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 price of 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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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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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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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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Daily Gold Prices – December 19th 2008

By anna · Comments (0)
Friday, December 19th, 2008

The main driver behind yesterday’s decline in gold prices was a US dollar coming off its recent lows with additional pressure from profit taking ahead of the Christmas holiday. Following massive government spending all over the world, this has sparked fears of long term inflation which in turn revived the physical demand in gold. This should act as a good support but if the dollar does resume the uptrend, at some point that could hurt gold’s rally. The short and long term trends are bullish while medium term trend is bearish.

Support:    $830.60 (9 day moving average)                              Resistance: $900.00 (psychological level)

Support:    $819.90 (low of 15/12/08)                                   Resistance: $891.32 (high of 07/10/08)

Support:    $808.95 (14 day moving average)                             Resistance: $878.47 (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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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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