Phil Carr
The Gold & Silver Club
Summary
Join professional traders Phil Carr and Nik Kalsi of The Gold and Silver Club LIVE as they analyse the commodity markets and identify highly profitable trade set-ups on Gold, Silver, Oil, Natural Gas & the Commodity Currencies. This week Gold price peaked to a 3-Month High of $1332 an ounce in the run up to the release of the FOMC Minutes. Gold price fell on profit taking triggered by comments in the minutes indicated an ongoing commitment by the Fed to continue trimming its quantitative easing program. Since Gold prices low of $1185 reached in December 2013, the precious metal has booked an impressive gain of 12% before this week downward move kicked in. The FOMC Minutes from the January Meeting showed the committee unanimously voted to reduce the amount of its monthly asset purchases by a further $10 billion to $65 billion a month. Gold was supported as FOMC officials said the emerging-market turmoil could pose a risk to the US economy but the knock-on effects of recent developments were likely to be modest. From a technical perspective, Gold’s seven-week uptrend is still in place on the daily chart, which remains bullish for Gold prices in the near-term. Watch Phil and Nik as they review the commodities markets, analyse charts in real-time and provide a trading plan for the week of 24th - 28th February 2014.Latest Live Videos
Editors’ Picks
EUR/USD holds above 1.0650 after US data
EUR/USD retreats from session highs but manages to hold above 1.0650 in the early American session. Upbeat macroeconomic data releases from the US helps the US Dollar find a foothold and limits the pair's upside.
GBP/USD retreats toward 1.2450 on modest USD rebound
GBP/USD edges lower in the second half of the day and trades at around 1.2450. Better-than-expected Jobless Claims and Philadelphia Fed Manufacturing Index data from the US provides a support to the USD and forces the pair to stay on the back foot.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.