Gold price back below $1,300 despite first ETF inflows in a month ...

Posted: 15 May 2014 04:36 PM PDT

Gold price back below $1,300 despite first ETF inflows in a month

The gold price fell by nearly $10 on Thursday after confidence about a continuing recovery in the US economy received a boost from strong employment data.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery in after hours trade exchanged hands for $1,296.0 an ounce, up from Thursday's regular trading session but down from yesterday's close above $1,300.

Gold was hurt by news that the number of Americans filing for initial jobless claims fell below 300,000 a week for the first time since 2007. The news boosted the value of the dollar – the US currency and gold usually move in opposite directions.

Phil Streible, a senior commodity broker at R.J. O'Brien & Associates in Chicago, told Bloomberg the jobs numbers were "a big deal":

"People are getting convinced that the economy is showing signs of recovery. People don't need to invest in a safe-haven asset like gold when the economy is doing just fine."

Not everyone was convinced that gold's hard asset qualities were tarnished Thursday and holdings in SPDR Gold Trust (NYSEARCA:GLD), the world's largest physically-backed gold ETF rose for the first time in over a month.

Holdings in GLD, which accounts for nearly half total holdings in the industry, jumped almost 2 tonnes to 782.25 tonnes or 25.1 million ounces on Thursday.

Allocated gold in GLD's vaults are still 16 tonnes lower for 2014 and at levels last seen in January 2009.

After an atrocious 2013 when GLD recorded only 17 days of inflows and almost 540 tonnes left the fund, the tide seemed to have turned early in 2014 with holdings peaking at 821 tonnes in March before sentiment turned again.

Buying of gold ETFs trusts – sometimes referred to as the people's central bank – since 2003 when the first of its kind was launched in Australia played a huge part in gold's 12-year bull run.

Gold bullion holdings in global ETFs hit a record 2,632 tonnes or 93 million ounces in December 2012.

But last year the world's more than a 50 physically-backed exchange-traded gold funds and scores more gold futures-based trusts experienced net redemptions in excess of 800 tonnes collectively.

Gold Price Triangle Pattern Near Completion :: The Market Oracle ...

Posted: 18 May 2014 06:18 AM PDT

Commodities / Gold and Silver 2014 May 18, 2014 - 03:18 PM GMT

By: Gregor_Horvat

Gold is moving sideways in 1268-1331 range for more than a month between two contracting trend-lines that make a shape of a triangle. We are looking at a running triangle in wave (b) that can be near completion as rise from 1276 is already in three legs that represents wave e), final leg in the pattern. With that in mind, traders should be aware of a bearish reversal down in wave (c) towards 1220/40 especially once 1277 and pattern support will give way.

Written by www.ew-forecast.com | Try our 7 Days Free Trial Here

Ew-forecast.com is providing advanced technical analysis for the financial markets (Forex, Gold, Oil & S&P) with method called Elliott Wave Principle. We help traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our view and bias as simple as possible with educational goal, because knowledge itself is power.

Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.
He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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Gold price back below $1,300 despite first ETF inflows in a month ...

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