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 price – Page 2

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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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 Edge Higher – December 10th 2008

By anna · Comments (0)
Wednesday, December 10th, 2008

As with daily oil prices, we saw an ‘Inside Day’ yesterday for gold in a range between the 9 day and 40 day moving average, with the price of gold finishing slightly higher, after giving back some of Monday’s strong gains in early trading. The majority of the move was dollar related and with the greenback trading sideways so did gold. This morning shows the market heading higher and although it’s too early to favour a strong upward move, the long term concerns about inflation from those global stimulus packages could start to have an impact on the gold market. The short term trend is sideways, medium term trend is bearish while long term trend is bullish.

Support:    $761.95 (yesterday low)                                     Resistance: $809.00 (low of 28/11/08)

Support:    $752.65 (low of 08/12/08)                                   Resistance: $802.30 (high of 21/11/08)

Support:    $740.60 (low of 05/12/08)                                   Resistance: $789.43 (14 day moving average)

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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 Market Prices – 5th December 2008

By anna · Comments (0)
Friday, December 5th, 2008

In line with the last few days, gold saw the same tight range yesterday. Initially gold prices moved up crossing the 14 day moving average, but then retraced, closing lower on the day mainly due to funds liquidating their position. Although on the short term the gold price is likely to remain under pressure the long term picture is completely different with governments forced to increase the borrowings and these actions are bound to reignite the inflation at some point in the future.  The short and medium term trends sideways and long term trend remains bearish. I note this morning however that Merrill Lynch is forecasting gold to reach $2000 some time next year!

Support:    $761.45 (low of 02/11/08)                       Resistance: $819.00 (high of 01/11/08)

Support:    $735.90 (low of 11/09/08)                       Resistance: $791.12 (9 day moving average)

Support:    $715.95 (low of 31/10/08)                       Resistance: $787.72 (yesterday high)

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Price of Gold Today

By anna · Comments (0)
Thursday, December 4th, 2008

Gold was slightly lower on the day moving in a tight range in expectations of ECB’s interest rate decision on Thursday. A combination of factors like continuous liquidation and increasing deflationary pressure which gives no reason to hold gold as a traditional hedge against inflation makes a strong case against the bulls on short term but it’s worth remembering that on the long term government stimulus packages are likely to have an inflationary impact.

The short and medium term trends sideways and long term trend remains bearish.

Support:    $761.45 (low of 02/11/08)                       Resistance: $819.00 (high of 01/11/08)

Support:    $735.90 (low of 11/09/08)                       Resistance: $796.99 (9 day moving average)

Support:    $715.95 (low of 31/10/08)                       Resistance: $783.20 (yesterday 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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