GOLDMAN: <b>Gold Prices</b> Will Fall To $1,050 - Business Insider |
- GOLDMAN: <b>Gold Prices</b> Will Fall To $1,050 - Business Insider
- Putin Sends <b>Gold Prices</b> Higher: Weekly Gold ETF Update
- Demand from china sends <b>gold prices</b> higher: weekly gold etf update
| GOLDMAN: <b>Gold Prices</b> Will Fall To $1,050 - Business Insider Posted: 14 Apr 2014 04:39 PM PDT  REUTERS/Ilya Naymushin However, the yellow metal has rallied by around 10% since the beginning of the year. Nevertheless, most Wall Street commodities analysts remain firmly bearish. In a new note to clients, Goldman Sachs analysts reiterate their prediction that gold will fall to $1,050/oz within 12 months. Here's their one-paragraph take (emphasis added): The 2014 gold rally brought prices to their highest level since September before a more hawkish-than-expected March FOMC pushed prices sharply lower. Three distinct and in our view transient catalysts have driven this rally: (1) a sharp slowdown in US economic activity which we believe was weather driven, (2) high Chinese credit concerns, although ultimately bearish for gold demand through lower financing deals if realized, and (3) escalating tensions over Ukraine. While further escalation in tensions could support gold prices, we expect a sequential acceleration in both US and Chinese activity, and hence for gold prices to decline, although it may take several weeks to lift uncertainty around this acceleration. Importantly, it would require a significant sustained slowdown in US growth for us to revisit our expectation for lower US gold prices over the next two years. Beyond the acceleration in US activity, signs of sequentially weaker Chinese gold imports could pressure prices in coming months. Gold futures settled at $1,327 Monday. Prices would have to fall 20.8% to get to Goldman's target.  |
| Putin Sends <b>Gold Prices</b> Higher: Weekly Gold ETF Update Posted: 15 Mar 2014 06:31 PM PDT Print This! Gold prices continued to soar through the week, as the escalating situation in the Ukraine pushed gold higher, putting the squeeze on short-sellers, who Although gold prices had been expected to suffer from the tapering of the of the Federal Reserve's bond-buying program, the spot price of gold has risen 14.74 percent since January 1. The quantitative easing program is credited with pushing gold prices to record highs during 2011. The weakening of the dollar which resulted from quantitative easing had enhanced gold's status as a "safe haven". As a result, the phase-out of QE had been seen as a threat to gold prices. A review of the chart for gold's spot price demonstrates that when the price rose above $1,237 per ounce on January 3, it broke the neckline of December's bearish head-and-shoulders pattern on the chart. On February 18, the spot price rose as high as $1,332.40 per ounce, crossing above the neckline of the October 17 – November 11 head-and-shoulders pattern to break its curse and signal the likelihood of a further advance. After spending the first week of March a consolidation phase, gold prices surged with escalating tensions in the Ukraine. The chart below depicts the trading activity in the SPDR Gold Trust ETF (NYSEARCA:GLD) during the past 180 days (Chart courtesy of Stockcharts.com). As with the spot price of gold, an inverse head-and-shoulders pattern formed on the GLD chart since January 24, signaling the likelihood of a further advance. Friday's close at $133.10 per share brought GLD 5.86 percent above its 200-day moving average (currently $125.73). GLD's Relative Strength Index climbed to 72.05 from last week's 61.36. Most investors consider a Relative Strength Index above 70 as an "overbought" signal. The MACD is rising above the signal line, suggesting that GLD could continue its advance during the immediate future. The following is a summary of how precious metal spot prices and ETFs performed from the close on Friday, March 7 until the close on Friday, March 14: Gold ETF Update:Gold Spot Price: $1,382.50/oz, +3.17% .Disclaimer: The content included herein is for educational and informational purposes only, and readers agree to Wall Street Sector Selector's Disclaimer, Terms of Use, and Privacy Policy before accessing or using this or any other publication by Wall Street Sector Selector or Ridgeline Media Group, LLC. Go to Wall Street Sector Selector Home or Check our Special Wall Street News Section |
| Demand from china sends <b>gold prices</b> higher: weekly gold etf update Posted: 15 Feb 2014 06:36 PM PST Print This! Gold had a fantastic week as the spot price jumped 4.09 percent. While gold made a steady climb, advancing through each of the five trading sessions, Although gold prices had been expected to suffer from the tapering of the of the Federal Reserve's bond-buying program, the spot price of gold has risen 9.47 percent since January 1. The quantitative easing program is credited with pushing gold prices to record highs during 2011. The weakening of the dollar which resulted from quantitative easing had enhanced gold's status as a "safe haven". As a result, the phase-out of QE had been seen as a threat to gold prices. A review of the chart for gold's spot price demonstrates that when the price rose above $1,237 per ounce on January 3, it broke the neckline of December's bearish head-and-shoulders pattern on the chart. Nevertheless, the spot price must reach $1,321 per ounce before it reaches the neckline of the October 17 – November 11 head-and-shoulders pattern in order to break its curse. With Friday's closing price of $1,318.90, that moment could come at the next trading session. Gold has benefited from a bullish, inverse head-and-shoulders pattern which formed on its chart after January 24, signaling the likelihood of a further advance. The chart below depicts the trading activity in the SPDR Gold Trust ETF (NYSEARCA:GLD) during the past 180 days (Chart courtesy of Stockcharts.com). As with the spot price of gold, an inverse head-and-shoulders pattern formed on the GLD chart, since January 24, signaling the likelihood of a further advance. Friday's close at $127.15 per share brought GLD above its 200-day moving average (currently $126.47). If GLD can extend its advance after Friday's 1.32 percent rise, the next overhead resistance level for GLD will be the neckline of the head-and-shoulders pattern running from October 16 through November 8: $127.50. After hitting a high of $127.38 on Friday, GLD could break that neckline on Tuesday. GLD's Relative Strength Index rose to 71.74 from last week's 57.38. Most investors consider a Relative Strength Index above 70 as an "overbought" signal. The MACD is rising above the signal line, suggesting that GLD could continue its advance during the immediate future. The following is a summary of how precious metal spot prices and ETFs performed from the close on Friday, February 7 until the close on Friday, February 14: Gold ETF Update:Gold Spot Price: $1,318.90/oz, +4.09% .Disclaimer: The content included herein is for educational and informational purposes only, and readers agree to Wall Street Sector Selector's Disclaimer, Terms of Use, and Privacy Policy before accessing or using this or any other publication by Wall Street Sector Selector or Ridgeline Media Group, LLC. Go to Wall Street Sector Selector Home or Check our Special Wall Street News Section |
were forced to cover their positions.
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