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 prices December

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 – 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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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 – 2nd December 2008

By anna · Comments (0)
Tuesday, December 2nd, 2008

Yesterday’s large fall in gold prices finally killed off any technical bullish signals as the market fell through the moving averages to close on the top of the sideways range of the previous month. The fall was on the same recession fears that hurt the equity and daily oil prices yesterday, and was aided by the very strong US Dollar. With the technical market now showing a failed rally attempt I feel that gold’s best chance for a rally will come from the safe-haven buyers.

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

Support:    $762.25 (yesterday’s low)                       Resistance: $819.00 (yesterday’s high)

Support:    $735.90 (low of 11/09/08)                       Resistance: $774.74 (40 day moving average)

Support:    $715.95 (low of 31/10/08)                       Resistance: $788.95 (low of 03/09/08)

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