Gold Breaks Out of Its Summer Range | Presented by CME Group
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Summary
Gold broke above its $4,000-$4,200 summer range in early August, trading above $4,400 and appearing poised for further gains. The move is attributed to accelerated Chinese gold buying, US Treasury concern over elevated bond yields, and yen-related currency intervention fears about Japan selling Treasuries. The video also highlights CME Group's new essentially 24/7 gold futures, which close the weekend trading gap for hedging off-hours risk.
- Gold traded in a $4,000-$4,200 consolidation range for most of June and July.
- The range represented a more than 25% drop from January's all-time high.
- Gold broke out on August 5 and traded to highs above $4,400.
- Catalysts include China accelerating gold purchases and US Treasury concern over elevated bond yields.
- Currency-market intervention for the yen raised fear of Japan selling Treasury holdings.
- CME Group launched essentially 24/7 gold futures, closing the weekend trading gap.
- New trading hours let participants hedge risk and respond to off-hours headlines.
Ideas
Gold breakout poised for further gains.
Gold broke out of its $4,000-$4,200 summer range on August 5 and traded up to highs above $4,400, appearing poised for more gains. The cited catalysts include China accelerating gold purchases, recent US Treasury concern over elevated bond yields, and currency-market intervention for the yen reflecting fear that Japan was close to selling Treasury holdings.
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