By: Chris Mullen, Gold-Seeker.com - 25 April, 2008
Gold fell to $877.50 by late trade in Asia before it rallied back strongly in London and rose to as high as $896.20 by about 9:30AM EST in New York, but it then fell back to $884.20 by late morning, bounced modestly higher in the last couple of hours of trade, and ended with a loss of just 0.03%. Silver dropped to $16.38 and rose to $16.90 before it fell back off to $16.627, but it then rallied back near its high by the close and ended with a gain of 0.78%. Full Story
Gold probed deeper below the $900 level in overseas trading on Friday, but the previous corrective low at 872.25 (01-Apr) remains intact. A rebound in the dollar has weighed on the yellow metal this week. Oil is in the process of retracing earlier downticks, which has bolstered gold as well. A move back above 900.00/906.35 would ease short-term pressure on the downside, further reinforcing the 872.25 support level. Full Story
THE SPOT GOLD MARKET fell sharply at the London opening yet again on Friday, losing 1.1% as Western stock markets rose together with the US Dollar. Full Story
Gold again fell below short term support at $900 and we are now retesting support at the early April lows of $870. We expect strong support at these levels but there is a possibility that should gold close below $880 we could retest previous resistance at the 1980 nominal high of $850 per ounce. Full Story
By: Chintan Karnani, Insignia Consultants - 25 April, 2008
It’s the US dollar story for precious metals, base metals and energies. US dollar gains, the invincible crude oil also falls. The big question is whether the US dollar has bottomed out against the major’s. In my view, we need to wait and watch for the Fed meeting and the April payrolls next week. Full Story
By: Chris Mullen, Gold-Seeker.com - 24 April, 2008
Gold briefly rose to $906.95 at the New York open, but it then sold off for most of the rest of trade and ended $5 off its low of $882.70 with a loss of 2.03%. Silver rose to $17.19 and fell to $16.62 before it closed with a loss of 2.85%. Full Story
Gold is testing below the $900 level, weighed by a rebound in the dollar and slightly easier oil prices. We've also noted significant redemptions in the gold ETF this week, which has pushed the yellow metal lower within the recent range. Full Story
SPOT GOLD slipped to a fresh three-week low beneath $898 per ounce early Thursday in London, as a sharp bounce in the US Dollar forced a drop in equities, crude oil and the Euro. Full Story
Gold broke down from its range bound channel yesterday and quickly fell to support at $895-$900 as anticipated. Should gold fall below $900 we could again retest the support of the early April lows of $880. We expect strong support at these levels but there is a possibility that should gold close below $880 we could retest previous resistance at the 1980 nominal high of $850 per ounce. Full Story
By: Chintan Karnani, Insignia Consultants - 24 April, 2008
The continued rise in food prices is resulting is resulting in workers demanding higher salaries. More than 4,000 workers walked off the job at a privately owned shoe factory in Ho Chi Minh City, demanding higher pay to keep pace with rising inflation, a company official said Wednesday. Full Story
By: Chris Mullen, Gold-Seeker.com - 23 April, 2008
Gold remained near unchanged in Asia before it fell in London and early New York trade to as low as $896.80 by about 10AM EST, but it then rallied back higher into the close and ended almost $10 of its low with a loss of 1.8%. Silver dropped to as low as $16.965 before it also rallied back higher into the close, but it still ended with a loss of 2.9%. Full Story
Gold has retreated to the $900 zone, weighed by a modest bounce in the dollar and a slight pullback in oil. However, potential below $900 is thought to be limited. Full Story
SPOT GOLD PRICES gave back an overnight rally in early London trade on Wednesday, dropping 0.9% to a low of $914.60 per ounce as the Euro and crude oil both slipped from their new record highs vs. the Dollar. Full Story
Gold remains in lockdown and is range bound in a narrow channel between $910 and $926. A close above or below this channel will likely see gold test support at $880 or challenge resistance at $950 (see Technical Analysis below). Full Story
By: Chintan Karnani, Insignia Consultants - 23 April, 2008
Back to square one for the commodity markets as they get dictated by the movement in the US dollar. Euro/Usd rose above $1.60 for the first time since its launch almost a decade ago after France’s central bank governor warned that combating inflation could yet require higher eurozone interest rates. Full Story
By: Chris Mullen, Gold-Seeker.com - 22 April, 2008
Gold fell to $911.65 in Asia, but it then rose throughout most of trade in London and New York and ended near its high of $925.40 with a gain of 0.88%. Silver fell to $17.275 and rose to $17.945 before it closed with a gain of 1.8%. Full Story
Gold is underpinned within the recent range as the euro firms on hawkish ECB comments. Oil continues to trend higher as well, setting a new record above $118 bbl and offering additional support for the yellow metal. Full Story
SPOT GOLD PRICES ticked higher in the first-half of London trade on Tuesday, holding 0.6% above Monday's low of $912.50 per ounce as crude oil rose to a new record high and government bond prices fell sharply, pushing longer-term interest rates higher. Full Story
Gold continues in a tight range between $910 and $930 but the path of least resistance looks to be to the upside, especially with oil above $118 a barrel on supply concerns. Safe haven demand continues to remain robust with the global credit crisis rumbling on with continuing revelations from Bank of America yesterday and Royal Bank of Scotland today. Full Story
By: Chintan Karnani, Insignia Consultants - 22 April, 2008
Last Monday also gold and silver fell only to pare all the losses. Will last week repeat itself this week? All will depend on the US housing numbers today. If they come in lower than market expectation there will be another round of US dollar selling before the Fed meeting next week. Full Story
By: Chris Mullen, Gold-Seeker.com - 21 April, 2008
Gold rose to $928.60 in London before it fell back off in New York to as low as $910.80 by about noon EST, but it then rallied back higher into the close and ended with a gain of 0.21%. Silver rose to $17.95 and fell to $17.255 before it also rallied back higher into the close, but it still ended with a loss of 2.3%. Full Story
Gold is edging higher as oil continues to set new record highs and the dollar retreats into the range. This leaves gold confined to its recent range as well, but the dominant trend, along with the underlying fundamentals remain bullish. Full Story
THE PRICE OF GOLD whip-sawed in a volatile $8 range early Monday, twice spiking above $923 before sliding back below last week's close to record an AM Fix in London today of $915.75 per ounce. Full Story
After a very strong week gold was taken down significantly on Friday, giving up the gains seen Monday to Thursday. Gold was down 1.28% last week while silver was up 0.68%. The lower weekly close in gold was bearish from a technical point of view but the fact that silver and the gold mining indexes were stronger and had higher weekly closes (HUI up 3.75% and XAU up 2.9%) suggests that gold’s weakness may again prove temporary. Full Story
By: Chintan Karnani, Insignia Consultants - 21 April, 2008
For the past three weeks momentum trading in metals and energies has been backed by technical trade. We cannot ignore the technical factors. Full Story
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