Overview: Since our last analysis, gold has been trading upwards. The price tested the level of 1,213.86. According to the 4H time frame, we can observe rejection from our support level at the price of 1,206.00, which caused price to start with upward movement. If the price breaks the level of 1,206.00 in a high […]
Retail Sales Hint at Aussie Rate Cut Morning Report: 09.00 London • This morning, the S&P 500 is up slightly though general trading remains rather murky and direction less. The US dollar is certainly sure of its direction and that is up! The dollar index continues to dominate currencies flows, with the main dollar pairs trading […]
October 1, 2014 – Commodities News Gold Yesterday, Gold slipped to $1,204/ounce and has already bounced off this level 3 times. The price reacted to the stronger dollar which has been advancing due to positive speculation over the U.S. labor data which is being released this week. Physical demand has remained low and because of […]
Gold price had a very volatile session yesterday. It made a new lower low at $1,204 and then spiked up towards $1,220 and today is back down below $1,210. Selling pressures continue and do not let the precious metal push above resistance. The trend remains bearish and it is very probable to see a test […]
The yellow metal drifted to a 9-month low at $1,204.10. As we entered into the Q4, the initial ticks are in green. If we look back to Q2, the metal drops $123 from the open price. In Q3 2013, the metal fell approximately $145 from the open price and $180 for the high price. The […]
Gold prices fell to their lowest in nine months on Sept. 30, as the U.S. dollar reached a high value against other currencies, and market participants speculated on when the Federal Reserve will increase its benchmark interest rates. December gold dropped to $1,204.30 per ounce in early trading on the Comex division of the New […]
Futures for gold fell to their lowest value since January with outlook over higher borrowing rates in the US spurring the dollar upward and decreasing demand for an inflation hedge. Bullish wagers made on gold by money managers have declined for six consecutive weeks, making the longest losing streak in over years based on government […]
Overview The 4H chart demonstrates that silver is going take an upward move after its rebound from the Support level at 17.00 and currently is approaching the Resistance level of 17.30 trying to break it through to continue its bullish move. More buy signals would be provided in case of closing the 4H above this […]
Today’s support and resistance levels: R3: 1.6338 R2: 1.6309 R1: 1.6266 Current spot: 1.6247 S1: 1.6217 S2: 1.6190 S3: 1.6155 Technical summary: The correction from the 1.6446 high has been deeper than expected and we could see a move slightly lower to 1.6190 and even 1.6155, but this support should be able to protect the […]
Kiwi Rallies On Stable China Morning Report: 09.00 London • We’ve had a busy day already today with a slew of economic items coming from Australasia in the early hours of the morning. Chinese Manufacturing PMI has come in roughly in line with expectations, signalling expansion for the second month in a row. The S&P 500 […]
Gold price remains unable to make a strong bounce. Although price remains above critical short-term support at $1,207, the sideways move will soon be over with more chances favoring the bearish scenario for a push lower towards $1,180. Short-term trend is neutral while intermediate- and long-term trend remain bearish. Blue line= support Green line = […]
Technical outlook and chart setups: A 4H chart has been presented here, to have a closer look of the range. Gold remains in a trading range, unchanged from yesterday. Resistance of the range is around $1,235.00 and support is around $1,206.00 levels respectively. Please note that Gold still remains very much in the sell zone […]
September 30, 2014 – Commodities News Gold On Monday, Gold started to climb on the back of recent protests in Hong Kong and geopolitical tension in Syria. However, once the price reached $1,223/ounce, it fell back down below $1,218/ounce. The price could continue to trade sideways as traders are being cautious ahead of the U.S. […]
Gold continued to hold near a nine month low to put it on track to record its first losing quarter for the year behind outlook for higher borrowing costs in the US boosting the dollar. Spot gold traded slightly higher today at a price per ounce of $1,217.14 mid morning Singapore time from yesterday’s $1,215.81, […]
Technical outlook and chart setups: Silver remains locked between $17.30 and $18.00 since a few days as seen here. The trend remains bearish with Silver clearly trading in the sell zone at the moment. A push below $17.30 levels would see further lows into $16.00. Immediate support remains at $17.30 (interim) while resistance is seen […]
Overview: Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,212.10. According to the 4H time frame, we can observe strong rejection again from our Fibonacci retracement 61.8% at the price of 1,229.00, which caused price to start with downward movement. According to previous price action, […]
Technical outlook and chart setups: Gold remains in a trading range between $1,00.00/05.00 and $1,230.00/40.00 for now. The metal is attempting to rally at the moment but a break above $1,240.00 would be imminent for bulls to remain in further control. On the flip side, a break below $1,206.00 would drag prices towards $1,180.00/85.00 at […]
Gold price has held support at $1,207 on Friday and made a higher low at $1,212. Short-term trend is sideways and I prefer to stay neutral for now. My longer-term view remains bearish. My target remains at $1,000. We first need to break below $1,180. This will strengthen our bearish scenario. Blue line = support […]
Kiwi Heads Down Under Morning Report: 09.00 London • With the exception of the Australasian pairs, it’s a quiet Monday to start the week, with the S&P 500 down slightly and the dollar index holding its powerful up trend. […]
The metal has been testing its fate at $1,212 levels. Though the pair hit it during the intraday session, it managed to trade above it. In the monthly chart $1,212 is at 200MEma. A daily close below $1,215-$1,2$1,2, it can extend its fall to $1,200, $1,185-1,180, $1,150 and may be even $1,135 levels. Below 200MEma, […]
Gold declined to its lowest in almost nine months with the dollar rising to its strongest in four years due to outlook on higher borrowing costs and its improving economy. Spot gold dropped by as much as 0.2% to fall to a price per ounce of $1,21602 and was trading mid morning Singapore time at […]
Overview As it is seen from today’s 4H chart, the metal is stabilizing above the support level of 17.50 after its failure to break the support level of 17.30 and has bounced from it. Currently, we should wait for retesting of the support level of 17.50again and closing below it to get the bearish move […]
Overview: Since our last analysis, gold has been trading upwards. The price tested the level of 1,231.12. According to the 4H time frame, we can observe strong rejection again from our Fibonacci retracement 61.8% at the price of 1,229.00, which caused price to start with downward movement. According to previous price action, we got support […]
Gold price has made a double bottom around $1,207-$1,210 and then bounced back above $1,220 towards $1,230. Our longer-term view remains bearish and the upside potential we see is limited to $1,240-50. The trend remains down and we prefer to look for sell opportunities. Green line = price channel Blue line = support Gold price […]
Dollar Holds Firm As Markets Slump Morning Report: 09.00 London • The S&P 500 dropped over 1.5% yesterday, not helped by the continued out performance of the US dollar as it hits its highest levels since July 2010. The prospected of an extended conflict in Iraq and Syria is weighing on markets that were running fast […]
Technical outlook and chart setups: Silver is also looking to form a potential double bottom ahead of $17.00 levels as seen here on the 4H chart view. The formation would be confirmed, once $17.90/18.00 level is crossed. Immediate resistance is placed at sub $18.00 levels, followed by $18.50/60, $18.90 and higher up, while support is […]
Technical outlook and chart setups: Gold is probably looking to form a double bottom ahead of $1,200.00 levels as seen here. A push above $1,235.00 now, would confirm the same. As seen on the daily chart here, the metal is looking to break the inner line of resistance at current levels. Once broken out, Gold […]
Futures for gold bounced back from a recent slump behind renewed demand for alternative assets due to a decline in US equities. Gold with a delivery date in December increased by 0.2% today for a price per ounce of $1,221.90 early afternoon after hitting the lowest among most active contracts since January 2nd at $1,206.60. […]
Editor’s note: The following article was republished here with permission from the co-editors of the September issue of The Elliott Wave Financial Forecast, a publication of Robert Prechter’s Elliott Wave International, the world’s largest financial forecasting firm. From Sept. 25 to Oct. 1, EWI is throwing open the doors to all of its investor services […]
CRUDE OIL: With Crude Oil halting its recovery on Thursday, risk of a run to the downside could be developing. Support comes in at the 92.00 level followed by the 91.00 level where a break will aim at the 90.00 level and then the 89.00 level. A turn below here will open the door for […]
