Market Analysis » price gold

Spot Silver Prices – January 15th 2009

anna — Thu, 15 Jan 2009 10:55:51 +0000

Daily spot silver prices declined yesterday pressured by the same steeply falling stock markets that hit spot gold prices. In addition to being considered a precious metal, silver is also widely used for industrial applications, more than the yellow metal so deflation has the potential to add extra pressure. Probably the feature that’s keeping silver from falling faster than gold, every time demand deterioration is on the news, is the fact that currently the white metal is perceived as underpriced compared to gold. As I have said many times before this is a dangerous assumption to make. Over the years the ratio between gold and silver has varied from the pegged 15, to a high of almost 100, and now sits around the 75 level. Where the true ratio is, is ofcourse anyone’s guess!

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

Support: $10.310 (yesterday’s low) Resistance: $11.033 (14 day moving average)

Support: $10.210 (low of 15/12/08) Resistance: $10.925 (9 day moving average)

Support: $10.120 (low of 11/12/08) Resistance: $10.890 (yesterday’s high)

Spot Gold Prices Daily – January 9th 2009

anna — Fri, 09 Jan 2009 10:11:07 +0000

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

Daily Gold Prices Fall – 6th January 2009

anna — Tue, 06 Jan 2009 10:20:30 +0000

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)

Spot Gold Price – January 2nd 2009

anna — Fri, 02 Jan 2009 09:37:36 +0000

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)

Gold Prices Fall On US Home Sales

anna — Wed, 24 Dec 2008 10:59:57 +0000

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)