- Shanghai Gold Exchange Sees Volumes Jump 24% In Year
March 12 2013 9:02 AM
Gold gained for the third straight session, the longest rally this year, on the realisation that the European crisis may worsen. Fitch Ratings cut Italy’s credit rating by one level on Friday. Fitch downgrading Italy is likely providing support as is robust demand in Asia, particularly China.
- Spot Gold Forecast for 03/12 by Daytradeideas.com
March 12 2013 8:31 AM
Spot Gold held a very tight range last week from 1561 up to 1586/87 so we watch these parameters this week. Below 1579 we could test support at 1569/67 again today & a break below last week’s low of 1561 could signal a retest of February lows at 1555. We will need to hold above 1579/80 for another test of 1586/88 resistance. This could hold the top of the market again today but if we start to push higher look for 1595 with 1605/09 the target above.
- Lear Capital: Gold Tells Truth About Jobs Report
March 11 2013 9:27 AM
Market futures jumped, gold prices collapsed and talking heads had a hay day expressing their opinions about February payroll data. According to reports, 236,000 new jobs were added, well above the forecasts of the entire panel of experts. Prodding the bull moment, the unemployment rate dipped to 7.7%.
- Gold And Silver Traders Reduce Long Positions Again
March 11 2013 9:22 AM
Hedge-fund managers and other large speculators decreased their net-long position in New York gold and silver futures last week (week ended March 5), according to U.S. Commodity Futures Trading Commission (CFTC) data.
- Spot Gold Forecast for 03/08 by Daytradeideas.com
March 08 2013 9:05 AM
Spot Gold holding support at 1569/67 & 1587/88 resistance. Below 1579 we could now test support at 1569/67 again today & a break below 1565 could signal a retest of February lows at 1555. We will need to hold above 1579/80 for another test of 1587/88 resistance. This could hold the top of the market again today but if we start to push higher look for 1595 with 1605/09 the target above.
- Gold Holding Support Despite Extreme Negative Sentiment
March 08 2013 8:03 AM
We all know that sentiment on Gold is quite bearish. Rather than post numerous charts which you’ve likely already seen, I want to note some of the recent statistics. By recent, I refer to the past two weeks. Market Vane’s bullish consensus for Gold hit its lowest since 2001. SentimenTrader.com’s public opinion, which combines various surveys, touched its lowest level since 2004. GLD has seen outflows for 41 consecutive days. It’s monthly outflow was the largest since inception in 2007. According to BullionVault and COT data, speculative bets against Gold are the highest since 1999. The recent commercial short position was at its lowest since late 2008.
- Russia, Korea And Central Banks Accumulate Gold On Dip Below $1,600/oz
March 07 2013 9:22 AM
Later today the markets will digest the outcomes of policy meetings of the ECB, Bank of England and Bank of Japan. Ultra loose monetary policies are set to stay which will support gold. Indeed, the British government may be set to hand Carney in the BOE even more powers which will usher in even looser monetary policy.
- Spot Gold Forecast for 03/07 by Daytradeideas.com
March 07 2013 8:49 AM
Spot Gold held support at 1569/67 & held 1587/88 resistance as predicted. The same levels apply for today. Below 1579 we could now test support at 1569/67 again today & a break below 1565 could signal a retest of February lows at 1555. We will need to hold above 1579/80 for another test of 1587/88 resistance. This could hold the top of the market again today but if we start to push higher look for 1595 with 1605/09 the target above.
- Dow Down 50% Against Gold Since Last Record Dow in October 2007
March 06 2013 9:31 AM
Gold edged higher in Asian and European trading today, supported by modest physical demand in Asia and from central banks. This continuing demand is creating expectations that prices will consolidate at current levels before moving higher again.
- Spot Gold Forecast for 03/06 by Daytradeideas.com
March 06 2013 8:24 AM
Spot Gold held support at 1569/67 as hoped & halted at 1587/88 resistance as predicted Below 1579 we could now test support at 1569/67 again today & a break below 1565 could signal a retest of February lows at 1555.
- Record Silver Eagle Sales - SocGen Say Silver “Cheaper Alternative To Gold”
March 05 2013 9:34 AM
Silver is trading at $28.93/oz, €22.30/oz and £19.16/oz. Platinum is trading at $1,588.50/oz, palladium at $722.00/oz and rhodium at $1,200/oz.
- Spot Gold Forecast for 03/05 by Daytradeideas.com
March 05 2013 8:57 AM
Spot Gold broke 1584 & fell all the way back to 1565. Support 1569/67 held yesterday as expected and could hold any weakness again today. However a break below 1565 could signal a retest of February lows at 1555. It does look like we can hold above 1579/80 for 1587/88 resistance. This could hold the top of the market today but if we start to push higher look for 1595 with 1605/09 the target above.
- China’s $3.3 Trillion FX Reserves Could Buy All World’s Gold Twice
March 04 2013 10:25 AM
Concerns about the global economy and the outlook for riskier assets have led to renewed physical buying interest in Asia, particularly in China. The increasingly popular gold forward contract on the Shanghai Gold Exchange stood at 320 yuan a gram by 0741 GMT according to Reuters, or $1,600/oz. This is a healthy premium of about $23 to spot gold.
- Spot Gold Forecast for 03/04 by Daytradeideas.com
March 04 2013 9:10 AM
Spot Gold broke 1584 & fell all the way back to 1565. Support today seen at 1569/67 and this could hold any weakness. However a break below 1565 could signal a retest of February lows at 1555. It does look like we can push back above 1579/80 resistance for 1587/88. This could hold the top of the market today but if we start to push higher look for 1595.
- Gold Bullion & Miners' Race to the Bottom
March 01 2013 10:54 AM
Since equities had reached bottom in June 2012, major indices have rallied 21% to today, compared to -1% for gold bullion and -20% for the Gold Bugs index – An index of the 16 most popular gold mining companies. The Gold Bugs index has fallen 31% from its September high, while the yellow metal dropped 13% from its October high. A similar 2.5-1 disparity in GoldBugs-Bullion Sell-off was seen during the 2008 crisis, when bullion fell 33% from its 2008 peak to its 2008 trough, while Gold Bugs fell 71% during the same period.
- Gold Down In February - Weak Hands Sell On Poor Sentiment; Smart Money Holds Or Adds To Positions
March 01 2013 9:01 AM
Despite the very negative sentiment, gold was more resilient in other fiat currencies. In euros and pounds, gold only fell by 1.1% and 0.7% respectively. For the month, gold fell just over £8 from £1,049/oz to £1,041/oz and from €1,225/oz to €1,210/oz.
- Will We See Consolidation in Gold Mining Industry?
March 01 2013 8:16 AM
As the gold mining sector plunges to the end of a cyclical bear market, one wonders if this ongoing selling climax will precipitate a catalyst for more mergers and acquisitions in the industry. The last 12 years tells us that these transactions tend to follow the market itself but with a lag. Peaks in M&A activity (in global mining) in terms of number of transactions and value occurred in 2006-2007 and 2010-2011 while troughs occurred in 2002 and 2008-2009. According to Ernst & Young, 2012 had the lowest number of global mining deals since 2008 and the lowest in terms of value since 2009. On a smaller microeconomic level, the current depths of the junior mining industry and low share prices across the board should provide a catalyst for more deal flow. Going forward I believe we will see industry consolidation but in two separate different phases which will produce different winners.
- “Catastrophe For The Euro” To Lead To Real European Flight To Gold
February 28 2013 10:44 AM
After the fall of yesterday, gold recovered in Asian trading and traded over $1,604/oz prior to renewed selling sent prices below $1,600/oz again. Gold rebounded on concern that automatic U.S. spending cuts that are due to take effect from tomorrow may hurt the recovery of the U.S., still the world’s largest economy.
- Spot Gold Forecast for 02/28 by Daytradeideas.com
February 28 2013 9:51 AM
Spot Gold has fallen back as predicted to hit the 1588/87 target. We stated that we are unlikely to fall any further for this correction & so far we are holding above this support. We now look for a move back up to 1595 and then 1603/04. A push through 1609 then target the week’s high at 1619/20 then Fibonacci resistance at 1625 is expected to trigger profit taking once again. If however we break below 1584 we could test the next support at 1580/79. If this does not hold look for 1570/69.
- Fed To Prompt Currency Crash and Return to Gold Standard
February 27 2013 11:10 AM
Gold’s 1.3% gain yesterday was its biggest one-day gain in three months, as Federal Reserve Chairman Ben Bernanke's defense of U.S. debt monetisation confirmed bullion's inflation hedging appeal.