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: Yes, the US economy is resilient – No, that won’t save the US Dollar Premium
Some impressive US data should have resulted in a much stronger USD. Well, it didn’t happen. The EUR/USD pair closed a third consecutive week little changed, a handful of pips above the 1.1800 mark.
Gold: Metals remain vulnerable to broad market mood Premium
Gold (XAU/USD) started the week on a bullish note and climbed above $5,000 before declining sharply and erasing its weekly gains on Thursday, only to recover heading into the weekend.
GBP/USD: Pound Sterling remains below 1.3700 ahead of UK inflation test Premium
The Pound Sterling (GBP) failed to resist at higher levels against the US Dollar (USD), but buyers held their ground amid a US data-busy blockbuster week.
Bitcoin: BTC bears aren’t done yet
Bitcoin (BTC) price slips below $67,000 at the time of writing on Friday, remaining under pressure and extending losses of nearly 5% so far this week.
US Dollar: Big in Japan Premium
The US Dollar (USD) resumed its yearly downtrend this week, slipping back to two-week troughs just to bounce back a tad in the second half of the week.
Week ahead: Data blitz, Fed Minutes and RBNZ decision in the spotlight
US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.