By: Chris Mullen, Gold-Seeker.com - 28 March, 2014
Gold climbed $6.19 to $1298.69 at about 4AM EST before it fell back to a new 6-week low of $1285.81 in the next six hours of trade, but it then bounced back higher into the close and ended with a gain of 0.02%. Silver slipped to as low as $19.649 before it also bounced back higher and ended with a gain of 0.2%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 28 March, 2014
The New York gold price closed at $1,292.50 down $8.50 on Thursday in New York. All the falls in the last week have happened in New York, but on thin trade. Asia lifted it to $1,296. London then held it at $1,295 at the opening. The gold price was Fixed in London at $1,295.75 up $0.75. In the euro, it Fixed at €944.149 up €2.057 as the dollar stood at $1.3724 up from $1.3846: €1. Ahead of the opening in New York gold stood at $1,295.40 and in the euro at €943.07. Full Story
Snapping its four-day losing streak, gold prices recovered very marginally today. Traders said there was a revival of buying by retailers at these lower levels and this contributed to a marginal recovery in gold prices. Gold in Singapore, which normally sets price in the important Indian gold market, rose 0.4% to $1,296.80 an ounce and silver by 0.8% to $19.86 an ounce. Among other precious metals, palladium gained nearly 1% today to $765/oz but is lower for the week. Full Story
By: Chris Mullen, Gold-Seeker.com - 27 March, 2014
Gold fell $10.29 to $1289.32 at about 3PM EST before it rallied back higher in the last hour of trade, but it still ended with a loss of 0.65%. Silver slipped to as low as $19.609, in London, but it then chopped back higher in New York and ended unchanged on the day. Full Story
Consequently, in our opinion the remaining half of the long-term investments in gold can be temporarily closed. Moreover, in our opinion a speculative short position in gold is also justified from the risk/reward perspective. We are also moving stop-loss orders lower as silver and miners are much lower than when we first outlined these positions. Full Story
By: Julian D. W. Phillips, Gold Forecaster - Global Watch - 27 March, 2014
While the gold price appeared to have found a ‘bottom’ we need a few more days to see if this is so. We continue to feel the fall has been overdone. If this is correct the next rise could well be substantial, according to the Technical picture. Before that happens we must climb over the month end. This is a time when major institutions like to try to force the gold price down to protect their options and futures positions. Full Story
Gold bullion dropped to its lowest level in six weeks in London as better than expected durable goods hinted to a recovery in the U.S. and increased the case for the U.S. Fed to keep reducing stimulus and start to raise interest rates. Fed Chair Yellen commented after this month’s policy meeting that the bond buying program may end this fall and the first increase in the benchmark rate may follow six months later. Full Story
Yesterday the reserve bank of India (RBI) was buying to prevent the Indian rupee from gaining further. This is first time in the past nine months that RBI was intervening to prevent the rupee from gaining. To me this is an indication that India will allow partial gold imports soon. The 80:20 rule will be changed. We expect the RBI to allow gold imports in its policy meeting next week. Full Story
By: Chris Mullen, Gold-Seeker.com - 26 March, 2014
Gold edged up to $1316.29 at about 7:30AM EST, but it then fell to as low as $1298.89 in New York and ended with a loss of 0.82%. Silver slipped to as low as $19.684 and ended with a loss of 1.25%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 26 March, 2014
The New York gold price closed at $1,311.80 up $2.30 on Tuesday in New York. Asia and London lifted it again to $1,315. The gold price was Fixed in London at $1,314.50 down $0.25. In the euro, it Fixed at €952.743 up €0.922 as the dollar stood at $1.3800 up from $1.3813: €1. Ahead of the opening in New York gold stood at $1,315.20 and in the euro at €953.18. Full Story
Gold traded above a five week low today as investors weighed the crisis over Ukraine. Gold reached a six-month high on March 17th near $1,400/oz as brinkmanship and tensions between Russia and the West intensified and the worst geo-political crisis since the Cold War escalated. Full Story
Gold and silver are in a consolidation phase ahead of the next big move. Gold needs to trade over $1300 to prevent a sell off. In case spot gold trades below $1330 till next week, then more and more short positions will get created and more medium term gold investors will use every rise to exit. Silver desperately needs to trade over $1970 till next week to prevent another sell off. A consolidation phase for the global economy in the next quarter will trigger a collapse to base metals and silver. Full Story
By: Chris Mullen, Gold-Seeker.com - 25 March, 2014
Gold gained $7.79 to $1317.29 in Asia before it fell back to $1306.15 at about 8:30AM EST, but it then bounced back higher in New York and ended with a gain of 0.18%. Silver rose to as high as $20.204 before it dropped back to $19.931 and then also bounced back higher, but it ended with a gain of just 0.1%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 25 March, 2014
The New York gold price closed at $1,309.50 down $23.40 on Monday in New York. Asia and London lifted it to $1,315. The gold price was Fixed in London at $1,314.75 down $7.75. In the euro, it Fixed at €951.821 down €8.516 as the dollar stood at $1.3813 down from $1.3766: €1. Ahead of the opening in New York gold stood at $1,316.00 and in the euro at €952.69. Full Story
Meeting for the first time since last week’s annexation of Crimea by Russia, G7 leaders said they won’t attend a G8 meeting that had been set for Sochi, on Russia’s Black Sea coast, and will instead hold their own summit in June in Brussels. The G7 said in a statement that they remain ready to “intensify actions”, including coordinated sectoral sanctions. Full Story
Apart from Ukraine and speculation of Chinese economic stimulus there is not much news at the moment. The selloff in gold and silver is a bearish formation which if it continues today will result in gold falling to $1268 and silver falling to $1890. In case gold does is not able to break March of $1392 in April then a fall to $1180 and $1135 looks inevitable. Gold is at a very critical juncture and desperately needs to trade over $1300 to prevent another sell off. Silver is falling on the Chinese slowdown. Full Story
By: Chris Mullen, Gold-Seeker.com - 24 March, 2014
Gold dropped $24.27 to $1308.00 by midafternoon in New York before it bounced back higher in the last hour of trade, but it still ended with a loss of 1.76%. Silver slipped to as low as $19.927 and ended with a loss of 1.53%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 24 March, 2014
The New York gold price closed at $1,332.90 up $5.90 on Friday in New York. Asia and London took it down to $1,324. The gold price was Fixed in London at $1,322.00 down $16.50. In the euro, it Fixed at €960.337 down €9.872 as the dollar stood at $1.3766 from $1.3760: €1. Ahead of the opening in New York gold stood at $1,323.10 and in the euro at €960.96. Full Story
Current price movement in gold and silver suggests that traders as well as investors are on the sidelines. In case gold and silver fall this week too then every rise will be used to exit short term investments. The next three weeks are very crucial for gold and silver. Traders will now start taking positions for the next quarter as well as March US nonfarm payrolls. The fall in gold and silver is just quarter end profit taking which if it continues into next week will mark the beginning of a medium term bear phase. Full Story
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