Exclusive to Kitco News, technical analyst Gary Wagner provides a daily recap of what happened in the gold market, highlighting important events that captured investors' attention during the U.S. trading session. Wagner's commentary features a mix of fundamental news and technical analysis, noting important support and resistance levels.
This is the second largest monthly decline this year with only February having a greater devaluation of gold futures. In February gold prices dropped by $108.60 a decline of 5.37%, September will come in as a close second giving up $99.80 or 5.08%. The largest gain for a single month this year occurred in March with gold gaining almost 7% gaining $131.90 as it opened at $1909.09 and traded on the last day of the month at the highest value this year $2044.50.
Current pricing is below all three major simple moving averages the 200-day, the excepted length to determine long-term sentiment, 100-day the excepted length to determine intermediate market sentiment, and the 50-day moving average the excepted length to determine short-term market sentiment. It is the opinion of this author that the Federal Reserve while not creating the high level of inflation reacted to it months after they should have begun to use their tools and bring inflation down.
Where was the Federal Reserve then and why did they not act in any way with any incremental raise that would have at least slowed the pace down?
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