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
AUD/USD: Recovery now targets 0.7100
AUD/USD reverses two steep daily declines in a row, gathering fresh steam and retargeting the key 0.7100 barrier at the end of the NA session on Wednesday. Fresh selling pressure around the Greenback allows the Aussie to regain traction, coming back from Tuesday’s four-week lows near 0.6950.
EUR/USD struggles to regain momentum in the low1.1600s
EUR/USD is giving some signs of life in the aftermath of two severe days of losses on Wednesday, reclaiming the 1.1600 hurdle and above on the back of the resurgence of a mild selling bias around the US Dollar. Moving forward, the usual US weekly Claims will take centre stage on Thursday ahead of Friday’s crucial NFP data.
Gold recovers modestly despite intensifying Middle East crisis
Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.
XRP rises alongside peers as ETFs attract inflows
Ripple (XRP) is gaining upside momentum, trading above $1.40 at the time of writing on Wednesday. The remittance token is rising in tandem with major crypto assets, including Bitcoin (BTC), which has crossed above the pivotal $70,000 level, and Ethereum (ETH), which is holding above $2,000.
First Venezuela, now Iran: The US-China energy war escalates Premium
At first glance, the latest escalation involving the United States with both Iran and Venezuela looks like another chapter in a long-running geopolitical story. But viewed through a broader strategic lens, something else may be unfolding: Energy.
Here is what you need to know on Thursday, March 5:
The US Dollar (USD) eased on Wednesday after a two-day rally drove the US Dollar Index (DXY) near the 100.00 mark. The Greenback ignored the positive employment data and ISM Services PMI as the ongoing war between the US and Iran weights on sentiment.