Market Analysis » price of gold

Daily Spot Gold Price – January 12th 2009

anna — Mon, 12 Jan 2009 11:34:14 +0000

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)

Daily Gold Prices – January 7th 2009

anna — Wed, 07 Jan 2009 12:55:39 +0000

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)

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)

Retracement In Gold Prices Today

anna — Tue, 30 Dec 2008 10:08:00 +0000

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)

Gold Prices – December 29th 2008

anna — Mon, 29 Dec 2008 11:01:46 +0000

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)