Thread: Gold analysis

Spot Gold prices eased back yesterday in relatively calm trading conditions on the back of softer crude oil prices despite a weaker USD Index. Lack of fresh developments following yet another inconclusive Merkel/Sarkozy meeting led to a rather indifferent bullion market with the metal trading a $1605.20-1623.75 range after opening in Asia at $1617.50. Gold closed out the day at $1611.35, but has since picked up in Asia this morning with oil and the general commodity market to highs of $1623.00 in recent trade. Resistance ahead if seen at $1631.30 (Friday's highs) with a break there pointing up to the Dec 21 highs of $1641.90. Support now lifts to $1606.50 and $1597. Investors appear to be waiting for some further signals/developments from the eurozone before committing to further positions, and remain wary ahead of the Italian and Spanish bond auctions later this week. Easy Forex News

Spot Gold continues to follow risk sentiment, picking up yesterday on the back of generally stronger equity and commodity markets, a weaker USD Index and firmer Oil prices. Middle eastern tensions are still in evidence which is also adding some support to the metal on a safe-haven basis. Spot opened at $1611.35 yesterday and picked up strongly throughout the morning hitting highs of $1640.50 in early NY before easing back later to $1630 and closing out the day around $1632.60. Asian markets this morning have seen a modest rally up to $1638.50 before settling around $1637.00 ahead of Europe. Today’s support is seen at $1630.30 and $1608.50 with resistance towards $1642 and $1678.25. Silver also made strong gains yesterday rallying to $30.33 from $28.97 and has since settled around $29.95 ahead of Europe this morning. Resistance is seen at $30.34 and $31.03 with support down at $29.00 and $28.60. Easy Forex News

Spot gold prices rallied again on Thursday hitting fresh 4 week highs of $1662.15 in the NY session, as the EUR/USD picked up following an overdue relief rally on the back of some well received Spanish and Italian auctions in the European session. The move was assisted by the pick up in the morning of crude oil prices amid continued M/E tensions and threats of a strike by Nigerian oil unions. The metal however lost it's shine in the afternoon slipping back to $1644 as crude prices plummeted on news that the EU embargo on Iran's oil would be delayed for up to 6 months, prompting sharp sell-offs in Nymex and Brent crude of about $4. The metal staged a small recovery into the close at $1650 but came under renewed pressure in Asia this morning to $1635.15 before picking up again to $1647.70. Today's support is seen at $1630.30 and $1608.70 with resistance up at $1662.15 and $1678.25. Stock Market News

(1642,50) GOLD confirmed on Friday a weak closing well below the low of the previous session but also below the 200 days line at 1634,80 suggesting further possible weakness. The indicators of the daily chart are however still positive while those of the s/t ones are mixed suggesting further consolidation/ correction. In the hourly chart we have already potential negative reversals that could limit further strength. Read more Stock Market News

Spot gold prices are holding just above the psychological $1700 level in Asia this morning with the rally from Tuesday's lows extended to $1706.90 this morning from early lows of $1698.10. Crude prices have added underlying support to the metal a head of the Greek PSI bond swap result. The metal has recently slipped back to $1701.50 on the back of the announcement that 85.8% of bondholders had accepted the swap, which was slightly below expectations, but does mean that the 2nd tranche of Greek bailout will be paid. EUR/USD has slipped back and dragged the metal lower, but Gold is now appearing to find support just above $1700. Comments from the Fed that they might consider buying bonds has sparked further thoughts of QE in the US and this is also adding some support to the precious metal markets. Today's support is seen at $1698 and the 100 day MA at $1695.60 with stronger support below at $1679.10 (200 day MA). Resistance remains up towards Monday's highs of $1716.85 and $1726.15. Read more Easy Forex News

I read a gold news like that:"Randgold Resources Ltd. (RRS), a miner of the precious metal in Africa, expects increased volatility in gold prices this year as the metal moves in a range from $1,500 to $2,000 an ounce. News ahead of the U.S. presidential election in November and concerns over debt in Europe will affect prices this year, Chief Executive Officer Mark Bristow said today in Toronto, where he was attending the annual Prospectors & Developers Association of Canada convention. “The world is even more complex than it was this time last year,” Bristow said in an interview. “You can expect an increase in volatility in the gold price in the next year, up until after we’re behind the elections.” Gold has risen for 11 consecutive years and reached a record $1,921.15 an ounce in September as investors bought the metal as a haven and to diversify from equities and some currencies. Gold for immediate delivery increased 0.6 percent, the first gain in four sessions, to $1,685.10 at 9 p.m. London time. Gold supply is “very tight and tightening” and the industry’s costs to build and operate mines are rising, Bristow said. “That’s going to ultimately lead to a higher gold price.” Do u think that is right, please tell me. Thanks.

Spot gold prices continue to hover above the $1700 psychological level as traders nervously await the outcome of today's one day FOMC meeting. Monday saw falls to $1692.60, but the 200 day MA around $1680.70 continues to add support on a closing basis and the metal ended the NY session around $1701 last night. Asia has been relatively subdued this morning with Gold trading a $1698.45-$1705.80 range. ETF holdings continue to build since the hard sell-off of February 29 where the metal shed over $100 on the day, and dips continue to be met by bargain hunters. The long term technical bull picture remains intact despite some short term damage recently, and the rise this year of crude prices is another factor supporting Gold. Whilst China's weekend trade deficit data showed concerns over its economy, the rise in imports is still seen as heartening and confirms the nations enormous appetite for raw commodities and precious metals. Gold has support at $1692.60 and $1680.70 with resistance at $1717 and $1726.20 Read more Easy Forex News

Spot gold is attempting to stabilize this morning after another sharp drop yesterday as hopes of further QE from the Fed become distant. Long liquidation has been widespread in recent sessions as investors turn out of the metal into equities. Gold has traded up from early Asian lows of $1636.25 to $1648.85 this morning, but remains on a soft footing until a move and close above $1681.60 (200 day MA). Trendline support is seen at $1601 which if broken would heighten chances of a further fall to around $1445/1450. As for today nearby support is seen at yesterday's low in NY of $1634.60 and $1625.50 (Jan 13 low). Resistance is initially seen towards $1650.50 and $1675.50 ahead of the 200 day MA at $1681.60. Read more Easy Forex News

Spot gold prices are firmer this morning in Asia having recovered from the lows seen on Wednesday of $1634.60. A recovery in the EUR/USD as US treasuries rallied has also helped lift the metal which posted highs of $1666.70 in NY yesterday, but latest data out of the US continues to point to a more self sustaining recovery and the dollar rally could well continue, with yesterday's moves largely seen as a bout of profit taking. This morning has seen quiet trade with small gains from the open at $1658 to $1664.10 before settling around $1661. Gains with a close above the 200 day MA at $1682.25 are now required to turn sentiment bullish again, but momentum seems to be lacking for the time being and a break down through $1601 could easily trigger a much deeper retracement towards $1450. Intraday support is seen at $1639.80 and $1534.60 with initial resistance up at $1666.70 and the 200 day MA and Mar 14 highs of $1682.25. Read more Easy Forex News

Spot gold prices are steady this morning in Asia with the market consolidating dollar weakness seen after the US CPI,IP and sentiment data on Friday. The metal is currently trading around $1661.80 after a range in the Far East of $1658.60-1665.00. Gold pushed up sharply on Friday's soft US data from $1639.85 to $1662.40 and the move was assisted by strong rallys in WTI and Brent crude as traders eyed an increase in Saudi Arabian crude production associated with rising demand. Middle Eastern tensions regarding Iran and Syria are also adding support to the metal. On the flipside there is concern that India doubling import duties on precious metals on Friday in an effort to cut its 2012/13 budget deficit could weigh heavily on prices. Strong resistance lies up towards the $1682.90 200 day moving average, but support is now seen at $1640 and $1634.50. Read more Easy Forex News