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Thread: GOLD

  1. #641
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    Gold edges lower as markets prepare for Fed rate hike

    Gold futures edged lower on Monday, as investors turned their attention to Wednesday’s highly anticipated outcome of the final Federal Reserve meeting of 2015 amid expectations for a 25 basis point rate hike, the first since June 2006.

    The Fed is widely expected to raise interest rates for the first time in nearly a decade at the conclusion of its two day policy meeting at 2:00PM ET on Wednesday. The central bank will also release its latest forecast for economic growth and interest rates.

    Fed chair Janet yellen is to hold what will be a closely-watched press conference 30 minutes after the release of the Fed statement, as investors look for signals about the path of future rate hikes. Many in the market anticipate the pace of increases to be gradual amid concerns over tepid growth overseas and divergent monetary policies between the U.S. and other nations.

    Gold for February delivery on the Comex division of the New York Mercantile Exchange shed $3.60, or 0.33%, to trade at $1,072.10 a troy ounce during U.S. morning hours. On Friday, gold fell to $1,061.70, the lowest since December 4.

    The yellow metal is on track to post an annual decline of 9% in 2015, the third yearly loss in a row, as speculation over the timing of a Fed rate hike dominated market sentiment for most of the year. Expectations of higher borrowing rates going forward is considered bearish for gold, as the precious metal struggles to compete with yield-bearing assets when rates are on the rise.




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  2. #642
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    Gold attempts to recover – Analysis - 21/12/2015

    Gold price shows clear bullish bias to approach from the key resistance 1078.45, which represents one of the next trend keys besides 1046.20 support, and as we mentioned in our recent reports, the price needs to breach one of these levels to detect its next targets clearly, which makes us continue with our neutrality until now.
    We remind you that breaching 1078.45 resistance will push the price to regain its correctional bullish track that its initial targets located at 1098.40 followed by 1114.50 levels, while breaking 1046.20 support represents negative factor that will push the price to resume the bearish trend inside the main bearish channel that appears on image, which its next target located at the psychological barrier 1000.00$ per ounce.
    Expected trading range for today is between 1050.00 support and 1090.00 resistance.
    Expected trend for today: Neutral



  3. #643
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  4. #644
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    Gold down on dollar and weak oil, heads for third annual loss

    Gold inched lower on Wednesday as the combination of a firm dollar and weak oil prices left the metal on track for its third consecutive annual loss.

    Bullion has lost almost 10% of its value this year, largely on concern that higher U.S interest rate would hurt demand for yielding asset.

    Physical demand in gold continues to be relatively aggressive in the far east compared with October and November, and on that basis the gold should be much higher, but there seems to be this pressure from the dollar, which continues to put a lid on the price.

    It look like support at 1045$ and 1050$ and the resistance stands at 1085$/1095$.

    The dollar was up 0.2 percent against a basket of six currencies and was heading for 10% yearly increase.

    Several traders and brokerages predict a drop in prices to 1000$ or even lower early in 2016.





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    Gold strongly amid Saudi-Iran tension, weak China data

    Gold kicked off 2016 with a resounding opening to the new year, as investors reacted to a move by Saudi Arabia to cut commercial ties with Iran and weaker than expected manufacturing data in China.On the Comex division of the New York Mercantile Exchange, gold for February delivery traded in a broad range between $1,061.00 and $1,083.00 an ounce, before settling at $1,075.60, up 15.30 or 1.44% on the session. At one point, gold reached its highest level in a week. The precious metal has posted three consecutive winning sessions following last Wednesday's precipitous drop on the second to last trading day of the year.Gold likely gained support at $1,050.50, the low from December 17 and was met with resistance at $1,098.80, the high from Dec. 28.Gold surged in overnight, Asian trading as traders digested news of mounting geopolitical instability in the Middle East, after a swarm of protesters stormed the Saudi embassy over the weekend in response to the kingdom's execution of a prominent Shiite cleric. Relations between Saudi Arabia and Iran have soured since the execution of cleric Nimr al-Nimr and 46 others on Saturday for reportedly speaking out against the Saudi royal family.The aftershocks were felt in the first trading session of the year, as Bahrain, the United Arab Emirates and Sudan joined Riyadh by severing or curtailing ties with Iran. Citing Iran's "blatant and dangerous interference," in the region, Bahrain decided on Monday to cut off diplomatic relations with Tehran. Saudi Arabia's civil aviation authority, meanwhile, said it has canceled all flights to and from Iran, the Associated Press reported. Gold is viewed as a safe-haven for investors in periods of mounting geopolitical instability.Gold prices fell back slightly, hours later after China reported weaker than expected manufacturing data last month, sparking fresh concerns of slowing growth in the world's second-largest economy. In December, the China Caixin PMI index fell by 0.4 points to 48.2, considerably below analysts' forecasts for a 49.0 reading. Any reading below 50 provides indications of contraction in the manufacturing sector.

  6. #646
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    Global growth concern gold price inch higher.

    Gold price inches higher on Tuesday, holding near the prior session four week high, as fresh concern over global growth boosted demand for safe heaven assets.

    Day earlier price rose to the session peak of $1083 the most since Dec 09 2015 before ending 1075.20$ up 15$.

    Gold receive another boost after data showed that manufacturing activity in the U.S and china the world two biggest economies, both contracted last month rekindling fears over the global growth outlook.

    The people bank of china flooded its banking system with 130 billion yuan or 19.95$ billion, making the largest cash injection since September.





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  7. #647
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  8. #648
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    China, Russia lead central banks gold buying spree.

    China and Russia added more gold to its reserves in November, leading the latest global central banks buying spree that saw them adding 55 tons of the yellow metal to their coffers, up almost 90% from the prior months.

    According to the latest world gold council’s gold reserve data, released on Wednesday, China and Russia were once again the biggest buyer, with 21 tones and 22 tones added to their respective reserves.

    The people’s Bank of China (PboC) released data last week that showed 19 tones were added in December as well. But based on official figures, released last June for the first time since April 2009 and updated monthly ever since, the amount of gold held by the PBOC still only account for around 1.7% of its total reserves.

    The increase purchases by the world’s sixth largest official sector gold holders could lend support to international prices of the precious metal.

    Despite a jump in prices at the start of the year, gold is still trading close to historic low February gold was last up $3 at $1088.50 an ounce, well down from last week’s two month high of $1113.10 an ounce, basis February comex future.






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  9. #649
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  10. #650
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    Gold price: Miners predict longer-term recovery.

    The gold price may be set to embark on a longer- term recovery as output has “peaked” in this cycle, according to miner and other industry insiders.

    A lack of new assets, not least prompted reduced investment amid a period of retrenchment by miner more generally, and declining output at existing miner is expected to curb supply in the coming years, the financial times reports. This it added provides a glimmer of hope for surviving producers of the precious metal after a three year slump.

    “Falling grades and production levels a lack of new discoveries, and extended project development timelines are bullish for the medium and long term gold price outlook,”

    Of course, for falling supply to super higher price the market needs to be refocused on to fundamentals rather than be in the thrall of wider trends. Instead, prices have been driven lower for the past year or more by a looming return in increasing interest rate by the Federal Reserve and have risen close to three per cent so far this year due to wider market turmoil boosting its “safe-heaven” status.

    In the meantime, gold is still in its holding pattern below $1100 an ounce. On calmer day for market generally the price is virtually unchanged for the day at 1090 10 London.





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    Mirza
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