Thread: Gold analysis

GOLD confirmed yesterday a very weak closing below the 1670 key level. We expect further weakness toward the 200 days line at 1616,50 with a possible extension later on toward the 1500 area. The indicators of the daily chart are still well negative while those of the s/t ones are mixed suggesting come consolidation. Bullish divergences in the hourly chart confirm a negative tone. In the s/t only an hourly closing above 1672,00 will postpone further weakness favouring a rebound that should see a 1680 overshooting. Easy Forex News

12.14.2011
GOLD confirmed last night a negative closing below however plunging again to 1625 this morning. Still possible a further extension of the decline toward the 200 days line at 1617,50; a daily closing below this line will open the way for a drop toward the 1525/ 1500 area!! Easy Forex News

Spot gold prices closed virtually unchanged yesterday with an early spike up to $1641.90 in the european session gradually unwound in NY as early euphoria over the ECB’s LTRO tender was followed by some pessimism. Italy and Spanish yields rose and some hefty macro EUR/USD sellers led to a return of risk aversion which in turn pulled spot gold off the highs. Easy Forex News

Spot Gold prices headed lower on Thursday partly on some squaring up ahead of the Christmas holidays and lack of further bad news in the Eurozone. Stronger US jobless data added some pressure despite firmer crude oil prices hitting the $100 level . That said, bargain hunters continue to buy on dips and physical demand is still evident despite the thinning market conditions. The metal opened yesterday at around $1615 and slipped in Asia to $1603 before a bounce in Europe to $1617. Gold then drifted off again to $1598 in NY before closing the day at $1606.15. Asian markets this morning have rallied the metal back up to $1614 before settling around $1610.50. Today’s support is at $1598 and $1588 with resistance at $1617 and $1642. Easy Forex News

Precious metals are trading mixed early in the Asian session, with gold a touch lower. Volumes are likely to remain light as many trading desks in the different parts of the world remain thinly staffed ahead of the year-end. Comex gold futures for delivery in February fell 0.7% Tuesday to $1,595.50/oz. Analysts say that for market participants who place bets based on patterns in trading activity, the gold market’s failure to retake the 200-day moving average was a bearish signal. Gold fell below the key psychological 200-day moving average Dec. 14, triggering a wave of selling. Spot gold is at $1,590.40/oz, down $1.90 from New York’s informal close, while silver is at $28.67/oz, down 6 cents. Platinum is at $1,433/oz, up $6, and palladium is at $661/oz, up $2. Easy Forex News

Spot GOLD prices continue to decline in London, with an intra-day low of $1544.15 posted so far at 0720GMT. Prices picked up moderately to $1556.43 shortly before the European equity opening, but have since slipped back to currently trade at $1549.53, down 5.9 points on the day. A shift in haven interest from GOLD into the USD continued yesterday afternoon, as risk-off entered the arena shortly after the US opening, with reports of a possible real money account initiating a USD buy programme in New York ahead of year-end. Cash GOLD prices have now capped their longest slump since Oct 2009, whilst silver has also tumbled to a 3 month low, as projections for a more steadier USD outlook continue to take their toll on precious metals. Investors may now be losing patience with gold’s performance, with many left disappointed by its muted response to the latest wave of concerns regarding the eurozone despite its supposed role as a haven asset against such turmoil. Prices have now fallen back $377 from the record high of $1921.15 posted on 6 Jun 2011, a fall of nearly 20%. Easy Forex News

Spot GOLD prices continue to decline in London, with an intra-day low of $1544.15 posted so far at 0720GMT. Prices picked up moderately to $1556.43 shortly before the European equity opening, but have since slipped back to currently trade at $1549.53, down 5.9 points on the day. A shift in haven interest from GOLD into the USD continued yesterday afternoon, as risk-off entered the arena shortly after the US opening, with reports of a possible real money account initiating a USD buy programme in New York ahead of year-end. Cash GOLD prices have now capped their longest slump since Oct 2009, whilst silver has also tumbled to a 3 month low, as projections for a more steadier USD outlook continue to take their toll on precious metals. Investors may now be losing patience with gold’s performance, with many left disappointed by its muted response to the latest wave of concerns regarding the eurozone despite its supposed role as a haven asset against such turmoil. Prices have now fallen back $377 from the record high of $1921.15 posted on 6 Jun, a fall of nearly 20%. Easy Forex News

Spot Gold prices started a recovery last Friday after a sharp fall to $1522.75 on Thursday as the EUR/USD broke down through $1.2900. The end of the year saw the metal pick up from $1545 to $1581.60 before closing out the year around $1565. On the year Gold posted gains of over 10% despite the falls from the September 6 highs of around $1921. Asian markets have seen further gains this morning as the metal tracks equities and crude oil higher in some risk-on sentiment buoyed by strong PMI data out of China, India and Australia. The spot has lifted to $1589.85 in recent trade. Resistance ahead is seen at the psychological $1600 level with a break there opening a move back up towards $1641.90. Support is towards $1563.80 and $1552.65. Possible further QE from the Fed and ECB is keeping many analysts on a bullish outlook for the Gold in 2012 with some safe-haven attraction also remaining over the EU debt crisis, along with physical demand from China and India. Easy Forex News

Spot Gold prices received a boost yesterday joining in a risk rally on the back of firmer Chinese, Indian and Australian PMI data and later compounded by a global PMI returning above 50.0. Stronger equity markets, and Crude Oil rising on the back of increased US/Iran tensions in the Gulf also added to the more positive tone. The Gold opened the first real day of trading this year at $1565 and heading higher in Asia to $1590. Europe then took the baton with a further rise to $1597.70. NY then continued the move up through $1600 to highs of $1607.40, before easing back to close at $1604. Asia this morning posted an early high of $1608.65, before easing off to $1593 and balancing around $1600 ahead of the European open. Today’s support lies towards $1586 and $1565 with resistance at $1614 and $1642. Spot Silver tracked the Gold move yesterday with a rise to $29.75 from $27.77, but has since eased back in Asia this morning to $29.14. Easy Forex News

Spot Gold prices eased slightly into the weekend on the back of a stronger USD, but falls were pared by renewed worries in the eurozone prompting some safe-haven demand and bargain dip buyers who continue to pick up on any sudden sell-offs in the market. The GOLD opened on Friday at $1622.70 hitting highs of $1631.30 after the strong US non farm payroll data, before coming off sharply to $1608.70. A recovery on short covering was later seen into the close at $1617.50. Asian markets this morning have seen another fall tracking losses in Crude Oil to $1605.20 before a recovery to $1613 ahead of the London open. Analysts are now almost unanimous in forecasting a price of over $2000 in 2012 according to a recent survey from the London Bullion Market Association, which showed 23 out of 26 analysts seeing a new record high. Today’s support is at $1597 and $1579 with resistance $1631.30 and $1642. Easy Forex News