RSSCategory: Articles: Gold Silver Prices

Third-time lucky for gold at $1,800?

Third-time lucky for gold at $1,800?

Another Monday, and the start of another quarter. We are also heading into the Indian festival season, which is often a period of strength for precious metals prices. Over the last decade, the gold price has on average performed best during Q4. Right now though, the metal is struggling to clear resistance at $1,780. Though some of the selling pressure last week was a result of hedge funds taking profits/squaring books at the end of the quarter, look at a gold price chart for the last year plus and it’s pretty clear that the $1,780-1,800 zone is an important resistance level for gold. Dan Norcini highlights gold’s year-long trading range at his site – […]

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Gold Bullion Has Base for Assault on $1800

Gold Bullion dipped below $1770 per ounce Monday morning in London, though it remained in line with the last fortnight’s trading, while European stock markets rallied along with the Euro following news late last week that the capital needs of Spain’s banks are within existing provisions. “On the monthly chart, the bull trend remains intact, with uptrend support at $1594 and resistance at $1790, the previous high,” says technical analyst Russell Browne at Scotia Mocatta. “[Gold seems] to have established a base now down at $1740,” adds Dave Govett, head of precious metals at brokerage Marex-Spectron. “But we also seem to have a ceiling in place between $1785 and $1790…I think […]

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The current phase of development in Gold

The current phase of development in Gold

The daily timeframe is a picture of “Horizontal Development” in the Gold futures (see right hand side chart below zoomed in for six months).  The highlighted blue “Rectangle” is a Mature Balance Area in Auction Market Theory.  The balance area is a range of current value with the upper extreme being an “unfair high” and the lower extreme being an “unfair low” among market participants in a given timeframe.  “Responsive” type traders fade this range.  “Initiative” type traders are looking for the breakout into trend.  The higher probability trade for either trade plan would be with the prior trend. Is there a specific level that I would buy gold?   My answer is to never commit to […]

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Gold Still Stuck near $1785 – $1800

| September 29, 2012 | Articles: Gold Silver Prices
Gold Still Stuck near $1785 – $1800

Over the last two weeks, gold has had some difficulty clearing the stubborn resistance level beginning near $1785 and extending towards $1800, round number psychological resistance. It has poked its head into this zone but cannot breach it as of yet. When examining the chart it is not difficult to understand the significance of this region. Note that there have been two occasions in the last year, one back towards October 2011 and the other earlier this year in Jan/Feb, when gold either punched through this level or came extremely near to it, but failed to close ABOVE it.   Look carefully at what happened the following week after the […]

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Bank of Japan contemplates more asset purchases

| September 28, 2012 | Articles: Gold Silver Prices
Bank of Japan contemplates more asset purchases

Gold and silver have been performing strongly over the last 24 hours, with the yellow metal now making tentative steps above $1,780. Silver is closing in on $35, while the Dollar Index is down 0.18% since the start of the day, as markets react positively to new budget proposals from the Spanish government, aimed at getting the country’s deficit under control. This has staunched the bleeding in Spanish bonds, and pushed stocks and commodities higher. Elsewhere, the steady drip-drip of disappointing economic data continues. US durable goods orders for August disappointed, while Q2 GDP growth was revised down. In Japan today, new data shows consumer prices dropped by 0.3% compared […]

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Euro Gold Prices Hit Record as Debt Crisis Escalates

Gold Prices hovered near seven-month highs above $1780 per ounce for most of Friday morning in London – a few Dollars up on where they started the week – while stocks failed to hold early gains after a analysts interpreted Spain’s budget as “laying the groundwork” for a formal bailout. Silver Prices eased to $34.73 per ounce after failing to breach $35, while other commodities were broadly flat and US Treasury bonds gained. Euro Gold Prices meantime remained close to all-time highs hit yesterday. “The debt crisis in the Eurozone has escalated again,” says today’s commodities note from Commerzbank. “Gold should therefore remain in high demand as a store of value and alternative currency. […]

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Gold Prices Slip But Secular Bull Set to Reach $3000 or $5000

US Dollar Gold Prices slipped for the 3rd time this week below $1760 per ounce in London trade on Wednesday, gaining against the Euro and Sterling as those currencies fell faster and rising back towards last week’s new all-time high versus the Swiss Franc. World stock markets extended Tuesday’s late plunge in US equities, knocking 2.4% off the French CAC40 index as the Euro dropped to a 2-week low beneath $1.2850. After anti-austerity protesters clashed last night with police in Madrid, a general strike in Greece brought the country “to a standstill” according to BBC reports, with tens of thousands of people gathered outside parliament in Athens. Commodity prices fell, with crude […]

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Gold & Silver Price Today – 25 September 2012

Gold & Silver Price Today – 25 September 2012

Both the gold price and silver price are staying strong since the last spike on September 14th. In gold, we see a trading range between $1,750 and $1,790 over the past 7 days. It’s clear that 1,800 is a very strong resistance zone. We are probably experiencing a consolidation period in which the metal gather energy to break through 1,800. The important thing to watch is the gold price not breaking support levels, which are $1,750 and secondary support around $1,730 (as technical analyst and trader Dan Norcini points out). In silver we have a similar view. $35 has clearly strong resistance and the metal “needs some work” to break through […]

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Gold Firm but Unable to Continue through Upside Resistance

| September 25, 2012 | Articles: Gold Silver Prices
Gold Firm but Unable to Continue through Upside Resistance

Gold is trading firmly today as risk appetite is back on after a bit of a hiccup yesterday. Many investors/traders are growing a bit more sanguine about the impact of any QE program and are still concerned about slowing global economic growth in spite of Central Bank actions to stimulate borrowing and spending. That is leading to more two-sided trade in gold, and in silver I might add, as traders sort out clues to see which direction the economy might be taking. Frankly, I think it is pathetic that we have reached a point in our nation’s history that the actions of the Fed have so discombobulated common sense. No […]

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ETF Gold Bullion Holdings Hit Record High

ETF Gold Bullion Holdings Hit Record High

Gold bullion prices hovered around $1765 per ounce Tuesday morning in London, 1.8% off last Friday’s seven-month high. “It looks to me like we’ve got a short period of consolidation,” says Standard Chartered analyst Daniel Smith. “[We’ll see] maybe a month of sideways trading possibly and then generally trending higher in the next six months to a year.” Stock markets were also broadly flat as major government bond prices gained, while the Euro recovered early losses ahead of a meeting between the leaders of Germany and the European Central Bank. Tuesday also brought fresh news of central bank gold buying, while SPDR Gold Shares (GLD), the world’s biggest Gold ETF, saw its Gold […]

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Gold Bullion Still a Buy Despite Price Drop

Gold Bullion prices fell to $1757 per ounce Monday morning in London – 1.7% off a seven-month high hit briefly last Friday – as stocks, commodities and the Euro also ticked lower and US Treasuries gained amid signs of ongoing political stalemate in Europe. Silver Bullion dropped to $33.71 per ounce – 4% down from Friday’s high. Despite the falls, analysts continue to forecast higher prices for Gold Bullion, while dealers in India report increased physical demand toward the end of last week as local prices came down. “[There is a] lack of obvious catalysts in the near term to take Gold Prices higher,” says Deutsche Bank analyst Daniel Brebner. “But I do think we […]

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Gold And Silver Fail to hold Resistance Levels

| September 23, 2012 | Articles: Gold Silver Prices
Gold And Silver Fail to hold Resistance Levels

Both of the precious metals had mustered enough energy to finally best those respective chart resistance levels earlier in today’s session but were repelled around midmorning and unable to keep their footing above important chart resistance. It sure seems to be, based on the price action, that there was extremely heavy capping action occuring. It seems to me that the noteworthy strength in the mining sector as evidenced by the robust performance of the HUI has given the bulls a great deal of confidence in stepping up to buy the dips in both metals. Gold has now entered firmly into a zone in which we can expect opposition all the way to […]

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New Silver Upleg

New Silver Upleg

Silver has certainly enjoyed an impressive run of late, catapulting nearly a third higher since mid-summer. Because this surge looks nearly vertical on short-term charts, some traders are getting nervous about this rally’s staying power. While silver may indeed be temporarily overbought, its recent strength actually looks like the vanguard of a major new upleg. Silver’s advance is likely just getting started. Skepticism of silver’s potential continues to run rampant among speculators and investors. But this is par for the course after a major correction. Back in the spring of 2011, silver rocketed parabolic in a gargantuan upleg. But it became wildly overbought, hitting the most extreme greed levels of […]

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Uptrend Intact for Gold Bullion

Uptrend Intact for Gold Bullion

Spot market Gold Bullion prices held above $1770 per ounce Friday morning in London, a few Dollars off six-month highs set earlier in the week, while stocks and commodities were also broadly flat ahead of a meeting between the leaders of Spain and Italy, with press reports suggesting plans are being discussed for a Spanish bailout. Heading into the weekend, Spot Gold would make its fifth straight weekly gain if it closes above $1770 per ounce later today, while gold in Euros remained within 1% of last year’s all-time high this morning. “The large uptrend is still intact, and it is positive that gold has been able to hold onto […]

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