You are here: Home > articles > Commodities > Gold close to 16-week peak; rally seem overdone on taper outcome
Gold close to 16-week peak; rally seem overdone on taper outcome
February 25, 2014 9:20 amVideo
Latest News
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
- Analysis for EUR/USD pair on April 18th. Dull ending to a dull week April 18, 2024
- USD/JPY: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: trading plan for the US session on April 18th (analysis of morning deals) April 18, 2024
- Trading Signals for EUR/USD for April 18-20, 2024: buy above 1.0641 (21 SMA – 2/8 Murray) April 18, 2024
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
Gold futures reported near a 16-week high, even as some investors seen the rally excessive on anticipations the Federal Reserve will retain its plan to cut down US stimulus.
Bullion to be delivered immediately was settled at $1,336.68 per ounce at 9:29 a.m. in Singapore, previously $1,336.98, when prices touched $1,339.09, the most since October 31. The 14-day relative strength index advanced yesterday over level 70 that indicates to those who analyze charts that prices may be set to invert, and was at 71.9 today.
Gold is going for the first back-to-back monthly profit since the two-month gain through August as data that traced estimates ignited concern the US recovery may be wavering. Bullion advanced 11% this year as the Fed trimmed asset buying, precipitating a lump in emerging market assets and amplifying haven demand. Last year, bullion dropped the most since 1981 as equities surged and investment holdings narrowed.
Increasing tension in Ukraine and concern that a downturn in China is intensifying further hurt emerging market assets and escalated demand for wealth protection. SPDR Gold Trust holdings, the largest exchange-traded product supported by bullion, yesterday stretched for a second day, the biggest series of gains since the two days through January 30.
China Demand
Higher gold prices have wounded demand in China, the largest consumer. Volumes for the benchmark contract on the Shanghai Gold Exchange fell for a second day yesterday and metal to be delivered immediately has listed at a discount to London prices since February 20.
Gold to be delivered in April plunged 0.2% to $1,335.80 per ounce on the Comex in New York, after advancing to $1,339.20 yesterday, the most for a most active contract since October 31. Silver settled at $21.9685 per ounce, previously $21.9741, when prices touched $22.1807, the most since Oct. 31.
Platinum missed 0.3% to $1,433.88 per ounce, while palladium dived 0.1% to $742.50 per ounce, following both metals ascended to one-month peaks yesterday.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: