RSS (c) The Financial Times Ltd 2010

RSS (c) The Financial Times Ltd 2010

  • Stocks struggle to consolidate on euro fears May 17, 2012
    Sentiment boosted by Japan’s stronger than expected GDP data as concerns of a Greek exit from the euro left many benchmarks at multi-month troughs […]
  • FTSE 100 banks stay under pressure May 17, 2012
    Sentiment suffers as traders react to European Central Bank plan to exclude four unnamed Greek banks from liquidity provision operations […]
  • ECB bars access to four Greek banks May 16, 2012
    Lenders will have to rely on ‘emergency liquidity assistance’ – a temporary facility provided by the Greek central bank but subject to ECB approval […]

RSS (c) The Financial Times Ltd 2010

  • Rhodium fails to regain lustre May 17, 2012
    Metal’s prospects cast gloom over mining executives gathered for their annual bash this week […]
  • Turkey close to Azeri gas deal May 16, 2012
    EU officials had hoped a bigger pipeline, named Nabucco, would provide substantial alternative supplies to Russian gas […]
  • Shell warns on US natural gas bounce May 16, 2012
    Chief executive Voser predicts strong recovery from the 10-year lows the fuel has hit as a result of the boom in shale gas production […]

Archive for Gold prices – Page 2

Retracement In Gold Prices Today

By anna · Comments (0)
Tuesday, December 30th, 2008

Flight to quality buying seems to be behind gold prices closing higher yesterday, building on the previous day’s gains and reaching $890, a level last seen on 10th Oct this year. As Israel decided to hit Hamas targets in the Gaza Strip investors remembered that yellow metal is often bought as a hedge against political uncertainty. This morning the price of gold looks set for a slight retrace, as the US dollar comes off recent lows with extra pressure coming from some year-end profit taking. The short and long term trends are bullish while medium term trend is bearish.

Support:    $866.80 (yesterday low)                                     Resistance: $922.00 (high of 08/10//08)

Support:    $847.85 (low of 18/12/08)                                   Resistance: $907.75 (high of 30/09/08)

Support:    $842.10 (low of 26/12/08)                                   Resistance: $890.80 (yesterday high)

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Gold Prices – December 29th 2008

By anna · Comments (0)
Monday, December 29th, 2008

On Friday gold gained in excess of $23.00 with the price of gold closing above the 9 day moving average. The move was influenced by a slightly weaker US dollar and a modest increase in the stock market although in line with expectations trading volume was probably one of the lightest. A late session increase in daily crude oil prices also helped the yellow metal which investors expect to trade in a thin market for the rest of the year and take its direction from the US currency. The short and long term trends are bullish while medium term trend is bearish.

Support:    $847.85 (low of 18/12/08)                                   Resistance: $922.00 (high of 08/10//08)

Support:    $842.10 (low of 26/12/08)                                   Resistance: $907.75 (high of 30/09/08)

Support:    $834.20 (low of 24/11/08)                                   Resistance: $900.00 (psychological level)

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Gold Prices Fall On US Home Sales

By anna · Comments (0)
Wednesday, December 24th, 2008

Gold fell sharply yesterday closing below the 9 day moving average. Home sales reports from US were worse than expected and triggered commodities liquidation which in turn pressured the yellow metal. The downward move was perhaps exacerbated by thin trading conditions ahead of Christmas when it doesn’t take much to move the market in either direction. A continuously weaker oil market seems to undermine gold as well although its next direction in the short term will probably be determined by US currency moves.

The short and long term trends are bullish while medium term trend is bearish.

Support:    $828.70 (yesterday low)                                     Resistance: $878.47 (high of 18/12//08)

Support:    $819.90 (low of 15/12/08)                                   Resistance: $853.80 (high of 19/12/08)

Support:    $809.00 (high of 28/11/08)                                  Resistance: $847.76 (yesterday high)

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Daily Gold Prices – 23rd December 2008

By anna · Comments (0)
Tuesday, December 23rd, 2008

We saw an ‘Inside Day’ in the gold market yesterday, with the high and low contained within Friday’s range. As daily gold prices usually trade inversely to the US dollar, a lower greenback in the early trading session was behind the upward move in gold although the activity could be described as quiet in the run-up to Christmas. Today’s economic news includes third-quarter gross domestic product in US, plus home sales data, and their impact on the US dollar could dictate gold’s next direction.

The short and long term trends are bullish while medium term trend is bearish.

Support:    $836.05 (yesterday low)                                     Resistance: $878.47 (high of 18/12//08)

Support:    $829.15 (low of 19/12/08)                                   Resistance: $853.80 (high of 19/12/08)

Support:    $819.90 (low of 15/12/08)                                   Resistance: $851.80 (yesterday high)

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Daily Gold Prices – December 22nd 2008

By anna · Comments (0)
Monday, December 22nd, 2008

On Friday gold prices closed down again with the 9 day moving average proving a good resistance level. As I mentioned before, a strengthening US dollar was the main reason for the move in gold prices, with additional pressure coming from profit taking ahead of the weekend and the Christmas holiday. Gold again followed the US dollar closely in the early morning session as a modest strengthening of the Euro against US dollar also pushed the precious metal slightly higher, and it is widely expected this correlation will remain intact for the time being. The short and long term trends are bullish while medium term trend is bearish.

Support:    $829.15 (Friday’s low)                                      Resistance: $900.00 (psychological level)

Support:    $819.90 (low of 15/12/08)                                   Resistance: $878.47 (high of 18/12//08)

Support:    $807.05 (low of 12/12/08)                                   Resistance: $853.80 (Friday’s high)

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Daily Gold Prices – December 19th 2008

By anna · Comments (0)
Friday, December 19th, 2008

The main driver behind yesterday’s decline in gold prices was a US dollar coming off its recent lows with additional pressure from profit taking ahead of the Christmas holiday. Following massive government spending all over the world, this has sparked fears of long term inflation which in turn revived the physical demand in gold. This should act as a good support but if the dollar does resume the uptrend, at some point that could hurt gold’s rally. The short and long term trends are bullish while medium term trend is bearish.

Support:    $830.60 (9 day moving average)                              Resistance: $900.00 (psychological level)

Support:    $819.90 (low of 15/12/08)                                   Resistance: $891.32 (high of 07/10/08)

Support:    $808.95 (14 day moving average)                             Resistance: $878.47 (yesterday high)

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Gold Prices Continue Higher

By anna · Comments (1)
Thursday, December 18th, 2008

Gold prices closed higher again benefiting from a nose diving US dollar as financial analysts continued to debate the FED rate cut and the implications for longer term and the effect this will have on current monetary policy. As I mentioned before the upward move in the gold is supported not only by continuing weakness in the greenback, but also new buying as a hedge against inflation. With near zero interest rates, massive government spending, talk of quantitative easing on a daily basis and an incoming administration likely to stay on the same path, some traders are starting to suggest that this is just the beginning for a long bull run in gold prices.

The short and long term trends are bullish while medium term trend is bearish.

Support:    $845.90 (yesterday low)                                     Resistance: $900.00 (psychological level)

Support:    $829.40 (low of 16/12/08)                                   Resistance: $891.32 (high of 07/10/08)

Support:    $823.66 (9 day moving average)                              Resistance: $882.50 (yesterday high)

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Gold Prices Move Higher In Bullish Market

By anna · Comments (0)
Wednesday, December 17th, 2008

Yesterday’s early session saw a sideways move as traders waited for the Federal Reserve’s interest rate decision although a weaker US dollar acted as good support for gold. The announcement to slash rates to 0% – 0.25% range came as a surprise, above expectations of 50bps cut and put precious metal on a firm rally suggesting that market participants are beginning to look beyond the current environment dominated by deflation, and rather start to price in the long term implications of this policy easing.The short and long term trends are bullish while medium term trend is bearish.

Support:    $829.40 (yesterday low)                                     Resistance: $876.60 (high of 02/10/08)

Support:    $819.90 (low of 15/12/08)                                   Resistance: $869.70 (high of 17/09/08)

Support:    $810.26 (9 day moving average)                              Resistance: $859.42 (yesterday high)

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Gold Prices Move Higher

By anna · Comments (0)
Tuesday, December 16th, 2008

Yesterday’s gold market closed on a higher note building on last weeks gains, and it came as no surprise that the 9 day moving average crossed above the 14 day moving average, thus giving us another bullish signal for gold prices moving forward. The main driver was a sharp drop in the US dollar as a result of reports showing industrial production in continuing decline, and the US assets losing their appeal in the eyes of foreign investors. Consequently gold prices reached two-month highs, and it seems that safe-haven buying could potentially kick in before a reignited inflation becomes a widespread evident. The short and long term trends are bullish while medium term trend is bearish.

Support:    $819.90 (yesterday low)                                     Resistance: $856.50 (high of 15/10/08)

Support:    $807.05 (low of 12/12/08)                                   Resistance: $848.50 (high of 16/10/08)

Support:    $801.60 (low of 11/12/08)                                   Resistance: $842.82 (yesterday high)

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Gold Prices Continue To Strengthen

By anna · Comments (0)
Tuesday, December 16th, 2008

After an initial decline following the auto bailout failure, gold prices managed to regain the lost ground as it turned out that stock markets declines at the opening were much smaller than anticipated. The intraday reversal was also helped by a decline in the US dollar which seems to act as good support for gold. This morning the precious metal appears to be continuing its upward trend, building on last week gains and the outlook is positive given that President elect Obama is determined to increase US debt in order to fund economic rescue plans. The short term trend is sideways, medium term trend is bearish while long term trend is bullish.

Support:    $807.05 (Friday’s low)                                     Resistance: $834.80 (high of 11/12/08)

Support:    $801.60 (low of 11/12/08)                                   Resistance: $832.35 (high of 25/11/08)

Support:    $794.08 (14 day moving average)                             Resistance: $829.62 (high of 24/11/08)

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