Gold analysis today.

[Forex Forum]

Gold futures retreat as dollar and Treasury yields seen climbing

There has been a fair amount of data this morning in Europe to digest. Industrial producer prices up by 1.1% in both the euro area and the EU but it has to be said that this reading missed against the economist expectations of 1.3%. In addition to this, this was lower than the previous revised number of 2.5% and will be welcome news for the ECB. We are due to hear from ECB's Lagarde who has been consistent in her rhetoric that the recent inflationary pressure is transitory.

On the Other hand, December gold GCZ21 GC00 was trading $12.70, or 0.7%, lower at $1,754.80 an ounce, after rising 0.5% a day ago.

Monday’s gains for gold were at least partly attributed to tensions between China and Taiwan, which boosted safe-haven demand for the precious metal. Over the weekend, the U.S. said it was concerned by “provocative” actions by China after Taiwan claimed that 93 Chinese military plans flew into its air defense zone over the last three days, according to a report from BBC News.

 

[Forex Forum]

PURE GOLD MINING SHARE PRICE RISES ON NON-BROKERED FINANCING OF C$3.45 MILLION

Pure Gold Mining (LON: PUR) shares are climbing Wednesday on news it has agreed to issue 3.3 million units of the company at C$1.05 per unit for gross proceeds of approximately C$3,473,000 on a non-brokered basis to Anglogold Ashanti Limited.

Each unit comprises one common share and one-half common share purchase warrant, with the purchase warrant entitling Anglogold (or holder) to purchase one common share at C$1.36 for 18 months from the transaction's closing.

The company said it intends to use the net proceeds to fund the continued ramp-up of operations at its 100%-owned PureGold Mine Project located in Red Lake, Ontario, underground drilling and development of the high-grade 8 zone, and general corporate purposes.

 

[Forex Forum]

Gold Price Forecast: XAU/USD erases NFP-inspired gains, returns to $1,760 area

Following the impressive upsurge to a fresh 15-day high of $1,781, the XAU/USD pair lost its traction and pared the majority of its daily gains. At the time of press, gold was virtually unchanged on a daily basis at $1,757. The initial market reaction to the uninspiring September labour market caused US Treasury bond yields to push lower and made it tough for the greenback to find demand. However, the benchmark 10-year US T-bond yield staged a sharp U-turn and renewed multi-month highs at 1.605%, forcing XAU/USD to reverse its course. Meanwhile, the US Dollar Index registers small losses but manages to hold above 94.00.

 

[Forex Forum]

Gold Price Forecast: XAU/USD remains stuck in range above $1750 amid light trading

Gold price has reversed Friday’s gains, now posting small losses in the European session, as the worsening market mood keeps the buoyant tone intact around the safe-haven US dollar. Surging oil prices have unnerved the investors amid persisting energy crunch, triggering concerns over the global economic recovery, I think so. The recent upsurge in the US Treasury yields amid Fed’s tapering expectations also continues to exert downward pressure on the non-yielding gold.

Technically, gold’s path of least resistance appears to the downside so long as it fails to find acceptance above the 21-day SMA at $1761 on a daily closing basis. Looking ahead, gold price will take cues from the broader market sentiment, with the US bond trading closed in observance of Columbus Day.
What do you think about it?

 

[g-man]

Ranging price

 

[Forex Forum]

Ranging price

are you sure?

 

[g-man]

are you sure?

On Friday NFP, the price spike up, but then came to the initial price...still sideways...look like will have a major trend after this..

 

[g-man]

are you sure?

On Friday NFP, the price spike up, but then came to the initial price...still sideways...look like will have a major trend after this..

 

[Forex Forum]

Gold forecast today

The gains on Friday were looking good before Fed chair Powell poured cold water on the party, seeing gold close below $1,800 at the end of last week.

But today, buyers are not letting up as we see a push back towards the figure level and more importantly, flirting with a break of a few key levels on the charts.

The first is the confluence of the key daily moving averages @ $1,793-94 and the second being the short-term trendline resistance from the 1 June to 3 Sept highs @ $1,790.

 

[Forex Forum]

Gold and silver have moved higher into the last trading day of the week. Gold is back in familiar territory just below $1800/oz and silver is trading at $23.89/oz. In the rest of the commodities complex, copper traded 0.09% higher while spot WTI fell -0.31%. The markets may be tentative ahead of today's NFP release.

Indices in the Asia Pac area were mixed. The Nikkei 225 (-0.61%) and Shanghai Composite (-1.00%) both fell while the ASX rose 0.39%. Futures in Europe are indicating a slightly softer cash open.