Spot precious metals dealings opened on the weak side with all four principal metals that we track losing more than 1.2 and up to 2.1 percent this morning. Spot gold was down by nearly $25 at $1,704 per ounce while silver was bid at near $33.25 with a loss of more than 60 cents.
A first-in-two-years decline in Chinese exports and imports also added to the selling pressure in precious and base metals this morning. Standard Bank’s analysts opine that, should gold slip further, then the $1,700-$1,720 zone could be a good one within which to establish fresh [...]
Gold and crude oil enjoyed a very good trading session on Tuesday as speculators threw money at both markets with an amount of generosity that was clearly lacking on, say, last Friday…
Gold prices meandered on either side of the ‘unchanged’ marker this morning and orbited around the $1,745 area as the US dollar did not appear to pierce the 78.50 level on the trade-weighted index following yesterday’s euro-centric optimism-induced sell-off it was subjected to. At least one school of thought sees a potential [...]
Gold’s worst loss in over one month showed signs of continuing to deepen as markets opened for trading in New York this morning. Albeit during the overnight hours gold prices managed to bump some $10 higher in a recovery attempt, the uncertainty manifest in the European news flows on Monday kept the selling pressure on in the precious metals and commodities’ complex and speculators opted to take temporary shelter under the "green" umbrella of the US dollar (up 0.52% on the index).
European leaders appear to be losing patience with Greece at this juncture and have more or less issued an ultimatum for it to cut a deal that implies further belt-tightening measures, or [...]
Spot gold dealings opened flat, near the $1,759 bid level but it then fell by $25 to near the $1,735 area shortly after the release of the jobs statistics and then the ISM services index and factory orders numbers this morning.
Recent advances (7.4% on the 30-day chart) in the value of the yellow metal had already prompted contrarian calls (based on the readings of gold newsletter sentiment data) for caution, and then some. So long as gold does not manage a close above the $1,803 area (according to EW analysis) the metal has the potential to turn lower after the current rally runs out of steam [...]
Several "best January starts since… " sentences were the material of financial headlines overnight. Tempting investors into the markets were sexy stories such as "Stocks Headed for Best January Since 1997" and "Stocks Best Start Since 1994 Better Than Commodities" right alongside other titles such as "Gold in Best Start to Year Since 1983." How can anyone resist and not follow the ‘big guns’ into the money-making pits when more than $3 trillion was being added to stock values (last month) for example?
Spot metals dealings opened higher across the board on Wednesday as the specs extended that which they successfully carried out in January for yet another session’s worth. Gold opened near $1,745 with a roughly $7 gain per ounce while silver hovered near $33.80 posting a [...]
The enthusiasm that helped propel gold to a seven-week high late last week and pushed the US dollar lower as investors embraced risk was dealt a bit of a setback this morning. The CFTC reported that hedge funds augmented their bullish bets on commodities to the highest level in sixty days in the wake of the Fed’s indication that it might extend low interest rates into 2014.
However, after the Fed effect wore off and after Europe showed that all is not yet well, the "risk-off" sentiment appeared to define the start of the trading week and it helped drag European bank shares lower along with crude oil and base metals as well [...]
Precious metals — with the exception of palladium — opened mildly higher this morning in New York as players awaited US GDP and consumer sentiment data with a degree of caution and as profit-takers stood by to possibly pull the trigger on certain assets following recent spikes. Spot gold started the final session of the week $3.50 higher at $1,724 per ounce while spot silver climbed 20 cents to $33.65 on the bid-side.
Support levels in the yellow metal are at $1,707 and at $1,691 while overhead resistance looms at $1,736 and $1,744 per ounce. In silver, the barriers to overcome on the upside remain neat $34 per ounce [...]
Momentum players pulled the "buy" trigger on precious and base metals, along with crude oil and equities, yesterday afternoon, after they concluded that the Fed’s offer to not hike interest rates until late 2014 was tantamount to a fresh QE program.
Lost in the euphoric buying spree (and again we draw your attention to the fact that this was a new display of the "buy everything" syndrome which is anything but healthy for one or another asset in the long-run) was the other side of the Fed announcement [...]
Gold prices fell for a second session on Wednesday as physical demand remained muted and as the US dollar picked up additional strength against the euro. Market participants were focused on upcoming Fed and Davos World Economic Forum statements before making any substantial bets in the precious and base metals’ spaces.
Gold’s decline was partially attributable to the fact that Greek debt instrument holders failed to come to an agreement with that country as regards a debt-swap plan. The impasse prompted a "risk-off" day on Tuesday and the same sentiment spilled over into this morning’s trading action [...]
Gold prices had traded as high as $1,678 overnight but they opened nearer to the $1,670 level — one above which current resistance barriers are still found. The yellow metal has reaffirmed its recent correlation to the euro once again and it does manifest the potential for an extension of its recent upward correction to the $1,700 and just above area.
Much of the strength and longevity of the push towards those higher figures will therefore depend on the flavor of the news coming out of Europe over then next week or so [...]
