<b>Gold Prices</b> To Rise on Bullish Technical <b>Charts</b> |
| <b>Gold Prices</b> To Rise on Bullish Technical <b>Charts</b> Posted: 22 Feb 2014 01:11 AM PST  Reuters Gold prices to rise further next week on bullish technical charts. Gold prices are set to rise further next week, supported by bullish technical charts. As many as 19 of 23 analysts polled in a Kitco Gold Survey said they expected gold prices to rise, while two predicted that prices would drop and two forecast prices to remain unchanged. Ralph Preston, principal, Heritage West Financial, listed several technical-chart points -- The double bottom lows from July and December 2013, gold rising above $1,280 and breaking the downward sloping trend-line drawn over the peaks of August at $1,430 and October at $1,375, and the metal rising above the 200-day moving average, which comes in Friday at $1,308.80, Preston told Kitco on 21 February. Adrian Day, chief executive at Adrian Day Asset Management, said the change in sentiment for gold, which compelled formerly bearish traders to scramble, also helped the metal. Kevin Grady, of Phoenix Futures and Options, said: "We continue to see tightness in the forward markets which I feel will spill over into the futures. Although the jewelers do not appear to be buying at these levels, there continues to be a bid under the market. This leads me to believe that we may be seeing some central-bank buying. "A key factor for gold this week was the release of the Federal Reserve minutes. Although the verbiage led us to believe that the current tapering plan would continue, the gold price held up under immediate pressure. The 200-day moving average comes in around $1,305. We need to hold this area for gold to attract new buyers," Grady said.  HK Statistics Department, Commerzbank Research China's imports of gold from Hong Kong. Commerzbank Corporates & Markets said in a 21 February note to clients: "The price of gold has recently climbed to its highest level since October 2013, the main reasons being a weaker dollar, speculative buying and lower outflows from gold ETFs. Last year, investors took some 900 tonnes of gold out of ETFs and contributed significantly to the slump in prices. "Strong physical demand from China in particular should continue to support the price of gold in the medium term. The January figures from Hong Kong's Statistics Department on gold trade with China, due out next week, should confirm high Chinese buying interest. That said, the potential is limited in the short term." Commerzbank Corporates & Markets said in a separate note: "For the first time since 1980, Switzerland [on 20 February] published detailed statistics regarding its gold trading activities, showing that around 85 tons of gold were exported to Hong Kong in January; this accounted for almost half of the country's total gold exports. The gold is likely to have been shipped on to China, which points to continuing high gold demand there. The Census and Statistics Department of the Hong Kong government will be reporting during the course of next week on its trading activities with the Chinese mainland. "Other major buyers of the Swiss gold were India, Singapore and the United Arab Emirates. Switzerland does not produce the gold itself, however; it imports it from other countries and then melts it down to sell to Asian buyers in smaller units. By far the largest quantity of gold (119 tons) was imported from Great Britain - part of this total is likely to have come from sold ETF holdings. This underpins the gold flow from west to east that has been underway for months now." Gold Ends Higher Spot gold inched up 0.2% to $1,324 an ounce on 21 February, down from the three-and-a-half month high of $1,332.10 struck on 18 February. US gold futures for delivery in April finished $6.70 higher at $1,323.60 an ounce on 21 February. For the week as a whole, futures added 0.38%. Bullion prices have risen over 9% so far this year as concerns about global economic growth boosted the precious metal's safe-haven investment allure. However, prices are still far below the record high of around $1,920 per ounce struck in 2011.  |
| This Silver and <b>Gold Price</b> Rally Will Far Surpass Gains Seen from <b>...</b> Posted: 21 Feb 2014 05:14 PM PST Gold Price Close Today : 1,323.90 Gold Price Close 14-Feb-14 : 1,319.00 Change : 4.90 or 0.4% Silver Price Close Today : 21.782 Gold Silver Ratio Today : 60.780 Silver Gold Ratio : 0.01645 Dow in Gold Dollars : $ 251.44 Dow in Gold Ounces : 12.164 Dow in Silver Ounces : 739.29 Dow Industrial : 16,103.30 S&P 500 : 1,836.25 US Dollar Index : 80.300 Platinum Price Close Today : 1,426.30 Palladium Price Close Today : 740.00 Silver and GOLD PRICES scored another successful week, suffering a small correction bravely met. Gold rose 0.4% for the week, silver 1.7%. Today gold won another $6.80 (0.5%) to $1,323.90. Silver inched up 9.8 cents (0.5%) to 2178.2c. After Tuesday's 2198c intraday high silver went into resting mode, but still never dropped lower than 2138c this week. This formation looks like a "pennant". Rule of thumb says, "Flags (and pennants) always fly at half staff," which gives this move a first target of about 2350c. Next week should witness silver jump up again. Y'all shouldn't underestimate the worth of silver and gold prices at last climbing above their 200 day moving averages. That points momentum upward after we have struggled more than two years in a correction, with silver beneath that 200 DMA most of the time. Last week the GOLD PRICE broke through $1,300 and $1,320 resistance. It's breathing and puffing here, but should reach $1,360 before it takes a real rest. Gold might drop as low as $1,280 without breaking this uptrend. On the weekly chart the gold price has risen plumb to the evil downtrend line from the August 2011 high, stands above the 20 week moving average and is kissing its 50 WMA. Confirmation comes when it passes the August high ($1,434), getting ready to challenge $1,550 where the April Agony occurred. The SILVER PRICE weekly chart shineth even more brightly. Silver has risen above its since-April 2011 downtrend line and is also kissing its 50 WMA. Silver and gold ought to have at least a week left to rally. But never mind anticipations, both have definitively turned up out of the 2011-2013 correction. And this rally will far surpass any gains silver or gold saw from 2001 - 2011. Read that again, because I mean it. The best and biggest gains are yet to come. If y'all miss that train, don't send me any post cards complaining I didn't warn y'all. One last time I'll remind y'all, if you ever want to swap gold for silver at spot ratios above 60:1, you'd better jump. We are swapping gold for silver now, targeting a swap back at 31;1 or better. Solid week for metals, making good last week's gains. Stocks struggled and still closed barely lower. US dollar index feebly rose. Dow measured in Silver and gold fell further. US DOLLAR INDEX did no more this week than validate the bottom boundary (79.95) of the range in force since September, 79.75 - 81.50. Today peeled off two basis points to fall to 80.30. Momentum is earthward. The euro, "The Manic Depressive Fiat Currency," rose again today. It's tightening up in a triangle that might shoot high but might also step through a rotten well cover. Today gained 0.14% to $1.3738. Japanese yen, lower by 0.22% today to 97.25, now hath fallen below its 20 day moving average. Should move lower, but barely. STOCKS closed lower this week. Out of six weeks this year, stocks have closed lower three. Today most indices fell, not much, just enough to break morale. Dow mislaid 29.93 (0.2%) to 16,103.30. S&P500 lost 3.53 (0.2%) to end at 1,836.25 Stocks are painfully fulfilling a broadening top formation. From here we may yet see slightly higher highs, or we may have seen them already. Either way, by end-May we ought to know. Future course is down. Investors ought to be selling stocks and rolling proceeds into silver and gold. Dow in gold lost another 0.43% to 12.14 oz. (G$250.96 gold dollars). Blamed thing has been falling so long I'm wondering if it's not time for a little rally. Dow in Silver is worse. It stands below the 200 DMA (741.24 oz) at 737.50 oz today, lower by 0.28%. What I want to see here is more downside, confirming that metals have reversed their downtrend against stocks. Long term downtrend line for Dow in Silver today hits about 580 oz, for gold about 10 oz, so we have a ways to fall for final confirmation. Be patient. Y'all enjoy your weekend! Argentum et aurum comparenda sunt -- -- Gold and silver must be bought. - Franklin Sanders, The Moneychanger © 2014, The Moneychanger. May not be republished in any form, including electronically, without our express permission. To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold or 18 ounces of silver. or 18 ounces of silver. US $ and US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down. WARNING AND DISCLAIMER. Be advised and warned: Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures. NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps. NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced. NOR do I recommend buying gold and silver on margin or with debt. What DO I recommend? Physical gold and silver coins and bars in your own hands. One final warning: NEVER insert a 747 Jumbo Jet up your nose. |
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