Gold touched a one-week low at $1636. No suggestions of more LTROs or other easy money from Draghi and the jobless claims numbers cut into QE3 expectations. Turns out cash might be worth something after all. Overall, still well within … Continue reading
The ADP data was bad but evidently not bad enough for QE3. Gold last at $1647 with support at Monday’s low of $1644 followed by $1625. Overall, gold has been stuck in a $90 range for the past six weeks. … Continue reading
The WSJ is carrying some chatter suggesting the fall at 8:30 ET was the result of a fat finger in 7500 gold futures contracts.
Gold hit a $15 air pocket — falling to $1645 from $1660 — immediately after the PCE data. At the same time, HSBC has lowered its 2012 gold forecast by 5% to $1760 on lower QE expectations and soft demand … Continue reading
Japan, Vietnam and mainland China are closed today but shares in other centres are enjoying solid gains with HK +1% and both Australia and Korea +0.4%. Gold is steady at $1665/oz and WTI Oil is trading at $104.75/bbl.
Gold has pushed even higher today after weaker data spurred on hopes for more QE. That tends to weaken the dollar and benefit gold. However, The 100 day MA at 1667.90 has stalled the rally today The price has consolidated … Continue reading
Gold touches $1655, the highest in more than a week after the claims report. Expect resistance up to $1657 but a break higher could spark a rally to $1680. Many people thought the Easter holiday had skewed claims but that’s … Continue reading
Gold fell sharply on the Fed (no QE) then rallied back toward the highs for the day. The rally back higher returned to the 38.2% and the 200 hour MA at the 1644.81 level (see chart above) The key technical … Continue reading
Political uncertainty tends to benefit gold but the French election and Dutch upheaval are giving a lift to the dollar with gold caught in the downdraft. Worries about liquidity at European banks may be prompting sellers. Gold has traded lower … Continue reading
The rally stalled out at resistance at $1650/54. I have a hard time seeing it get above those levels today unless the Philly Fed is terrible.