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 investing in gold

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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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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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 Prices Still Bearish – 8th December 2008

By anna · Comments (0)
Monday, December 8th, 2008

Hi everyone and welcome to the new trading week for gold and silver. On Friday we saw heavy selling in gold following weaker than expected US payroll numbers ( which were truly dreadful) and this is turn added to an already strong deflationary sentiment. The downtrend was also helped by the fact that as stocks decline funds are forced to close their positions to meet margin calls. Later in the session gold prices recouped some of the losses on short covering, but further concerns about more job cuts related to the car industry are likely to maintain pressure on gold for the short term. The short and medium term trends sideways and long term trend remains bearish.

Support:    $740.60 (low of 05/12/08)                       Resistance: $819.00 (high of 01/11/08)

Support:    $735.90 (low of 11/09/08)                       Resistance: $783.97 (9 day moving average)

Support:    $715.95 (low of 31/10/08)                       Resistance: $783.54 (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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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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