Gold Gold is currently trading at $1,001.80/oz and has bounced from a low of $991/oz and continues to follow currency movements. This week is the first week of the new Central Banks Gold Agreement, which caps gold sales from official reserves.
29 September, 2009
Gold US stocks rallied yesterday and the gold price soon recovered after initial falls, and resolutely stayed around the $990/oz level. The erratic nature of the dollar, at the moment, means that gold may still have its direction dictated by dollar volatility and traders may exploit this and push the limits of gold support in the short term, looking for favourable entry points.
28 September, 2009
Gold A stronger dollar and a bout of profit taking saw gold slip back to the low $980s per ounce in early morning trading. It is currently trading at $989/oz and if it fails to pull itself above $990/oz, it may correct back further to $970/oz before support is found.
25 September, 2009
Gold Gold fell yesterday on technical driven profit taking and is currently trading at $996.75/oz. It traded in a range overnight of $991-$999/oz. Support is now at $990/oz and resistance is at the recent high at $1,024/oz. All eyes are on the G20 summit in Pittsburgh and trading is likely to be cautious prior to the meeting.
24 September, 2009
Today is the 140 Year Anniversary of the original Black Friday on September 24th, 1869. Since then the word 'Black' has been used to describe any day that the stock market, currencies or financial markets have crashed. There have been many, many such crashes but the one that birthed the term happened on this day 140 years ago.
24 September, 2009
GoldCore Precious Metals Update - Gold Supported by Federal Reserve's "Exceptionally Low" Interest Rates for "Extended Period"
Gold Gold touched $1,015/oz this morning before retreating to $1,002/oz and then rebounded back to that figure again. Gold needs to re-test recent highs above $1,020/oz to plough its own furrow rather than taking its direction from the vagaries of dollars fortunes.
23 September, 2009
GoldCore Precious Metals Update - Silver Remains a Contrarian's Dream With Negative or No Media Coverage & No Public Involvement
Gold The dollar fell sharply against most currencies yesterday and gold was strong in all currencies and held above $1,015/oz for most of the day.
22 September, 2009
21 September, 2009
18 September, 2009
GoldCore Precious Metals Update - Commitment of Traders (Comex) Data Shows Speculative Fever Not High in Gold or Silver
Gold Gold closed above the $1,000/oz level for a fourth session and is currently trading at $1,014/oz. During yesterday’s trading it touched a new 18 month high of $1,023/oz. The gold open interest on the COMEX rose another 3764 contracts to 478,172 which is still a long way from the record 593,953 contracts seen in mid January 2008 (http://www.technicalindicators.com/cotgold.htm). Indeed such open interest figures were seen for much of the f
17 September, 2009
16 September, 2009
Gold Gold reached an 18 month high at $1,017.50/oz in early European trading this morning. Gold has found its footing in the low $1,000s/oz and looks set to launch an assault on the all time record nominal high of $1,033/oz (on March 17th 2008). 18 months ago tomorrow is when gold surged to its record high (in the aftermath of the Lehman's bankruptcy) and much consolidation and base building has been done in the last 18 months. Gold now looks very strong both from a technical point of view and a fundamental point of view.
14 September, 2009
Gold A bounce in the dollar has pulled gold back from its overnight high of $1009/oz. Gold's inability to sustain a robust move through the psychological $1000/oz barrier has seen a further period of profit taking. The next significant points in either direction for gold, will be support at $990/oz and a close above $1,012/oz. The higher figure will regain the trust of investors that gold can challenge the March 2008 highs of $1,033/oz.
11 September, 2009
10 September, 2009
8 September, 2009
7 September, 2009
Gold With the Labour Day national holiday in the US today, it should be a quiet day for the precious metals. However, even though a firmer dollar and a bout of profit taking pulled gold back from $1000/oz last week, it only retreated as far as $986/oz before climbing back to $994/oz. This is a strong indicator that gold can maintain its bull trend. The next level of resistance is $997/oz with $1,005/oz and $1,032/oz thereafter.
4 September, 2009
3 September, 2009