Gold edged up to $1339.08 at about 8:20AM EST before it chopped back down to $1334.03 in the next 70 minutes of trade, but it then bounced back higher in afternoon trade and ended with a gain of 0.14%. Silver slipped back to $21.364 before it also rallied back higher in late trade and ended with a gain of 0.23%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 11 July, 2014
The gold price closed at $1,335.80 up $8.10 on Thursday in New York. In Asia, prices rose to $1,337.00 ahead of the London’ opening. London held the price around that level then Fixed at $1,336.50 down $6.75 and in the euro at €981.782 down €3.439, while the euro was weaker at $1.3613. Ahead of New York’s opening, gold was trading at $1,336.80 and in the euro at €982.55. Full Story
Gold and silver saw gains yesterday on concerns about instability in the Middle East and the risk of contagion coming from Espirito Santo, the large Portuguese bank. A possible default has sent government bonds of Europe’s most indebted nations and bank and other stocks tumbling, showing how fragile confidence in the Eurozone banking system and sovereign debt markets is. Full Story
In my view there are still huge short positions in gold and silver which were accumulated this week till Wednesday (as gold was not breaking past $1330 and silver was not breaking past $2140). There can be more rises if these short positions get squared off. The Israel-Hamas conflict, Portugal’s largest bank Banco Espirito Santo is in trouble are all supporting gold and silver. Still gold has to break and trade over $1366 for another set of rise to $1430-$1520. Full Story
Gold jumped $17.02 to $1344.72 by a little after 5:30AM EST before it drifted back lower for most of the rest of trade, but it still ended with a gain of 0.61%. Silver surged to as high as $21.575 and ended with a gain of 1.28%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 10 July, 2014
The gold price closed at $1,327.70 up $8.00 on Wednesday in New York. In Asia, prices rose to $1,329.00 ahead of the London’ opening. London took the gold price up to $1,343.25 at the Fix up $20.75 and in the euro at €985.221 up €13.509, while the euro was stronger at $1.3634. Ahead of New York’s opening, gold was trading at $1,342.70 and in the euro at €986.19. Full Story
Gold surged above strong resistance at $1,334/oz this morning and is looking better and better from a technical perspective. There was strong chart resistance at $1,334/oz as this was the 61.8% retracement of the March to June retreat. Traders bought gold once we breached that level and there was an acceleration in gold’s move higher. Full Story
We expect India to the cut custom duty on gold and silver imports by two percent today in the finance budget. If this happens gold and silver could see another wave of rise. Gold and silver demand will be huge. Anyways the festive season in India begins from next week for a period of four months. Full Story
Gold climbed $7.35 to $1327.05 at about 8AM EST before it fell back to $1321.47 in the next four and a half hours of trade, but it then jumped to as high as $1331.80 after the release of today’s fed minutes and ended with a gain of 0.61%. Silver surged to as high as $21.221 and ended with a gain of 0.33%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 9 July, 2014
The gold price closed at $1,319.70 10 cents higher than Tuesday in New York. In Asia, prices rose to $1,323.00 ahead of the London’ opening. London held the gold price around that level then the Fix was set at $1,322.50 up $4.25 and in the euro at €971.712 up €2.482, while the euro was slightly stronger at $1.3610. Ahead of New York’s opening, gold was trading at $1,323.80 and in the euro at €972.56. Full Story
Gold bullion was 0.6% higher this morning as a drop in equities and the dollar coupled with increased tensions in the Middle East led to demand for gold as a hedging instrument and safe haven asset. Bullion for immediate delivery advanced as much as 0.6% to $1,327/oz, the highest price since July 3. Portugal and Italy led declines in European bonds and European stocks also dropped. Emerging-market shares fell from a 16-month high. Full Story
The direction of the mini war between Israel and Hamas will be the key. There is already speculation that Israel could be readying for a ground attack on Hamas. These kinds of added geopolitical risks will result in nations in the Middle East region increasing their gold reserves. They may not do it directly. We have seen Turkey selling gold to Iran indirectly. This is just one leaked information. There could be others. Full Story
Gold waffled between $1320.05 and $1316.48 in Asia and saw slight gains in London before it climbed to as high as $1324.79 in midmorning New York trade and then fell to as low as $1314.01 by midday, but it then bounced back higher in afternoon trade and ended with a gain of 0.01%. Silver rose to as high as $21.193 and ended with a gain of 0.1%. Full Story
Gold is in a tight range between $1,310 and $1,325 for the last three days. Gold is no longer overbought as spot gold's 14 day relative strength index (RSI) has come down to 61.9 this morning, its lowest since mid June. It has fallen sharply from the recent high of 71, it reached at the end of last month - a reading over 70 suggests overbought conditions. Full Story
Skirmishes between Israel and Hamas will only increase safe haven demand for gold and silver. This is the one key reason why gold and silver have remained firm. Gold and silver bears will try their best to ensure that gold falls below $1305 and $1270 respectively. In case bears fail by Friday, then there will be massive short covering. Full Story
Gold dropped $7.27 to $1312.33 at about 10AM EST, but it then rallied back higher for most of the rest of trade and ended unchanged on the day. Silver slipped to as low as $20.844 and ended with a loss of 0.52%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 7 July, 2014
The gold price closed at $1,319.60 on Friday in New York. In Asia prices pulled back to $1,312 ahead of the London’ opening. In London it began to recover through $1,314 after the dollar, initially slightly stronger began to weaken again. The Fix gold was set at $1,313.25 down $8.25 and in the euro at €965.838 down €6.497, while the euro was weaker at $1.3597. Ahead of New York’s opening, gold was trading at $1,313.80 and in the euro at €966.88. Full Story
Gold has fallen from a three month high and bullion for immediate delivery fell 0.5% to $1,314.38 an ounce in London. The metal climbed to $1,332.33 on July 1, the highest price since March 24, and completed a fifth week of gains last week. This is bullish from a momentum perspective. Futures trading volumes were 19% lower than the average for the past 100 days for the time of day, according to data compiled by Bloomberg. Full Story
Gold has remained firm despite all kinds of confirmation that global economic growth is here to stay. Physical demand for gold across Asia should rise from next week. The Hindu festive season will begin from 14th July and end in the middle of November. There will be some kind of Hindu festival coming up every fifteen days between 14th July and the middle of November (except between 17th September and 2nd October which is the shradh period). Ramzan Eid on 29th July will also result in higher gold jewelry demand in India. Full Story
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