Initial support comes in near today’s lows; in the low $930 range. Chart analysis shows that not only is $930 the top of the last consolidation range, but it was a price peak back in October of ’08, providing a horizontal support zone across the chart. However, given the volatility of gold, a pullback could encompass a price range to as low as $880. Full Story
THE SPOT-GOLD MARKET regained a third of this week's 6% drop Friday morning in London, trading back above $960 an ounce on a flood of bad economic and financial news. The US economy shrank by 6.2% annualized at the tail-end of 2008 said the Bureau of Economic Analysis – the worst rate in 25 years – while personal spending fell by 5˘ in the dollar. Full Story
Gold’s correction continues and it has fallen for four days in a row now but the long term fundamentals remain very sound. Bargain hunters are likely to reemerge at these levels which should be supportive. Gold remains up more than 7% so far this year (in dollar terms as per table and much more in euros and sterling) and continues to significantly outperform battered stock markets. With the global economy sinking into a deep recession and possibly even a depression this outperformance looks set to continue in the medium term. Full Story
By: Chris Mullen, Gold-Seeker.com - 26 February, 2009
Gold extended yesterday after hours weakness in Asia and London and fell to as low as $931.75 by late morning in New York to see a loss of $32.80 or 3.4%, but it then rallied back higher in the last couple of hours of trade and ended $10.35 off that low with a loss of just 2.32%. Silver fell to as low as $12.92 in late trade before it rebounded 5 cents from that low in the last couple of minutes of trade, but it still ended with a loss of 6.66%. Full Story
Initial support comes in near today’s lows; in the low $930 range. Chart analysis shows that not only is $930 the top of the last consolidation range, but it was a price peak back in October of ’08, providing a horizontal support zone across the chart. Given the volatility of gold, a pullback could encompass a price range to as low as $880. Full Story
THE PRICE OF PHYSICAL GOLD slipped further in Asia and London on Thursday, dropping to a two-week low beneath $940 an ounce as world stock markets rose for the second time in 13 sessions. Euro and Sterling Gold Prices traded some 7% below last week's highs as the US Dollar eased back on the currency markets. Full Story
By: Chris Mullen, Gold-Seeker.com - 25 February, 2009
Gold fell as much as $18.45 to $950.80 by late trade in Asia before it climbed back higher in London and rose to as high as $978.20 to see a gain of $8.95 by a little after 10AM EST in New York, but it then fell back off in the last couple of hours of trade and ended with loss of 0.48%. Silver followed a similar pattern and fell as much as $0.412 to $13.568 before it rose to see a gain of $0.162 at $14.142, but it also fell back off in late trade and ended with a loss of 0.60%. At the time of writing, both metals have fallen almost 2% further in after hours access trade. Full Story
Initial support comes in near today’s lows, from $940-$950, but the last consolidation range might be the more important downside target, from $900-$920. A 38.2% retracement of the mid-November to mid-February rally would be back to $895. A 50% retracement brings gold back to $860. Full Story
THE SPOT PRICE OF GOLD continued to slide early Wednesday, recording their lowest London Gold Fix in seven sessions at $956.25 an ounce. Crude oil held above $40 per barrel and government bonds were flat – yielding 2.82% on the 10-year US Treasury – after President Barack Obama assured TV viewers and Congress alike that although his massive stimulus spending means "We will rebuild, we will recover...the weight of this crisis will not determine the destiny of this nation." Full Story
The rather strong up-move we saw in gold last week, culminating in a push back above the $1,000 psychological barrier, returned considerable credence to the long-term uptrend. Despite this week's corrective tone, a retest of the all-time high at 1032.20 is still considered likely. Full Story
A short term correction was expected and warned of and this correction was necessary after gold becoming overbought in the short term. Gold had rallied over $100 (from $890/oz on February 9th to just over $1,000/oz on February 20th) or some 12% in less than two weeks. Such an appreciation in any asset class in such a short period of time is unsustainable. Full Story
By: Chris Mullen, Gold-Seeker.com - 24 February, 2009
Gold and silver traded mostly slightly lower in Asia and London before they rose at the New York open to see gains of $2.55 and $0.107 at as high as $995.65 and $14.592 at about 9AM EST, but they then tumbled lower for the rest of the morning and gold fell to as low as $959.00 before closing with a loss of 2.4% while silver fell to as low as $13.69 before it ended with a loss of 3.5%. Full Story
Dreary economic news greeted traders this morning, with reports of a 4th quarter $60 billion loss by AIG, a slump in Consumer Confidence (lowest level since 1967), and a continuing slump in housing prices. Even lower end retailers, like Target, are facing heat, with profits falling 41% in the 4th quarter and according to Bloomberg, it is also setting aside money for unpaid credit-card balances and is cutting 9 percent of its headquarter staff. Full Story
THE PRICE OF physical gold dipped 1.5% at the New York opening on Tuesday, growing volatile against all major currencies as world stock markets fell for the eleventh session running. Poland's WIG20 index – down by more than one half since Feb. '08 – lost another 0.9% despite pan-European proposals to rescue former Soviet Bloc states. Full Story
Gold and silver remained resilient yesterday (gold slightly lower; silver slightly higher) despite the continual wave of mini tsunamis shaking the global economy. World stock markets continue to reel from the deterioration of the financial system which is spreading to the global economy and the DJIA fell to levels last seen in 1997 and the Nikkei fell to levels last seen 26 years ago in 1983. Full Story
By: Chris Mullen, Gold-Seeker.com - 23 February, 2009
Gold fell as much as $23.85 to $975.35 by about 9:30AM EST in New York, but it then stormed back up to as high as $998.05 in late trade and closed near that high with a loss of just 0.61%. Silver dropped as much as $0.375 to $14.09 before it rallied to see a gain of $0.165 at $14.63 shortly after noon EST, but it then fell back off from that high in the last hour of trade and ended with a gain of just 0.14%. Full Story
THE SPOT PRICE of physical gold slipped to $980 an ounce early Monday, dropping 2.5% from Friday's peak above $1,000 as world stock markets crept higher for the first time in 10 sessions. Versus the Euro and British Pound, the Gold Price retreated more than 4.2% as the Dollar also eased back on the currency markets. Full Story
Gold has given up some of last’s weeks very large gains and is down 0.6% after Asian and in early European trading. With gold up some 13% so far in 2009, some correction and consolidation may be necessary prior to overcoming resistance at $1,000/oz. Full Story
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