After seeing some noted early morning weakness in the face of the US economic data flow, the gold market seemed to be lifted off session lows by strength in equity prices. It is also possible that a mid day slide in the US Dollar provided the gold bulls with an added bullish incentive. Some traders suggested that gold buyers were speculating on news of more US bank failures, while others suggested that gold might have been lifted by speculation of increased tensions between the US and Iran directly ahead. Full Story
THE PRICE OF GOLD slipped from Thursday's 6-month high of $999.50 an ounce today, dipping 1% as the US reported fewer job losses than analysts forecast for August but unemployment still rose to a fresh 26-year high of 9.7%. Full Story
By: Rick Ackerman, Rick's Picks - 4 September, 2009
We’re no fans of head-and-shoulder formations, since they are everywhere the amateur chartist might want to find them. But there is something to be said for the bullish reverse head-and-shoulders pattern that gold futures have been tracing out for the last year-and-a-half. The pattern is shown in the chart below, and it is predicting that December Gold, which settled yesterday at 997.70, its highest close since February, is about to run up to $1060. Trouble is, just about everyone we know thinks gold is about to pop to 1060, give or take. Or nearly everyone, anyway. Someone mentioned in the Rick’s Picks chat room that CNBC’s Ron Insana can’t imagine why gold has been so strong. Earth to Ron: Put down that copy of the New York Times for a minute and try browsing GoldSeek.com. That’ll jump-start your imagination. Full Story
"For the first time since the stock markets turned round in March, gold seems to be moving under its own steam," wrote Phil Smith for Reuters Technical India this morning.
"At last, gold has broken out of the [summer's] large triangle formation, with a spike in [Gold Futures] volume so characteristic of breaks of long-time patterns like this." Full Story
By: Chris Mullen, Gold-Seeker.com - 2 September, 2009
Gold and silver traded mostly slightly lower in Asia and London, but both metals then climbed steadily higher throughout trade in New York and gold ended near its high of $979.35 with a gain of 2.23% while silver ended near its high of $15.46 with a gain of 1.87%. Full Story
The six-month consolidation in gold appears to be ending. After months of winding tighter in this spiraling pattern, prices have popped after being squeezed, as bulls and bears fought for control over this market. During this time, stocks rallied, crude and energies rallied, yet gold remained stuck between competing forces. Eventually one side would tire and back down. Full Story
THE PRICE OF GOLD jumped 1% to a four-week high above $966 at the start of US trade on Wednesday, after the United States reported a sharp rise in productivity due to a 7% drop in the number of hours worked. Full Story
By: Chris Mullen, Gold-Seeker.com - 1 September, 2009
Gold reversed slight gains in Asia and fell to see a $5.17 loss at as low as $946.33 in London before it rose to see a $5.10 gain at $956.60 by about 10AM EST in New York and then fell back off to see slight losses again in late morning trade, but it then climbed back higher in the last hour and a half of trade and ended near its earlier high with a gain of 0.4%. Silver followed a similar rollercoaster ride and ended near its late session high of $15.06 with a gain of 0.94%. Full Story
Today’s movements between stocks and gold provided an indication of divergence that may be encouraging to bulls. Despite relatively positive economic news, with the first expansion in the manufacturing sector in 18 months and a healthy pending home sales figure, traders sold into a brief opening rally and ended the day on the lows. Full Story
August is a summer month in US and Europe. Manufacturing units generally turn to repair and maintenances in August so they can prepare for Thanksgiving, Christmas and New Year demand. Trading volumes in commodities, equities and other financials fall in August. It’s holiday time for Americans and Europeans. Summers will be over this week and it will be business time for everyone. Full Story
THE PRICE OF GOLD fell as London returned from the Bank Holiday weekend on Tuesday, dropping all of Asia's 1% bounce and recording an AM Gold Fix at $949.75 an ounce. European stock markets also fell, losing 1.2% in London and 1.5% in Frankfurt. Crude oil dropped below $70 per barrel. Government bond prices rose. Full Story
By: Chris Mullen, Gold-Seeker.com - 31 August, 2009
Gold saw slight losses in Asia before it dropped markedly midday in London to as low as $944.50 by about 8:30AM EST in New York, but it then climbed back higher for most of the rest of trade and ended with a loss of just 0.62%. Silver fell nearly 2% to as low as $14.517 by about 8:30AM EST before it also climbed back higher for most of the rest of trade, but it then accelerated its gains in the last half hour of trade and was able to end with a gain of 0.61% on the day. Full Story
By: Julian Phillips and Peter Spina, GoldForecaster.com - 31 August, 2009
Gold stocks provide investors with a leveraged investment option versus the metal. Volatility has been a normal component of the gold stocks and with increasing volatility among all markets; this has only amplified the swings in the gold equities. So historically, gold shares will outperform the price on the upside and likewise on the downside. Full Story
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