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  • Positive employment data lift US stocks February 3, 2012
    US stocks hit six-month high on news that unemployment fell to a three-year low in January with banks among the main beneficiaries […]
  • Stocks surge on strong US jobs data February 3, 2012
    Equities and commodities benefit from robust US employment data with the FTSE All-World index at its best levels since start of August […]
  • Volatile banks push Europe higher February 3, 2012
    Rapid gains for Société Générale and Crédit Agricole helped the FTSE Eurofirst rise for the fourth consecutive session on Friday […]

RSS (c) The Financial Times Ltd 2010

  • Stocks surge on strong US jobs data February 3, 2012
    Equities and commodities benefit from robust US employment data with the FTSE All-World index at its best levels since start of August […]
  • Dollar rises as jobs boost dents QE3 speculation February 3, 2012
    The dollar strengthens after US data show a larger than expected rise in employment with investors taking this as a positive signal on the economy […]
  • Riot halts Egypt bourse rally February 3, 2012
    Stock exchange index drops 2.2 per cent following deadly riots, following 28 per cent rise on January. […]

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Archive for daily gold price

Spot Gold Prices – January 13th 2009

By anna · Comments (0)
Tuesday, January 13th, 2009

The price of gold closed sharply lower yesterday breaking below the 40 day moving average as the US dollar strength and a continuing weakness in daily crude oil prices proved difficult to be ignored by the market participants. Recently, gold has attracted buying interest following the clash between inflation and recession but now the yellow metal looks pressured by fund liquidation. Traditionally seen as a hedge against a falling US currency, gold is likely to remain under pressure in the short term if the greenback moves higher. This trend has continued this morning with daily gold prices moving to $816.55 as I write. The short term trend is sideways, the medium term trend is bearish while the long term trend is bullish.

Support:    $814.65 (yesterday low)                                   Resistance: $864.60 (high of 08/01/09)

Support:    $807.05 (low of 12/12/08)                                 Resistance: $856.65 (yesterday high)

Support:    $800.00 (psychological level)                             Resistance: $836.10 (low of 08/01

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Daily Gold Prices – 5th January 2009

By anna · Comments (0)
Monday, January 5th, 2009

On Friday, as the US dollar moved slightly higher against the euro, gold prices declined with the chart indicating the 9 day moving average a good support level. In a session that looked like a continuation of the last trading day of 2008 where interest was very limited, the participants seemed more focused on profit taking rather than opening new positions. Another factor possibly influencing the slide was a rally in the stock market despite some bearish economic data which if it gains momentum could prompt a switch from gold to equities. The short and long term trends are bullish while medium term trend is bearish.

Support:    $855.25 (low of 31/12/08)                                   Resistance: $908.77 (high of 22/09/08)

Support:    $847.85 (low of 18/12/08)                                   Resistance: $900.00 (psychological level)

Support:    $842.10 (low of 26/12/08)                                   Resistance: $886.90 (Friday high)

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Daily Gold Prices – Year End 2008

By anna · Comments (0)
Friday, January 2nd, 2009

The gold spot price closed lower yesterday as some investors decided that it’s safer to take part of the profits before year-end, a move somewhat expected and already mentioned in previous posts on daily gold prices. Speculation about a possible cease-fire between Israel and Hamas seemed to add extra pressure with gold slipping further in the early morning session, but it’s worth remembering the consensus that zero interest rates in the industrialized world places gold in a very favourable position as a long term investment. The short and long term trends are bullish while medium term trend is bearish.

Support:    $863.50 (yesterday low)                                     Resistance: $900.00 (psychological level)

Support:    $847.85 (low of 18/12/08)                                   Resistance: $890.80 (high of 29/12/08)

Support:    $842.10 (low of 26/12/08)                                   Resistance: $881.52 (yesterday high)

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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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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 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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Gold Market Daily Report

By anna · Comments (0)
Friday, December 12th, 2008

The market has managed to build on gains of the past three days reaching a high $834.80, a level last seen in mid October. The main driver behind this upswing in gold was again the US dollar trading sharply lower, on concern that the approval of a bridge loan for the auto industry will add to the global liquidity already increasing at a disturbing pace. This morning’s, news that talks in the Senate over an auto bailout broke down, sent gold lower suggesting that market direction is yet to be defined in the short term.  The short term trend is sideways, medium term trend is bearish while long term trend is bullish. Have a good weekend and more from me on Monday!

Support:    $801.60 (yesterday low)                                     Resistance: $834.80 (yesterday high)

Support:    $792.55 (14 day moving average)                             Resistance: $832.35 (high of 25/11/08)

Support:    $774.55 (low of 10/12/08)                                   Resistance: $829.62 (high of 24/11/08)

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