RSS (c) The Financial Times Ltd 2010

RSS (c) The Financial Times Ltd 2010

  • Stocks struggle to consolidate on euro fears May 17, 2012
    Sentiment boosted by Japan’s stronger than expected GDP data as concerns of a Greek exit from the euro left many benchmarks at multi-month troughs […]
  • FTSE 100 banks stay under pressure May 17, 2012
    Sentiment suffers as traders react to European Central Bank plan to exclude four unnamed Greek banks from liquidity provision operations […]
  • ECB bars access to four Greek banks May 16, 2012
    Lenders will have to rely on ‘emergency liquidity assistance’ – a temporary facility provided by the Greek central bank but subject to ECB approval […]

RSS (c) The Financial Times Ltd 2010

  • Rhodium fails to regain lustre May 17, 2012
    Metal’s prospects cast gloom over mining executives gathered for their annual bash this week […]
  • Turkey close to Azeri gas deal May 16, 2012
    EU officials had hoped a bigger pipeline, named Nabucco, would provide substantial alternative supplies to Russian gas […]
  • Shell warns on US natural gas bounce May 16, 2012
    Chief executive Voser predicts strong recovery from the 10-year lows the fuel has hit as a result of the boom in shale gas production […]

Archive for price of gold – Page 2

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 Market Prices – 5th December 2008

By anna · Comments (0)
Friday, December 5th, 2008

In line with the last few days, gold saw the same tight range yesterday. Initially gold prices moved up crossing the 14 day moving average, but then retraced, closing lower on the day mainly due to funds liquidating their position. Although on the short term the gold price is likely to remain under pressure the long term picture is completely different with governments forced to increase the borrowings and these actions are bound to reignite the inflation at some point in the future.  The short and medium term trends sideways and long term trend remains bearish. I note this morning however that Merrill Lynch is forecasting gold to reach $2000 some time next year!

Support:    $761.45 (low of 02/11/08)                       Resistance: $819.00 (high of 01/11/08)

Support:    $735.90 (low of 11/09/08)                       Resistance: $791.12 (9 day moving average)

Support:    $715.95 (low of 31/10/08)                       Resistance: $787.72 (yesterday high)

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Price of Gold Today

By anna · Comments (0)
Thursday, December 4th, 2008

Gold was slightly lower on the day moving in a tight range in expectations of ECB’s interest rate decision on Thursday. A combination of factors like continuous liquidation and increasing deflationary pressure which gives no reason to hold gold as a traditional hedge against inflation makes a strong case against the bulls on short term but it’s worth remembering that on the long term government stimulus packages are likely to have an inflationary impact.

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

Support:    $761.45 (low of 02/11/08)                       Resistance: $819.00 (high of 01/11/08)

Support:    $735.90 (low of 11/09/08)                       Resistance: $796.99 (9 day moving average)

Support:    $715.95 (low of 31/10/08)                       Resistance: $783.20 (yesterday high)

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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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Trading Gold Prices – December 1st 2008

By anna · Comments (0)
Monday, December 1st, 2008

Although Gold found strength on Friday as we saw short covering in the holiday-thinned session supported by save-haven buying, we have since dropped out of the ‘Pennant’ feature on the chart as prices fall this morning on the news of US retailers showing the smallest gain for holiday sales in three years. The market is also under pressure from a weak Oil opening this morning as OPEC failed to agree on further cuts at their meeting this weekend and have delayed decision until 17/12/08. Technically the chart remains in a consolidation pattern but would need fresh bullish news to re-ignite the rally that started on 21/11/08. The short and medium term trends sideways and long term trend remains bearish.

Support:    $796.16 (9 day moving average)                  Resistance: $832.35 (high of 25th November)

Support:    $778.61 (14 day moving average)                 Resistance: $823.23 (high of 26th November)

Support:    $772.45 (low of 15/08/08)                       Resistance: $820.72 (Friday’s high)

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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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