
1st Support Level 2,293.3
2nd Support Level 2,287.5
3rd Support Level 2,276.9

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52-Week High 2,454.2
Last Price 2,299.2s
Fibonacci 61.8% 2,234.7
Fibonacci 50% 2,166.9
Fibonacci 38.2% 2,099.0
52-Week Low 1,879.5

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