GOLD

[PCMAnalyst]

hi

In this section Daily analysis will be inserted.

[PCMAnalyst]

hi

In this section weekly analysis will be inserted.

[PCMAnalyst]

hi

In this section monthly analysis will be inserted.

[Raam]

GOLD EXTENDS DECLINE SUB-$1200


Fourth consecutive day in the red for Gold, that posted today a fresh weekly low, and lowest since August 2010, breaking below the key $1200 figure, at $1197.
Silver did the same printing a fresh near 3-year low at $18.39, although losing less than Gold in the day.

Silver has build a doji daily candle with a long upper shadow but no body, while Gold lost about $26 for the day, making the Gold:Silver ratio to fall from fresh multi-year highs around 69, to last 65.27 at the NY close, down -1.26% for the day.

Oil in the other hand climbed a generous +1.48% to close in NY shy of the $97 mark, making the Gold:Oil ratio to plummet -3.36% for the day to fresh multi-year lows slightly above the 12 mark.
Oil has recovered more than $3 from yesterday's initial knee-jerk sell-off reaction to rising oil and gasoline stock piles published by the EIA.

[PCMAnalyst]

daily

pattern : deep crab

[Raam]

GOLD SETTLES AROUND $1250


Gold is last trading in the Asia-Pacific unchanged for the session so far at $1254, ahead of a holiday in NY, with major US markets closed.

Oil takes a breath below $102

Oil has eased to recent $101.30 for the light crude August contract from yesterday's Asian session and overnight's NY session double high at $102 round.
Silver in the other hand holds above the $19.50 mark, capped below the $20 handle.

Potential reverse head/shoulder building in Silver

Silver “may well resume its downtrend at any time. “There is a potential reverse head/shoulder formation building and if it can take out the neckline at around 20.10 then we could see an acceleration north.”

[PCMNewsdesk]

Gold broke out of the SKS formation. The shoulder-head-shoulder formation was likely to
strengthen the downward trend or to be the start of the consolidation. The days after, the Gold
price tangled around the 1244 price mark. The big downward movement is still intact and we still
could see prices below 1200, if the price breaks through the 1244 and 1225. Even the ECBs
decision about tapering could not help the price to stabilize.

[PCMNewsdesk]

Gold fell as investors wait for U.S. jobs data that may provide clues to the Federal Reserve’s
plans to taper stimulus and the euro slid after the European Central Bank pledged to keep
interest rates low for an extended period. U.S. nonfarm payrolls increased by 165,000 jobs last
month, from 175,000 in May, according to the median estimate of economists surveyed by
Bloomberg. Gold often moves inversely to the greenback.

[PCMNewsdesk]

The decrease of Silver versus the USD might have been stopped at the support level around
18.381 at the end of June. Both the short term moving average and the RSI are assuming a
strengthening of Silver if it creates a double bottom but further losses are more than likely if the
XAG/USD does not succeed to cross the hurdle around 20.12.

[PCMNewsdesk]

In the past five weeks Gold depreciated tremendously but was able to recover at the support
level around 1181.27. Recently it is trading on the lowest channel of a bearish Fibonacci fan and
based on the increasing MACD the bulls might be strong enough to push the pair above the next
resistance level around 1262.46.