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Thread: GOLD

  1. #691
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    Gold plunged below $1200 psychological mark, for the first time since Feb, following the release of stronger than expected US durable goods orders.
    Currently trading around $1190 region, the precious metal came under intense selling pressure after US durable goods orders surpassed even the most optimistic estimates and recorded a strong growth of 4.8% for October. Also, core durable goods orders posted better than expected growth of 1.0%, why weekly jobless claims were mostly in line with expectations.
    Upbeat US economic data reinforced December Fed hike expectations and provided an additional push to the already stronger greenback. In fact, the overall US dollar index reversed early dip and has now surged to fresh multiyear tops, the highest since early march 2003. A strong greenback denominated commodities and is attracting fresh selling pressure around the precious metal.
    Later during NY trading session, FOMC minutes would take center stage and further reinforce market should the minutes turnout to be more hawkish than expected, it might start fueling speculations of additional Fed rate hike and would continue dragging the commodity lower even from current levels.
    Sustained weakness below $1190 level is likely to exert further selling pressure and turn the metal vulnerable to immediately aim towards $ 1180 support before eventually dropping to test $1160 important support area. On the upside, any recovery attempt back above $1200 handle might now confront resistance at $1205 above which a fresh bout of short-covering might lift the metal back towards session peak resistance near $1215 level

  2. #692
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    Gold continued with its range bound price action on Tuesday and remained closer to Monday’s 10 month lows following bleak safe haven demand amid mixed cues from European equity market.
    Currently Gold is trading around $1173 level, slightly positive from yesterday’s closing level, the yellow metal failed to hold on the Monday’s recovery gains in reaction to a ‘No’ vote to Italian Prime minister Matteo Renzi’s constitutional reforms proposal in a referendum on Sunday. The metal subsequent dropped to test its lowest level since Feb. 5 after New York Fed President William Dudley supported gradual interest hikes, which drove investors away from the non-yielding precious metal.
    Moreover, growing expectations of aggressive fiscal stimulus from Trump administration is adding on to the optimistic view for a strong US economic growth in 2017 and is further weighing on the yellow metals safe haven appeal. Adding to this, a near term US dollar consolidation, following its post US election strong rally to multi-year highs, has further restricted any swift recovery for dollar denominated commodities – like gold.

  3. #693
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    Gold settled lower Tuesday 1132.60$ per ounce

    The rising dollar clobbered gold on Tuesday, and the precious mettle settled lower at $1132.60 per troy ounce.

    The dollar was trading near 14-year highs after Federal Reserve Bank Chairwoman Janet Yellen reiterated that she expects a quicker pace of U.S. interest rate increases next year than had been expected by investors.

    Higher interest rates in the U.S. may mean additional gains for the greenback, which makes dollar-denominated commodities more expensive for holders of other currencies when it rises.

    Analysts said the strengthening U.S. and global economy, as well as the rising dollar, and rising equity and bond markets, were conspiring to bringing down the value of gold.

    Also dragging down the price of gold is the spectre of weaker physical demand in India, where retail demand has declined due to the government's move to eliminate high-value currency notes.

    The release of India's government budget early next year will be a factor to watch as an indicator in the coming direction of gold, analysts said. Questions remain as to whether India will continue its present policy on gold.
    Also on Tuesday, the price of platinum and palladium were down.

    The price of silver also declined.



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  4. #694
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    Gold showed little movement on Thursday and was confined in a narrow trading range, as investors awaited a slew of US economic releases.
    Currently hovering around $1129-30 region, thin market liquidity conditions, ahead of Christmas holiday, has led to the dull price action around the precious metal. Meanwhile, the ongoing mild profit taking slide around the US dollar seems to be lending some support. Moreover, cautious opening in European equity markets also seems to be supporting the metal’s safe-haven appeal, albeit has failed to assist any meaningful recovery from over 10-month lows touched in the aftermath of hawkish Fed outlook for 2017.
    The US economic docket will continue to grab investors’ attention on Thursday and might provide some short term trading opportunities during early NA session. Important US macro releases, slated for release on Thursday, include – the final GDP growth number for Q3 2016, durable goods order for November, personal income/spending data along with the Fed’s preferred inflation gauge – core PCE price index for the month of November.
    Today’s US economic data would be looked upon for fresh impetus for the greenback and eventually drive dollar denominated commodities like gold.

  5. #695
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    Precious Metals are struggling and gold is in the doldrums as the economic policy outline of US president-elect Trump has pushed nominal rates higher, hurting gold.

    Inflation and inflation expectation shave remain subdued, reflected in rising real rates, a key gold price driver. As such, we see a risk that gold will slip below $1150/oz next year, implying limited upside near term. Having said that, we keep a more constructive view further out on a confluence of factors.
    Last edited by Yousuf Ali; 12-23-2016 at 05:44 PM.

  6. #696
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    Gold prices decline on Friday.


    The price of gold declined on intraday trading on Friday, but is still on track to finish the year with a 6% increase.


    Gold was trading at $1155.80 per ounce, down $2.90, or 0.21%.

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    Gold price settles high on Tuesday

    The price of gold settled higher on Tuesday despite the strong dollar. Metal settled at 1160.

    Financial media, meanwhile is reporting that there may be a new vice chairman of the FED soon. The name of John Allison is begin touted in Washington as possible fed nominee by President- elect Trump.

    Allison may be named for a Federal Reserve Board of Governor Vacancy that would make him vise chairman and head of banking regulation a position left technically unfilled since it was mandated by the banking reforms.

    The $/Yen pairing closed at 117.71 today.
    The Pound/$ pairing finished the day at 1.2231.


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  8. #698
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    Gold extended remained well bid for the second consecutive session in the New Year and has now touched a fresh multi - week high level of $1168.
    A broad based greenback retracement, with the key US dollar Index flirting with session low near 103.00 mark, is seen lending support to the precious metal on Wednesday. Moreover, a mildly cautious sentiment around European equity markets is further boosting demand for traditional safe-haven and lifted the yellow metal to its highest level since December 9.
    On Wednesday, minutes from the Federal Reserve’s monetary policy meeting on December 13-14 would provide further clues over the pace of Fed rate hikes in 2017 and could turn out to be a key driver of the greenback’s near-term trajectory, eventually providing fresh impetus to dollar-denominated commodities.
    In the accompanying Fed monetary policy statement forecasted three rate hikes in 2017 and today’s minutes would also provide a detailed look at the debate among policymaker and the reasons for their hawkish projection for 2017. Should the minutes reveal prospects of faster US economic growth, it would reinforce market expectations of tighter Fed monetary policy stance and eventually attract fresh selling interest around the non-yielding yellow metal.

  9. #699
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    Gold Pop up after New Year!!

    The gold market regained some footing leading up to the New Year holiday and in the first few trading sessions of 2017. The re inflation tone in the market seems to have buoyed the precious-metals sector in the last five sessions as talk of multiple rate hikes deep into 2017 by the Fed have rekindled hope for higher prices.

    The India Effect
    Trend- and index-following funds, coupled with speculative longs, seemingly have halted their long liquidations from their sizable long positions from late summer. These traders held a long position of over 372K contracts in late July 2016. However that net long has been reduced to just 112,691 contracts as of last week. That is a major haircut on a long position, considering that a majority of the liquidation occurred post-presidential election.

    A new year usually brings new positioning and potential seasonal buying from January through Valentine’s Day for gold.

    What would aid gold further would be an influx of physical buying from the world's number-one buyer -- India. However softening demand due to demonetization initiatives brought on by the Modi government in late November eroded any increased demand potential. The move by the government was part of a crackdown on tax dodgers and counter fitters by removing currency, which curtailed any meaningful gold purchases by India on global exchanges.



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  10. #700
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    Dollar dips, Gold two weeks high.

    The price of gold rose, and the dollar dipped, today as traders awaited a Wednesday press conference by President-elect Donald Trump.

    Gold settled at $1187.40, up 0.20% on Tuesday. That's an increase of $2.40.

    The dollar/euro pairing was down by 0.12%, settling at 1.0559. The pound/dollar pairing was up 0.04%, settling at 1.2165. The dollar/yen pairing settled at 115.69, down 0.27%.

    President-elect Trump has set a press conference for Wednesday. Investors are concerned that Trump may roil world markets by taking a tough stance on China, trade policy, and Mexico.

    Trump announced the appointment of his son-in-law Jared Kushner as a senior White House aide, and Kushner, husband of Ivanka Trump, is expected to sit on the president's Executive Committee, which will also include the Chief of Staff Reince Prebius, counselors Kellyanne Conway, and Steve Bannon. All of them support tough policies on immigration and China, as well a trillion dollar spending plan for domestic infrastructure.

    During confirmation hearings at the Senate on Tuesday, Gen. John Kelly, for Secretary of Homeland Security, the former military leader told Sen. John McCain, in response to questioning, that Trump's plan to build a wall on the southern border of the U.S. to secure the country from illegal aliens and illegal drugs would be part of a "layered approach" to homeland defense.




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    Mirza
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