Gold price is now near the critical support of $1,238-33. Short-term trend is down as the price pattern from recent highs at $1,279 is making lower lows and lower highs. This reversal from $1,270 area was expected since the longer-term resistance at $1,270-80 had been very strong. We expect Gold price to continue this downward […]
February 3, 2014 – Commodities News Hot Asset For Today: Gold Price of Gold slid to $1,238/ounce on Thursday and again on Friday as the physical demand from China calmed down due to New Year’s holidays. Today we might see less volatile market influenced mainly by stock market. We saw last week that bearish sentiment […]
Hedge funds increased bullish gold wagers by the most since July and sold copper possessions as emerging market turmoil accelerated concern the worldwide economy will slow down and raised demand for precious metals as a harbor. The net-long position in gold bounced 40% to 60,672 futures and options last January 28, as per the US […]
Gold does not see any buying interest due to the Lunar New year festival. The US data showed that the consumer spendings rose above expectations (+0.4%) in the month of December. Earlier hours in this week gold started its trading day with a bearish note. Last Monday, gold made a high at the level of […]
GOLD: With GOLD failing to hold above the 1,267.75 level, its Dec 10 2013 high and turning lower the past week, further decline is likely in the new week. Support comes in at the 1,231.48 level. Further down, support resides at the 1,218.35 level, representing its Jan 08’2014 low. This level must hold to prevent […]
GOLD: Turns Lower, Set To Extend Weakness GOLD: With GOLD failing to hold above the 1,267.75 level, its Dec 10 2013 high and turning lower the past week, further decline is likely in the new week. Support comes in at the 1,231.48 level. Further down, support resides at the 1,218.35 level, representing its Jan 08’2014 […]
GOLD: Outlook for GOLD remains lower while holding and trading below its declining trendline currently seen at 1,274.25 level. This leaves it targeting its minimum support located at the 1,231.48 level, its Jan 23’2014 low. On a turn below that level, more weakness should occur follow towards the 1,200 level, representing its psycho level. This […]
January 31, 2014 – Commodities News Hot asset for today: Gold The price of Gold declined as the U.S. economy outlook shows improvement and also due to another reducing of the monetary stimulus. The price of Gold fell from $1,266/ounce to $1,237/ounce but slightly rebounded to $1,242/ounce. The drop was also caused by weaker physical demand […]
Crude oil prices were seen trading lower on the last day of the trading week while oil traders express their worries over oil demand from China as reports revealed a contraction in China’s manufacturing sector. The North American West Texas Intermediate delivery slid 0.55% lower, trading at $97.70 per barrel on the New York Mercantile […]
Overview: Since our last analysis, gold has been trading downwards. As we expected, the price reached our down station and tested level of the 1,237.86 on high volume. I have placed Fibonacci expansion levels from the most recent swings and I got FE 100 % at price 1,240.00 (already met) and FE 161.8 % at […]
Technical outlook and chart setups: 1. Silver has retraced to out expected levels of $19.00 as seen here. It is recommended to hold long positions taken earlier and look to add further now. Risk remains at $18.50. 2. Immediate support is at $18.50, while resistance is at $20.50 (intermediary), followed by $21.00 and $22.00 respectively. […]
Technical outlook and chart setups: 1. Gold has produced an engulfing bearish candle stick yesterday. Currently trading at $1,241.00, it is recommended to remain short and also sell intraday rallies. Risk is at $1,270.00 at present. 2. Immediate resistance is at $1,270.00, followed by $1,279.00, while supports are spread through $1,230.00, followed by $1,220.00, and […]
Gold price as expected by our analysis after being rejected at $1,270 has broken the short-term support at $1,248-50. Gold price has also broken the short-term upward sloping trend line and is moving downwards in an impulsive pattern. As mentioned in previous analysis, we believed that the rise from $1,180 is corrective and a reversal […]
Overview Based on the H4 chart, silver is still stabilizing below the Resistance level of 19.20 after its rebound from the Support level of 19.00 yesterday. If silver reverses its bullish move due to this Resistance level and manages to break the Support level of 19.00 this would give a strong indicator to continue the […]
Markets slip back on Aussie PPI Morning Report: 08.45 London • As a continuation of the recent trends in recent weeks, yesterday’s big moves are starting to peel back, led by the S&P 500 and AUD/JPY. • The AUD/JPY is seeing the biggest falls following a disappointing set of PPI figures. • The […]
Fourth-quarter GDP data validates the Federal Reserve’s decision to taper its asset purchases, boosting hopes for a strong 2014. The commerce department said US GDP grew at a seasonally adjusted annual rate of 3.2% in the fourth quarter. Dow Jones rose 156 points on Thursday. US equities soared over 1% on strong GDP data. The […]
Overview: Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,250.58 on higher volume. I have placed Fibonacci expansion levels from the most recent swings and I got FE 61.8 % at price 1,251.00 (currently on the test) and FE 100 % at price 1,240.00. We […]
Crude oil prices advanced following the report released by the EIA, which showed that inventories climbed higher than expected last week. West Texas Intermediate (WTI) rose , trimming the biggest monthly fall for January since 2010 as market participants focus on the release of the US GDP later in the day. Meanwhile following the Federal […]
Emerging Market Turmoil Returns Morning Report: 08.45 London • This morning, financial markets are making good some of last night’s losses, but the damage still remains. • While stock markets stage a rally of sorts, commodities and commodity related currencies are still under pressure after disappointing Chinese Manufacturing PMI data. Silver is off by […]
January 30, 2014 – Commodities News Hot asset for today: Gold On Wednesday Gold broke its resistance at 1,265 and climbed all the way to $1,270/ounce where it then reversed. The price was pulled up by strong physical demand from China which is advancing before Friday when the Chinese market will close for a week due […]
Gold price moved towards $1,270 yesterday but could break above the previous highs. Gold price got rejected and are now below $1,260 again. Although bulls are not able to break higher, despite the news from the Fed that another 10 billion dollars will be cut from the QE program, the support at $1,245-48 still holds. […]
January 30, 2014 – Commodities News Hot asset for today: Gold On Wednesday the price of Gold broke its resistance at 1,265 and climbed all the way to $1,270/ounce where reversed. The price was pulled by strong physical demand from China which is advancing before Friday when the China market will be closed for one week […]
Technical outlook and chart setups: 1. The metal has drifted lower towards $19.40, as expected. It is still expected to test sub $19.00 levels before rallying further. It is recommended to initiate 50% long positions now and remaining around $19.00. Risk remains at $18.50. 2. Immediate resistance is at $20.50 (recent swing highs), followed by […]
Technical outlook and chart setups: 1. The yellow metal has retraced up to $1,270.00, which is fibonacci 0.618 resistance of recent fall from $1,279.00 to $1,248.00. It is recommended to hold on to short positions and also look to add further, risk remains at $1,286.50 for now. 2. Immediate resistance is $1,290.00/$1,300.00, while support is […]
The Fed decision was widely expected. Overall signs of improvement in the US economy suggest that Fed officials will stay on track to cut monthly purchases of Treasuries and mortgaged backed securities by USD $5billion each. On Wednesday the Fed trimmed another $10 billion, now it comes to $65 billion inFebruary consisting of $30 billion […]
Silver has lagged Gold and has been under pressure with the rest of the base metals. 19.334 is a key support, if it holds then it should be ready to move up again. If it breaks, it will be a bearish sign for Silver. So far, its holding above the support. In the daily chart, […]
We have been writing about the bottoming process of the Gold Bear Cycle (Elliott Wave Theory) since December 4th 2013, and our most recent article on December 26th reiterated that the best time to accumulate the Gold/Silver stocks was in the December and January window. Specifically this is what we wrote: “These types of […]
Overview As shown on today’s H4 chart, the metal failed to break the Support level of 19.50 and is still trading between the Support level of 19.50 and below the Resistance level of 20.00 and currently is bouncing from the Support level and is preparing for the bullish move. So we still suggest waiting for […]
Crude Futures were seen trading mixed on Wednesday, as market participants awaits news from the Federal Reserve (Fed) meeting later in the day with predictions of a further reduction to the central bank’s monthly bond purchases. The North American West Texas Intermediate (WTI) for March delivery came in 0.10% lower, trading at $97.32 per barrel […]
Overview: Since our last analysis, gold has been trading downwards, as we expected, the price tested our first down target at the level of 1,250.00 (sub-major FR 61.8 %). In case the price breaks the level of 1,250.00 on high volume, we may see testing of next down level at major FR 61.8 % (1,243.00). […]
