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 daily gold price – Page 2

Strong Gains In Gold Prices

By anna · Comments (0)
Thursday, December 11th, 2008

As I suggested in yesterday’s gold post, we are starting to see a short term rally in prices, as gold managed to cross and settle above the short term moving averages making strong gains in yesterday’s trading session. The upward move was initially triggered by the increased likelihood of the three giant US automakers getting a bailout, and then later in the day helped by the ‘usual suspects’ of a weaker US dollar, stock market rallies and higher crude oil prices. Traditionally gold is seen as a safe haven so any indication of fear in the markets is likely to have a bullish effect on its price.  The short term trend is sideways, medium term trend is bearish while long term trend is bullish.

Support:    $791.69 (14 day moving average)                             Resistance: $832.35 (high of 25/11/08)

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

Support:    $752.65 (low of 08/12/08)                                   Resistance: $814.25 (yesterday high)

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Gold Prices Cross 40 Day SMA

By anna · Comments (0)
Tuesday, December 9th, 2008

The important feature of yesterday’s trading session was gold crossing the 40 day moving average and also the fact that it closed above this indicator, although it found good resistance in the 14 day moving average just above $780 level. The main drivers behind the upward move in the yellow metal were a weaker US dollar and big rallies in the equities markets which in turn were triggered by the announcement of US President-elect Obama pledging one of the largest infrastructure spending packages since the 1950s. The short and medium term trends are sideways while long term trend is bullish.

Support:    $762.17 (40 day moving average)                       Resistance: $809.00 (low of 28/11/08)

Support:    $752.65 (yesterday low)                               Resistance: $802.30 (high of 21/11/08)

Support:    $740.60 (low of 05/12/08)                             Resistance: $786.76 (14 day moving average)

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Gold Prices & Commodities – 28th November 2008

By anna · Comments (0)
Friday, November 28th, 2008

Little changed on the chart pattern as a result of yesterdays activity apart from the predicted cross of the 9 and 40 day moving average. This event backed up the bullish technical picture whilst keeping the pennant formation in tact. The technical upside target is still in the $900 region and profit taking ahead of the week would target eventual support below between $760 -$770. Overnight Asian markets have been quiet keeping the price in a very tight range. Fundamentally there was good news in the form of the world Gold council report reporting increased Q3 demand in China , India and the Middle East . Speculation that the U.S. Federal Reserve will cut their key lending rate from %1.00 to %0.75 in early December to bolster growth is also heavily weighing on traders minds. The inverse correlation between the Dow and the Dollar that has been experienced of late may not last forever in the wake of huge fiscal stimuli and falling interest rates. If the market falls out of love with the dollar I feel that the outlook for Gold, Silver and commodities is very positive due to real term value and the re-emergence of safe haven status.

The short term trend is bullish, medium term sideways and long term trend remains bearish.

Support:    $810.50 (yesterdays low)                        Resistance: $832.35 (high of 25th November)

Support:    $807.95 (low of 26th November)                   Resistance: $823.23 (high of 26th November)

Support:    $802.00 (low of 25th November)                   Resistance: $817.60 (yesterday’s high)

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Gold Prices – November 27th 2008

By anna · Comments (0)
Thursday, November 27th, 2008

Gold prices found support overnight in the wake of the Chinese key one year lending rate cut announcement of 108 points. Technically the chart patterns are looking constructive with the emergence of a “pennant” formation over the past week. A breakout to the upside of this pattern theoretically points to a move equally matching the height of the “flagpole”, which in this case amounts to around $90 equating to a target price in the $900 region. With the 9 and 40 day moving averages converging another bullish signal could be given if these two indicators cross. Pennant formations are not always continuation patterns and a failure to break upwards would point to a test of last weeks levels around $750.

The short term trend is bullish, medium term sideways and long term trend remains bearish.

Support:    $807.95 (yesterdays low)                        Resistance: $848.50 (high of 16th October)

Support:    $802.00 (low of 25th November)                   Resistance: $832.35 (high of 25th November)

Support:    $780.35 (40 day moving average)                 Resistance: $823.23 (yesterday’s high

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Daily Gold Prices

By anna · Comments (0)
Wednesday, November 26th, 2008

Since breaking through the $777 level, buy and entry stops have pushed the price into a new range technically targeting $848.50 on the upside. The 40 day moving average and the previously mentioned $777 level should act as good support some $40 plus dollars below current levels. The huge $60 range on Friday corresponded with the short term recovery in world equity markets and any further strength in The Dow ahead of Thanksgiving could result in a test just short of $850. However any signs of profit taking could quickly see a move back down to the support close to $780.The short term trend is bullish, medium term sideways and long term trend remains bearish.

Support: $802.00 (yesterdays low) Resistance: $848.50 (high of 16th October)

Support: $800.00 (psychological level) Resistance: $844.15 (high of 28th August)

Support: $780.87 (40 day moving average) Resistance: $832.35 (yesterday’s high)

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