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Gold $2,411.22 $(1.3) -0.05% Silver $30.96 $0.19 0.62% Platinum $997.32 $(3.25) -0.32% Palladium $965.98 $(2.28) -0.24%

Zaner Daily Precious Metals Commentary

Zaner Daily Precious Metals Commentary

Gold has been a one-way bearish trade the entire overnight session as traders seem to be unwinding long positions on the back of weaker-than-expected Chinese data and an ongoing bounce in the dollar.

Some of the normal bullish gold catalysts have been completely discounted. Furthermore, Benjamin Netanyahu announced that Israel will now take 'indefinite' control over Gaza, and that has failed to give support to gold prices.

On the bullish side, China recorded a record gold holding this month with 71.2Mn ounces. What makes this data unique is the fact that Chinese FX reserves dropped sharply over the past three months, which normally signals weaker gold demand, as they dollar-cost-average their holdings...[MORE]

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