RSS (c) The Financial Times Ltd 2010

  • 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 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 Spot Gold Price – January 12th 2009

By anna · Comments (0)
Monday, January 12th, 2009

On Friday daily spot gold prices closed slightly lower in a choppy session with the market making big swings in both directions. Initially the price of gold was modestly higher, but the December non-farm payrolls data showed that job losses nearly matched the consensus forecast which boosted the US dollar and in turn put pressure on gold. Later on despite a stronger US currency, the spot gold price regained a big part of the early losses in a short covering rally, as traders exited positions ahead of the weekend. The short and long term trends are bullish while medium term trend is bearish.

Support:    $844.00 (Friday low)                                      Resistance: $885.17 (high of 05/01/09)

Support:    $836.10 (low of 08/01/09)                                 Resistance: $870.50 (high of 06/01/09)

Support:    $828.70 (low of 23/12/08)                                 Resistance: $868.50 (Friday high)

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Spot Gold Prices Daily – January 9th 2009

By anna · Comments (1)
Friday, January 9th, 2009

Spot gold prices closed higher yesterday on the back of a weaker US dollar, with the daily gold chart showing an ‘Inside Day’ as traders were waiting for the US employment report. Concerns about the state of the global economy, and continuing geopolitical tensions in the Middle East seem to provide a good support for the price of gold lately. Today’s US payroll number will definitely capture everybody’s attention because if it’s stronger than expected it could cause a rise in the dollar which in turn can hurt gold but if it’s weaker than the forecast it could pressure on the currency and boost gold. Remember the news is released at 1.30 UK time so please make sure your positions are covered. The short and long term trends are bullish while medium term trend is bearish.

Support:    $836.10 (yesterday low)                                     Resistance: $885.17 (high of 05/01/09)

Support:    $828.70 (low of 23/12/08)                                   Resistance: $870.50 (high of 06/01/09)

Support:    $819.90 (low of 15/12/08)                                   Resistance: $864.60 (yesterday hi

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Daily Gold Prices – January 7th 2009

By anna · Comments (0)
Wednesday, January 7th, 2009

Initially daily gold prices declined yesterday hitting their weakest level since Dec 24th, but later on, as the US dollar gave up some of its early strength, the price of gold reversed course managing to close higher for the day. The late rally had the greenback as the main influencing factor with some additional boost coming from continuing tensions between Israel and Hamas leading to more buying of gold as a safe haven. Going forward it’s worth mentioning that the European Central Bank is under pressure to follow the Fed and other central banks in cutting rates more aggressively which could undermine the euro and in turn gold buyers entering the market. The short and long term trends are bullish while medium term trend is bearish.

Support:    $838.55 (yesterday low)                                     Resistance: $900.00 (psychological level)

Support:    $828.70 (low of 23/12/08)                                   Resistance: $885.17 (high of 05/01/09)

Support:    $819.90 (low of 15/12/08)                                   Resistance: $870.50 (yesterday high)

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Daily Gold Prices Fall – 6th January 2009

By anna · Comments (0)
Tuesday, January 6th, 2009

Daily gold prices closed sharply lower yesterday crossing below the 9 and 14 day moving averages. The downward move came in reaction to the currency market with the euro hitting a three week low against the US dollar on perceptions that the European Central Bank is behind the curve in lowering interest rates. Gold is often bought as a hedge against the greenback weakness so conversely sold during times of dollar strength.

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

Support:    $843.45 (yesterday low)                                     Resistance: $908.77 (high of 22/09/08)

Support:    $838.00 (low of 25/12/08)                                   Resistance: $900.00 (psychological level)

Support:    $819.90 (low of 15/12/08)                                   Resistance: $885.17 (yesterday high)

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Spot Gold Price – January 2nd 2009

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

Initially, on the last trading day of 2008 as the US dollar rose we saw gold prices declining, given that the yellow metal is seen as a dollar hedge and so usually trades inversely to the greenback. Later in the session gold prices bounced possibly on bargain hunting and closed higher despite a stronger dollar. It’s worth mentioning that gold has outperformed the commodities sector throughout this financial crisis and is very likely to continue to do so in an environment dominated by political and financial uncertainty. So for the longer term I expect gold prices to move higher. 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: $890.80 (high of 29/12/08)

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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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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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