Gold and silver traded mostly slight higher in Asia and London before they fell to see slight losses at as low as $932.67 and $13.39 shortly after 8:30AM EST when the GDP data was released, but both metals quickly rebounded midmorning and then exploded even higher in late morning trade to as high as $955.45 and $13.958 by about noon. The metals then pared their gains a bit in afternoon trade, but gold still ended with a gain of 2.00% while silver closed out 3.41% higher on the day. Full Story
What a recovery in base metals and energies as they pared all the week’s losses and went to create new yearly highs (base metals). This is due to positive news from the global economic front resulting in higher equity markets and higher base metals. The direct correlation between equities and precious metals and energies will continue into August also. Full Story
Gold and silver rose about 1% in Asia and London and then extended their gains in morning New York trade to as high as $936.85 and $13.57 by about 11AM EST before they fell back off a bit in the last couple of hours of trade, but gold still ended with a gain of 0.90% while silver closed with a gain of 1.73%. Full Story
Base metals have remained partially resilient to the fall in precious metal prices and energies prices. The Federal Reserve said most of its 12 regional banks detected a slower pace of economic decline in June and July, further signs the worst U.S. downturn is closer to an end. Full Story
Gold and silver traded mostly slightly lower in Asia and London, but they then accelerated their losses in New York and gold ended near its low of $925.00 with a loss of 1.26% while silver closed near its low of $13.167 with a loss of 3.49%. Full Story
Yesterday I had mentioned that the rally in base metals and the weakness in the US dollar looked overstretched and I was right. Technically today’s closing is very important for all commodities and a lower close today will set the pace for another round of sell off. Full Story
Gold and silver saw slight gains in Asia, fell back to about unchanged in London, and then dropped throughout most of the morning in New York and made their session lows of $934.25 and $13.58 around noon EST before they rallied back higher in the last hour and a half of trade, but gold still ended with a loss of 1.53% while silver closed the day with a loss of 1.72%. Full Story
It’s just a consolidation phase in metals and energies before the next move. Major currencies are against the threshold against the US dollar and need to break key technical resistances for gains. Euro/usd will not find it easy to break 1.4350-1.4480 zone in short term and a break of the same will result in 1.4808 and 1.4952. Full Story
Gold rose in Asia and London to see a gain of $5.60 at $958.80 shortly before 8AM EST before it fell throughout most of the morning in New York and saw a loss of $2.30 at $950.90 by early afternoon, but it then rallied back higher in the last hour of trade and ended unchanged on the day. Silver climbed to as high as $14.10 before it briefly dropped back to unchanged in early afternoon trade, but it also spiked back higher in late trade and ended with a gain of 0.65%. Full Story
This week there are a lack of major market moving economic news. It will be a technical trade. The big question for the next fortnight is whether crude oil will be able to sustain the rise and edge past $80. If crude oil does not break $80 in the next two week then I expect a pullback to $59. Full Story
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