Gold price | Silver and <b>Gold Prices</b>: Today the <b>Gold Price</b> also Closed Above its <b>...</b> |
- Silver and <b>Gold Prices</b>: Today the <b>Gold Price</b> also Closed Above its <b>...</b>
- Jobs data light fire under <b>gold price</b> | MINING.com
- <b>Gold Price</b> Analysis- April 8, 2014 - DailyForex.com
| Silver and <b>Gold Prices</b>: Today the <b>Gold Price</b> also Closed Above its <b>...</b> Posted: 08 Apr 2014 04:42 PM PDT
Sorry I missed y'all yesterday, all the more since it was a near perfect day for silver and GOLD PRICES. The GOLD PRICE rose today $10.70 (0.8%) to $1,308.70 while silver held its hand and rose 15.1 cents (0.8%) to 2004.2c. Gold price's little correction yesterday was picture perfect. Friday it broke through resistance at $1,295 after several tries, but closed below $1,305 resistance at $1,303.20. Yesterday it closed down at $1,298, lower but still holding solidly above $1,295 support, and closed ABOVE $1,305 resistance at $1,308.7. May I warble further? Today the gold price also closed above its 200 DMA ($1,296.90) and, yet there is more. Gold has now rallied out of the Dec-February upside down head and shoulders, broke through the neckline of that formation in a rally to $1,392.60, corrected back to the neckline for a final kiss good-bye last week, and now 'tis climbing again. THIS would be the place to buy. Although I have not yet decided yet whether the correction is complete, or whether we will see one more up and down, but I doubt any later leg down will drop lower than what we have seen. Above the 20 DMA lurks at $1,319.82. Crossing that will bring out many more of gold's fair weather friends. The gold price has seen its bottom for a while. The SILVER PRICE stands a gnat's eyelash from flashing an MACD buy signal, the full stochastic is turning up, rate of change is rising, AND (I'm almost out of breath) it bounced off its post-April 2013 downtrend line at end March. Yet for all in its favor, silver must yet close above 2015c. We ought to witness that tomorrow. By the way, silver's performance yesterday was as good as gold, with a retreat to support at 1975c and bounce back today. GOLD/SILVER RATIO today ended at 65.298, and is not dropping from its March peak as quickly as I would like, but what would I do with without something to fret about? On to stocks, yesterday the Dow dropped only ten points while the S&P500 plunged a massive 20.5 (1.1%). That trashed the S&P500 chart. A two day waterfall took it from 1897.28 to 1845.04. This also was a completed key reversal. Today it cut into but closed above the 50 DMA (1,840.57), and flopped back 6.9 (0.38%) to 1,851.96. The S&P is breaking down. Thus sayeth its position on the chart thus screameth its key reversal. Unless Wall Street's friends in the Plunge Protection Team, the Nice Government Men, step up quick the blood will be flowing up to the horses bridles. Off a new all time intraday high on Friday, a push into new high territory, the Dow closed much lower, nearly 1%. That key reversal was confirmed yesterday with another drop and close below the 20 day moving average at 16,245.87. Today it bounced like a dead cat off the pavement, up 10.27 (0.06%). As with the S&P500, the MACD indicator has flashed a big red SELL signal. Much lower prices like ahead. Dow in Gold has plunged in the last three days and today closed at 12.42 oz (G$256.74 gold dollars). This hints but does not confirm that the correction that began mid March has peaked. DiG is about to cross below its 20 and 50 DMAs. Close below 11.62 oz (G$240.21) takes it below the low of the Dec-March fall. Dow in Silver dropped 0.93% today to 810.38 oz (S$1,047.76 silver dollars). It hovereth above its 20 DMA (805.93), first tripwire of a decline. MACD has turned down, and full Stochastics are confirming a downturn. Today currency markets overthrew expectations. The Bank of Japan, contrary to the market's expectation, vowed it would hold off on monetary easing -- central-bank-speak for "inflating" -- in the short term. All the folks short yen promptly puked in their wastebaskets and splurted out orders to cover their short positions. Yen gapped up massively, above its 20 and 50 DMAs, from 97 to 98.5 at the widest. Closed up 1.34% at 98.29 cents/Y100. Dollar took this news like a rockhammer in the teeth. Dropped a huge 50 basis points or 0.62% to 79.83, wiping out all its gains since mid-March. Considering how the US Dollar has struggled since bottoming in March, and now crashes through its 20 and 50 DMAs, it hath little hope for the future. It appears to have successfully transformed a nascent rally into Waterloo. - 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.  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Jobs data light fire under <b>gold price</b> | MINING.com Posted: 04 Apr 2014 09:25 AM PDT The price of gold surged on Friday scaling the crucial 1,300 an ounce level after disappointing US jobs indicated US monetary policy is likely to stay accommodative for longer. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery in midday trade exchanged hands for $1,305.80 an ounce, up more than $20 compared to Thursday's close. Volume was robust with 110,000 contracts traded by 12:15 EST, compared to average daily volumes on the exchange of around 160,000. The US economy created 192,000 jobs in March against consensus expectations of at least 200,000 new positions. Some predicted much higher employment growth as the jobs market emerges from its winter lull. March sub-par numbers were not a train smash and the overall unemployment rate did stay flat at 6.7%, but after three disappointing jobs reports in a row – the Fed's key measure in deciding interest rates – supporters of the Fed's economic stimulus program are back in charge. US Federal Reserve chair Janet Yellen on Monday made very dovish comments about the bank's quantitative easing program saying "extraordinary commitment [to monetary stimulus] is still needed and will be for some time." The QE program together with other stimulus measures saw the balance sheet of the Fed cross the $4 trillion mark in January, up 400% in seven years. Monetary expansion across developed economies, particularly since the financial crisis, has been a massive boon for the gold price, burnishing the metal's reputation as an inflation hedge and storer of wealth. Gold was trading around $830 an ounce when previous chairman Ben Bernanke announced QE1 in November 2008. Not everyone is convinced Friday's non-farm payrolls will have a big effect on US monetary policy and that cutbacks in QE will continue through year end and that interest rates could start rising mid-2015. If the QE program ends on schedule and rising rates boost the dollar it is bad news for gold. Gold and the dollar usually move in opposite directions and investors would rotate into yield-producing assets over gold, which offers none. Marketwatch quotes Jeffrey Wright, managing director at H.C. Wainwright as saying: "As far as I can tell, this ship has sailed. [The] FOMC had a chance to restrain [the] taper and chose not to in February and March, with worse data points than an 8,000 miss on jobs". Walter de Wet of Standard Bank believes the rally in gold will fade and expectations this year of a rise in real yields on US government bonds, which negatively correlates with the gold price, will push the bullion price down. Gold is well off its 2014 high struck in mid-March, but remains up 9% so far this year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| <b>Gold Price</b> Analysis- April 8, 2014 - DailyForex.com Posted: 07 Apr 2014 11:33 PM PDT
By: DailyForex.com The XAU/USD pair (Gold vs. the American dollar) settled lower yesterday, pulling back after sizable gains in Friday's sessions, as that investors took some of profit off the table. Last week the bulls had taken advantage of weakness in stock markets and pushed gold prices above the 1300 level. During today's session Asian shares are in the negative territory as investors await the conclusion of a Bank of Japan policy meeting. While equity markets are suffering and the currency market maintains negative view for the American dollar, demand for safe-haven gold could increase in the short-term and prompt funds to get back into the market. Technically speaking, the daily chart indicates that there is an intense battle going on between the bears and the bulls. Basically, the overall trend is up when prices are above the cloud, down when prices are below the cloud and flat when they are in the cloud itself. As you can see on both the daily and 4-hour charts, the XAU/USD pair is imprisoned in the clouds. However, we have a bullish Tenkan-Sen (nine-period moving average, red line) - Kijun-Sen (twenty six-day moving average, green line) cross on the 4-hour chart and that might help the bulls build some steam and retest the 1307 level. Beyond that level, I expect to see more resistance around the 1314 level which happens to be the top of the Ichimoku cloud on the daily time frame so breaking through this barrier is essential for a bullish continuation towards 1320. If sellers step up pressure and prices reverse, I think the first support to pay attention will be at 1293. Breaking below this support could take us back to the 1289/6 area which the bears have to capture in order to start a journey to 1277. |
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