Gold rose as much as $7.10 to $1176.05 immediately following this morning’s GDP report before it fell to see a $1.80 loss at $1167.15 in the next hour of trade, but it then stormed back higher for most of the rest of the day and ended near its late session high of $1183.22 with a gain of 1.07%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 30 July, 2010
Gold was ‘Fixed’ this morning in London at $1,168 after gold traded slightly higher both before and after the London Fix with two banks buying, two neutral and one bank selling. We have seen support hold in Asia and London, so New York may well follow suit. The gold price has a lot of work to do to stop falling and begin rising, but the fact that support is holding is encouraging. Full Story
Gold rose $9.15 to $1169.25 in Asia before it fell back off in London to see a $0.70 loss at as low as $1159.40 by about 10AM EST, but it then rallied back higher for most of the rest of trade ended back near its earlier high with a gain of 0.76%. Silver dropped to as low as $17.464 shortly after 8AM EST before it rose to a new session high of $17.68 by late morning in New York and next fell back off a bit, but it then bounced back higher in late trade and ended with a gain of 0.86%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 29 July, 2010
Gold was ‘Fixed’ this morning in London at $1,166 steadying after yesterday’s fall. Physical demand is holding the price up. All markets are currently looking for a clear direction. Until this is found we expect gold prices to consolidate. New York traders are again trying to take the gold price down to below $1,160, which is within the trading range we expect in this consolidation period. Full Story
THE PRICE OF GOLD reversed a 1.0% rally Thursday lunchtime in London, dropping back to $1161 an ounce as European equities rose, commodity markets trod water, and the US Dollar slipped to new multi-month lows. Full Story
The lack of major market moving news resulted in gold and silver rising on technicals. They can rise further if they are able to trade over yesterday’s lows today. A mild fall in US stock markets will prevent gold and silver from a major fall today. Full Story
Gold rose as much as $7.08 to $1165.93 in late Asian trade before it fell in London to as low as $1156.85 by about 10AM EST and then bounced back to $1165.15 in late morning New York trade, but it ultimately fell back off into the close and ended with a gain of just 0.11%. Silver rose to $17.73 in Asia and fell to $17.305 by about 9AM EST before it also bounced back higher in late morning New York trade, but it still ended with a loss of 0.8%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 28 July, 2010
Gold was ‘Fixed’ this morning in London at $1,164 down $20 after yesterday afternoon’s short selling in New York. The gold price has held in Asia and London and New York so far has only managed to press it down $5. Traders will continue to work the short side until good support is found. Full Story
Gold had recovered slightly today from yesterdays 2% sell off to 3 month lows before incurring slight losses in late European trading. Gold is now down nearly 10% from its recent nominal highs ($1,258/oz) and the continuing sell off is due to increased risk appetite due to the decline in banking sector and sovereign debt risk. Full Story
THE PRICE OF GOLD held near 3-month lows against all the world's major currencies on Wednesday in London, recovering little of yesterday's 2.2% drop. Soft commodities and base metals rallied from their sell-off, but silver prices held at a 3-session low almost 4% beneath Tuesday's start, while an early gain faded in European stock markets. Full Story
A technical breakdown below the 100 day moving average at $1180 resulted in stop losses getting triggered and gold falling like a pack of cards yesterday. The big question is whether this is a part of a bear trend. Short term technicals are showing a bearish divergence but I will prefer to use the current dip and further dips to invest for Diwali and for 2011. Full Story
Gold and silver waffled near unchanged for most of trade in Asia and London, but they then fell off rather markedly throughout trade in New York and gold ended near its late session low of $1157.75 with a loss of 2.2% while silver ended near its late morning low of $17.569 with a loss of 3.19%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 27 July, 2010
Gold was ‘Fixed’ this morning in London at $1,184 after yesterday afternoon’s $1,183.50. The gold price tried to move away from these numbers with no success, telling us that the physical market in London is where the action is. Clearly, the heavy institutional buyers dominate and set their price limits. Full Story
THE PRICE OF GOLD slipped back below $1185 an ounce in London trade on Tuesday morning, holding above yesterday's 1-week closing low but remaining "directionless" according to one Chinese dealer. Full Story
Gold rose $6.10 to as high as $1194.50 in Asia before it fell back off in London and New York to as low as $1179.80 by around 11AM EST and then climbed back higher in the last couple of hours of trade, but it still ended with a loss of 0.29%. Silver dropped to as low as $17.98 in London before it spiked up to $18.24 in early new York trade and end then dropped back to see a slight loss by late morning, but it then rallied back higher in late trade and ended with a gain of 0.44%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 26 July, 2010
Gold was Fixed this morning in London at $1,189, before slipping three dollars in trade ahead of New York’s opening. The market has not reacted to the “stress test” results as these had lost their meaning to the market. It was a confidence building exercise that was treated with skepticism. Full Story
THE PRICE OF GOLD gave back an early rally on Monday morning to trade just below Friday's close of $1190 an ounce amid what one Hong Kong dealer called "a typically slow summer day." Full Story
The European stress test has been positive for the euro and stock markets and there is a possibility the euro could have bottomed out in the medium term. Technically all commodities are bullish and can rise further. Full Story
COT report shows large commercial traders reducing net short positions for gold at very strong pace. LCNS for gold falls over 73,000 contracts past 3 weeks. Ordinarily more bullish than bearish. Gold -1.7% and the gold LCNS -13.2%. Silver -2.9% and the silver LCNS -6.4%. Details just below. Full Story
Ben Bernanke spoke this past week and was quite frank during the first day of testimony. The markets plunged as a result of his talk of the economy being “unusually uncertain”. Full Story
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