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Gold Jun '24 (GCM24)

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Gold Futures Market News and Commentary

Dollar Falls on Dovish Jump in US Jobless Claims

The dollar index (DXY00) this morning is down by -0.18%.  The dollar gave up an early advance today and turned lower after US weekly jobless claims rose more than expected to an 8-1/2 month high, a dovish factor for Fed policy.  The British pound (^GBPUSD) today fell to a 2-week low after BOE Governor Baily signaled the BOE may cut interest rates sharper than the markets expect.

US weekly initial unemployment claims rose +22,000 to an 8-1/2 month high of 231,000, showing a weaker labor market than expectations of 212,000.

The markets are discounting the chances for a -25 bp rate cut at 10% for the June 11-12 FOMC meeting and 36% for the following meeting on July 30-31.

EUR/USD (^EURUSD) today is up by +0.19%.  The euro rebounded from overnight losses and is mildly higher. Today’s jump in US weekly jobless claims to an 8-1/2 month high weighed on the dollar and sparked short covering in the euro.  Also, hawkish comments from ECB Vice President Guindos boosted the eu... 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
05/31/24 (22 days)
Expiration Date
06/26/24 (48 days)

Seasonal Chart

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

Commitment of Traders Positions as of Apr 30, 2024

View Chart Details
Commercials - Long / Short
126,925 (-2,158)
354,423 (-1,532)
Non-Commercials - Long / Short
278,850 (-685)
74,640 (-2,004)
Producers - Long / Short
37,917 (unch)
68,644 (-1,866)
Swap Dealers - Long / Short
73,085 (-2,788)
269,856 (-296)
Managed Money - Long / Short
171,853 (-4,547)
36,826 (+2,565)
Other Reportables - Long / Short
106,997 (+3,862)
37,814 (-4,569)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
2,285.2 +2.42%
on 05/03/24
2,448.8 -4.42%
on 04/12/24
-21.9 (-0.93%)
since 04/09/24
3-Month
2,016.3 +16.08%
on 02/14/24
2,448.8 -4.42%
on 04/12/24
+281.9 (+13.69%)
since 02/09/24
52-Week
1,879.5 +24.53%
on 10/06/23
2,448.8 -4.42%
on 04/12/24
+191.2 (+8.90%)
since 05/09/23

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Most Recent Stories

More News
Dollar Gains on Hawkish Fed Comments and Higher Bond Yields

The dollar index (DXY00 ) on Wednesday rose by +0.13%. Higher T-note yields Wednesday supported modest gains in the dollar. Also, hawkish comments from Boston Fed President Collins were bullish for the...

DXY00 : 105.298 (-0.23%)
^EURUSD : 1.07749 (+0.24%)
^USDJPY : 155.566 (+0.02%)
GCM24 : 2,342.0 (+0.85%)
SIN24 : 28.365 (+2.77%)
2008 and 2022 All Over Again? Gold, Stocks, USDX

Can the HUGE price moves from those years really be repeated?

Dollar Rises with Bond Yields

The dollar index (DXY00 ) this morning is up by +0.10% on support from higher T-note yields. Today’s stock weakness is also boosting some liquidity demand for the dollar. The dollar fell back from...

DXY00 : 105.298 (-0.23%)
^EURUSD : 1.07749 (+0.24%)
^USDJPY : 155.566 (+0.02%)
GCM24 : 2,342.0 (+0.85%)
SIN24 : 28.365 (+2.77%)
Morning Express

Bill Baruch does a quick daily video after the market closes each day and posts it to his Twitter and Instagram: @bill_baruch.

Recycled Platinum Supply Outlook

With palladium oversold and platinum’s attractive fundamentals, both metals have upside

Dollar Climbs on Hawkish Fed Comments and a Weak Yen

The dollar index (DXY00 ) Tuesday rose by +0.31%. Hawkish comments Tuesday from Minneapolis Fed President Kashkari supported the dollar when he said it's likely the Fed will keep interest rates where...

DXY00 : 105.298 (-0.23%)
^EURUSD : 1.07749 (+0.24%)
^USDJPY : 155.566 (+0.02%)
GCM24 : 2,342.0 (+0.85%)
SIN24 : 28.365 (+2.77%)
Is Copper Heading for a New Record High?

Copper prices were up over 2% in 2023. In Q1, COMEX copper futures gained 2.99% while the LME forwards moved 3.60% higher. Copper has been off to the races on the upside in early Q2, and it may not be...

HGK24 : 4.6000 (+0.83%)
P0Y00 : 9,904.00s (-1.25%)
HGN24 : 4.5780 (+0.78%)
CPER : 28.44 (+0.35%)
Dollar Climbs on Hawkish Fed Comments

The dollar index (DXY00 ) this morning is up by +0.06%. Hawkish comments from Minneapolis Fed President Kashkari supported the dollar when he said he questions if Fed policy is restrictive enough given...

DXY00 : 105.298 (-0.23%)
^EURUSD : 1.07749 (+0.24%)
^USDJPY : 155.566 (+0.02%)
GCM24 : 2,342.0 (+0.85%)
SIN24 : 28.365 (+2.77%)
Metals May Resume Their Uptrend

Metals may resume their uptrend after recent corrective decline from technical point of view and by Elliott wave theory.

XME Elliott Wave : Buying The Dips at the Blue Box Area

Hello fellow traders.  In this technical blog we’re going to take a quick look at the Elliott Wave charts of (XME) ETF, published in members area of the website. As our members know XME is showing...

XME : 61.94 (+1.84%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 2,349.0
2nd Resistance Point 2,339.3
1st Resistance Point 2,330.8
Last Price 2,337.3
1st Support Level 2,312.6
2nd Support Level 2,302.9
3rd Support Level 2,294.4

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52-Week High 2,448.8
Last Price 2,337.3
Fibonacci 61.8% 2,231.3
Fibonacci 50% 2,164.1
Fibonacci 38.2% 2,097.0
52-Week Low 1,879.5

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