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Gold continues to pull back a bit in the early hours on Monday, continuing a move that we had seen on Friday.
Gold traded around $2,660 an ounce on Monday, on track for its biggest quarterly gain since early 2016, driven by repeated record highs in recent sessions as confidence grows that the Federal Reserve will deliver more U.S. interest rate cuts.
The gold market continues to see a lot of volatility but on Friday we saw the profit taking take over the overall attitude.
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The gold market initially rallied during the trading session on Thursday but started to show signs of exhaustion again.
Gold prices climbed above $2670 per ounce on Wednesday, hitting another record high, as expectations of further monetary easing and rising geopolitical tensions boosted the appeal of the precious metal.
As I review the gold market for the trading session, it's been quite volatile. Given the recent significant rally, it makes sense to see some pullback.
Gold futures hit another record high as the precious metal continues its sharp and record-breaking gains, fueled by the Federal Reserve's interest rate cut.
The most obvious thing that I see here is that gold continues to power higher, and I do think that it is probably only a matter of time before we see this market really take off to the upside.
At the beginning of this week, the price of gold settled around $2634 per ounce, a new historical record high.
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I think we still have plenty of buying pressure out there that people will be looking to take advantage of.
Gold markets have rallied pretty significantly during the early hours on Thursday as we are trying to recover a lot of the lost ground late during the day on Wednesday.
Gold retreated to $2563 after almost hitting a new record high of $2600/oz as investors digested the latest US Federal Reserve decision.
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The first thing I see is that we had broken out to the upside, especially as the Federal Reserve had cut interest rates by 50 basis points in the afternoon.
Gold prices are hovering around $2580 per ounce, near record highs.
The gold market has pulled back just a bit during the course of the trading session on Tuesday