By: Chris Mullen, Gold-Seeker.com - 17 April, 2009
Gold and silver fell in choppy trade throughout the day and gold ended near its session low of $864.65 with a loss of 1.32% while silver ended near its low of $11.799 with a loss of 3.67%. Full Story
The price of gold fell $11.9 dollars today, following yesterday’s $17 slide in the face of three consecutive days of trying to move above $893.0. It appears bulls simply lost momentum and the gold market lost ground throughout the day as the stock markets strengthened. The US dollar surged higher against all the major currencies and appears to have broken out of a consolidation triangle or is the process of testing the resistance on a quasi-ascending triangle. Either way, it appears that the least resistance for the dollar is higher. Full Story
Support is at the 200 day moving average of $869/oz for the June future and $865/oz for the continuous rolling contract and a breach of these levels will likely see technical selling down to the $850/oz level. The short term trend remains down and momentum traders are as ever ‘making the trend their friend’. Further consolidation seems necessary prior to a challenge of the stubborn resistance at $900/oz. Full Story
By: Chris Mullen, Gold-Seeker.com - 16 April, 2009
Gold traded near unchanged in Asia and fell $5.20 to $886.95 midday in London before it rose to see a gain of $1.35 at $893.50 around 8:30AM EST in New York, but it then fell back off for most of the rest of the morning and ended near its low of $876.80 with a loss of 1.54%. Silver traded just slightly lower in Asia and London before it also dropped off rather markedly in midmorning New York trade and ended near its low of $12.18 with a loss of 4.36%. Full Story
The price of gold fell $17.3 dollars today, after three consecutive days of trying to move above $893.0. It appears bulls simply lost momentum and the gold market lost ground throughout the day as the stock markets strengthened. The US dollar was higher, but without much pizzazz, though it did gain against all the major currencies. Full Story
Gold and silver rose marginally in US trading yesterday and have largely traded sideways in Asian and European trading. Gold appears to be consolidating in the $865/oz to $900/oz region and needs a higher weekly close (above $883/oz) and then a close above $900/oz to look good from a technical perspective. Full Story
By: Chris Mullen, Gold-Seeker.com - 15 April, 2009
Gold climbed $8.05 to $898.85 just before 8:30AM EST before it plummeted down to $885.75 as the CPI data was released, but it then rallied back higher for most of the rest of trade and ended with a gain of 0.15%. Silver fell $0.145 to $12.65 and then rose $0.145 to $12.94 in London before it fell back off in morning New York trade, but it then rallied back higher in the last two hours of trade and ended with a gain of 0.31%. Full Story
Obama’s message of hope for the US economy (while warning that the US economy was "by no means out of the woods just yet") has been met with indifference in equity markets which are down in Europe this morning. Wall Street is set for a mixed open (Intel’s lack of guidance is making the market nervous) which could see stocks under pressure again which should see gold well supported at these levels. Full Story
By: Chris Mullen, Gold-Seeker.com - 14 April, 2009
Gold rose $3.65 to $898.30 in Asia before it fell to as low as $886.05 by about 10:30AM EST in New York, but it then rallied back higher in the last few hours of trade and ended with a loss of just 0.43%. Silver rose a couple of cents to $12.78 in Asia before it fell back off in London and early New York trade to as low as $12.56 by about 10AM EST, but it then shot back higher into the close and ended near its new session high of $12.802 with a gain of 0.27%. Full Story
THE SPOT PRICE of physical gold slipped out of a tight range at the start of New York trade Tuesday morning, holding onto half of yesterday's 1.4% rise as world stock markets reversed early gains and the US Dollar clawed back half of its near-2% loss to the Euro. Full Story
Ostensibly positive news from the financials (Wells Fargo and Goldman Sachs) has lifted markets in recent days but there are concerns that the positive results may have had more to do with government largesse (with tax payers money) and innovative accounting rather than any meaningful return to profitability. Full Story
By: Chris Mullen, Gold-Seeker.com - 13 April, 2009
Gold rose almost 1% from last Thursday’s close to about $889 in Asia before it fell in London to see a gain of just $3.25 at $884.75 a little after 8AM EST, but it then jumped higher in New York and ended near its high of $899.75 with a gain of 1.49%. Silver saw a gain of 10 cents at $12.41 shortly after 8AM before it also shot much higher in morning New York trade and ended near its high of $12.868 with a gain of 3.66%. Full Story
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