100 ounces of gold $ 1,255.60 $ -1.90. September 9, 2010
London Stocks Maintain Gains After UK CPI
FTSE 100 trades up, maintaining strong gains after data show UK inflation fell sharply in December, in line with expectations. Heavily weighted mining stocks continue to post the biggest gains, with Kazakhmys up 2.8% and Rio Tinto up 2.5%, boosted by encouraging Chinese GDP data, which are supporting metals prices. Outside the FTSE 100, Afren surges nearly 9% after announcing an oil discovery in its core producing area offshore southeast Nigeria. Still to come, investors will eye the results of a T-bill auction by Spain at around 1030 GMT and the EFSF auction at around 1100 GMT.
Spot Gold Up On Weak Dollar, Firm Equities
Spot Gold Up On Weak Dollar, Firm Equities
Spot gold, which trades higher in Europe, is being supported by a weak US dollar and firmer equity markets, says independent markets commentator Dennis Gartman. The metals markets are "responding to the strength in the global equities markets and responding to the weaker tone of the US dollar," Gartman says. Equities and EUR/USD have been boosted by encouraging Chinese gross domestic product figures, traders say. Spot gold is up $19.70 at $1,662.60/oz
GOLD: Spot gold prices fell back sharply yesterday...
GOLD: Spot gold prices fell back sharply yesterday on the back of broad
based dollar strength prompted by an array of worries in Europe, and
China, with Comex futures losing almost $45 at one stage. Some technical
damage has now been done to the long term bullish outlook, with talk that
hedge funds have been the major sellers of late on the back of poor
performances which has forced them into liquidating some long positions.
The move lower was also compounded by a sharp drop in Nymex crude prices
as the US pledged to use the 5th Fleet based in the Persian Gulf to
maintain access through the Straits of Hormuz. Spot gold opened yesterday
at $1593 and hits lows of $1549.80 in late NY trade, before closing at
$1556.90. Asian markets attempted a rally which fizzled at $1561.60 before
heading lower again to the NY low. The metal has since balanced around
$1554 ahead of the European open. Today's support is seen towards $1533
and $1525 with resistance at $1593 and $1600
based dollar strength prompted by an array of worries in Europe, and
China, with Comex futures losing almost $45 at one stage. Some technical
damage has now been done to the long term bullish outlook, with talk that
hedge funds have been the major sellers of late on the back of poor
performances which has forced them into liquidating some long positions.
The move lower was also compounded by a sharp drop in Nymex crude prices
as the US pledged to use the 5th Fleet based in the Persian Gulf to
maintain access through the Straits of Hormuz. Spot gold opened yesterday
at $1593 and hits lows of $1549.80 in late NY trade, before closing at
$1556.90. Asian markets attempted a rally which fizzled at $1561.60 before
heading lower again to the NY low. The metal has since balanced around
$1554 ahead of the European open. Today's support is seen towards $1533
and $1525 with resistance at $1593 and $1600
LME Base Metals Likely To Open Mixed On Sentiment
LME Base Metals Likely To Open Mixed On Sentiment
LME base metals are likely to open mixed on expectations that demand for industrial metals will slip weighing on sentiment amid Thursday's progress in Europe in combating the eurozone crisis. Copper futures closed lower Thursday as investors bet that regardless of progress in righting the financial situation of the currency union, demand for industrial metals will suffer from fading growth. The flagship 3-month copper ended down 2.0% at $7,475/ton Thursday. Zinc fell 2.5% to $1,885/ton and tin ended down 3.6% at $21,200/ton. A senior market player says Friday is expected to be a quieter day in terms of macro data, although further euro-zone developments could trigger choppy price moves. "We're likely to see consolidation here for most base metals, with copper support back around $7,200/ton," he adds.
Gold prices Analysis 27 October 2011
Gold prices Analysis 27 October 2011 Gold closed higher on Tuesday and the high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bearish signalling that additional weakness is possible near-term. If it renews the decline off September's high, the 38% retracement level of the 2008-2011-rally crossing is the next downside target. Closes above Monday's high crossing are needed to confirm that a short-term low has been posted
Gold price 29 July 2011
Gold price 29 July 2011
Gold closed higher due to short covering on Friday as it rebounds off support marked by the 20-day moving average crossing. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. However, closes above the 10-day moving average crossing have tempered the near-term bearish outlook. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
Gold closed higher due to short covering on Friday as it rebounds off support marked by the 20-day moving average crossing. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. However, closes above the 10-day moving average crossing have tempered the near-term bearish outlook. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
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