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Thread: GOLD

  1. #681
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    The recovery in the yellow metal from weekly lows lost legs following the release of the Chinese trade report, which revealed that the country imports slumped sharply last month.
    Gold modestly flat at 1336, easing slightly from session highs previously posted at 1337.70. The bullion failed to sustain at higher levels and drifted lower hour, in wake of a steep drop seen in the Chinese imports data, which underscore demand concerns front the world’s top gold consumer. China imports CNY (YOY) for July dropped -5.7%, while China imports USD (YoY) for Jul slumped -10.5%.
    While stronger-than expected US payrolls data refueled bets for a Sept/Dec Fed rate and hence, keeps the non-interest bearing gold undermined. The US economy added 255,000 jobs last month, beating the consensus forecast of 180,000.
    Looking ahead, markets will digest the Chinese data before the release of the US labor market conditions index due later in the NA session. While China’s CPI and industrial production figures will be closely eyed along with the US retail sales data, lined up for release late this week.
    The metal has an immediate resistance at 1345 and 1350.21. Meanwhile, the support stands at 1330 below which doors could open for 1328.

  2. #682
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    Gold up against weak dollar .


    Gold inched up as the dollar fell to a seven-week low against its main rivals, while investors digested minutes from the Federal Reserve and the European Central Bank for further indications on the scope and duration of a host of low interest rate policies from major central banks throughout the world.


    On the Comex division of the New York Mercantile Exchange, Gold for December delivery traded between $1,351.25 and $1,361.45 an ounce before settling at $1,357.05, up 8.25 or 0.61% on the session.


    Gold has closed higher in three of the last four sessions and five of the last eight trading days. Since opening the year around $1,075 an ounce, the precious metal has soared more than 25% over the first seven months of 2016 and is on pace for one of its strongest years in the last three decades.


    Gold likely gained support at $1,312.80, the low from July 21 and was met with resistance at $1,374.90, the high from July 6.

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    Gold inches down on steady Dollar, scope for further downside.

    Gold prices declined on Tuesday as dollar continued to strengthen across the board after Federal Reserve officials sounded a hawkish note on interest rates, boosting the dollar.

    Fed Chair Janet Yellen said on Friday the case for higher rates was strengthening, though she gave little clarity on the timing of a move. Later that day Vice Chair Stanley Fischer suggested a hike could come as soon as September.

    The commodity is poised to breach the support level located at 1304 and decline further towards lower levels as yellow metal weaker against the US dollar.

    To the upside, the strong resistance can be seen 1325, a break above this level would expose the commodity towards 1333 levels.

    To the downside, immediate support can be seen at 1313, a break below at this level will open the door towards 1304 levels.




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    Mirza
    PCM Brokers DMCC

  4. #684
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    Gold prices slightly up in Asian Markets

    Gold prices notched small gains and losses in Asia on Wednesday as investors turned cautious ahead of U.S. jobs data at the end of the week and in thin trade with markets in China shut until the end of the week.


    On the Comex division of the New York Mercantile Exchange, gold futures for December delivery fell 0.02% to $1,269.50 a troy ounce.

  5. #685
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    Gold takes on the recovery from four month troughs in the Asian session this Wednesday, with the bulls offered some respite from the ECB taper talks-driven euro rebound.
    Currently, gold trades 0.48% higher at fresh session highs of 1274.32, recovering sharply from 1268.13, session lows. Gold is seen reversing a part of yesterday’s extensive sell-off as the USD bulls take a breather and allow a minor correction the USD index, which now drops -0.14% to 95.97.
    While the bullion found solid bids at the monthly 10-SMA, which prompted a minor-recovery towards $1275 this session. Moreover, ECB taper talks led to a solid rebound in the EUR across the board, lending some support to the ongoing recovery in gold.
    The bullion witnessed a massive $46 sell-off on Tuesday, marking the biggest daily drop so far this year, after the US dollar jumped to fresh three-month highs against its major peers, in response to increasing calls for a Fed rate hike in Dec, spurred by upbeat US factories data.
    Moreover, huge stops were triggered below a break of 1300 – key psychological levels, giving way to further sell-off to four month lows struck at $1266.50.
    Focus now remains on the US payrolls data due later on Friday, which will shape up the next direction in gold. In the meantime, investors will eye the US ADP jobs and factory orders data for further momentum.
    The metal has an immediate resistance at 1280 and 1299. Meanwhile, the support stands at 1266.50 below which doors could open for 1258.

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    Gold 2 week high on ECB meeting

    On Wednesday, gold settled up 0.6% at $1,269.90, the highest close since October 3.

    ECB President Mario Draghi said the bank did not discuss a possible extension of its asset purchase program beyond its scheduled end in March at its meeting.

    But he did indicate that an adjustment to the stimulus program could come in December, saying its assessment would benefit from new economic projections by ECB forecasters.

    The ECB left interest rates across the euro zone unchanged at record lows of zero earlier Thursday and kept the deposit facility rate at -0.4%.

    The euro fell to four-month lows against the dollar following Draghi’s remarks.

    The U.S. dollar index, which measures the greenback's value against a basket of six major currencies, was boosted by the weaker euro, rising 0.35% to 98.21.

    Gold is priced in U.S. dollars and becomes more expensive to holders of other currencies when the dollar strengthens.

    Meanwhile, traders continued to mull over the prospects for a December rate hike by the Federal Reserve.

    expectations for a December rate hike remained high, with markets currently pricing in around a 65% chance of a hike.


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    Mirza
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  7. #687
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    Gold prices retreated in Asia as the American dollar strengthened, while the Asian equity indices traded mixed.
    Prices are currently trading around $1262, which is the weekly classic R1 level. Prices breached R1 on Tuesday but the subsequent move higher failed to pierce the R2 for two consecutive sessions, thus paving way for a correction in the Asian session today.
    The retreat in Asia has been aided by a 0.20% rise in the US dollar index. Meanwhile, the mixed action in the major Asian equity indices is providing no clues to the yellow metal.

  8. #688
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    Gold moved modestly higher last week with the majority of its gains accruing during the Tuesday and Friday sessions. Of these two sessions, Friday proved to be the real saving grace for the Gold bulls as news broke that the FBI would be reopening its investigation into the Hillary Clinton’s email scandal, sending market uncertainty surging. As for the coming week, the Fed’s decision on interest rates will be the news to watch.
    The metal was lacking a strong bias throughout most of the week, oscillating in line with the somewhat mixed US data. However, gold did eventually close higher as news broke late on Friday that the FBI would be reopening its investigation into the Clinton email scandal. The ensuing surge in market uncertainty came as a boon to gold which promptly shrugged off the depressing effects of the stronger US advance GDP result of 2.9% q/q.
    Gold forward however, focus will shift back onto more economic matters as the US Fed will be convening to make a decision on interest rates once again. Whilst currently predicted to hold rates at 0.5%, the threat of near-term rate hikes looms over the gold market and this could result in some pre-emptive pricing in during the lead up to the announcement. Additionally, the ADP Non-Farm Employment change data is due out prior to Fed Rate Decision so keep an eye out for any surprises in the figure.
    From a technical perspective, gold retains its long term bullish bias but recent EMA activity could cap further gains over the next few days. Presently, the 12, 20 and 100 day EMA’s remain in a highly bearish configuration and the 100 day average is also positioned dot supply dynamic resistance. However, the metal is also being propped up by the incline of the long term trend line which will likely prevent it from slipping far below the 1261.27. Furthermore, RSI is leveling off now which hints that the pair is likely to be flat moving forward.
    Last edited by Yousuf Ali; 10-31-2016 at 02:15 PM.

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  10. #690
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    Gold falls back towards 6-month lows .


    Gold futures erased overnight gains in North American trading on Tuesday, falling back towards a six-month low after data showed that U.S. retail sales rose more than expected in October, boosting optimism over the health of the economy.


    Gold for December delivery on the Comex division of the New York Mercantile Exchange dipped 95 cents, or 0.08%, to $1,221.05 a troy ounce, after falling to $1,211.00 the day before, a level not seen since June 3.

 

 
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