Tag Archives: Gold

Spot gold prices continue to hover above the $1700 psychological level as traders nervously await the outcome of today’s one day FOMC meeting. Monday saw falls to $1692.60, but the 200 day MA around $1680.70 continues to add support on a closing basis and the metal ended the NY session around $1701 last night.

Spot gold prices are holding just above the psychological $1700 level in Asia this morning with the rally from Tuesday’s lows extended to $1706.90 this morning from early lows of $1698.10. Crude prices have added underlying support to the metal a head of the Greek PSI bond swap result.

Spot Gold prices are holding steady this morning in Asia, but remain under the 200 day MA at $1677.40 having been as low as $1663.35 in NY last night. The sell-off has been attributed to concerns over the Greek PSI, weaker PMI data and lower crude prices.

Spot gold prices are opening lower this week with the metal coming under some pressure as risk aversion following China’s cut of growth prospects weighs on general market sentiment.

Spot gold is consolidating around $1720 in Asia this morning but still reeling from Wednesday’s massive 5% drop and receiving no help from recent comments from Fed Bernanke’s dampening hopes of further QE.

Spot gold remains in positive territory after Wednesday’s rout, currently up $21.55 trading $1718.40. UBS reported today, via an emailed report, that a dip below $1700 an ounce was attracting a fair amount of physical purchases.

Spot gold prices collapsed yesterday afternoon following Fed Bernanke’s testimony which pointed to little chance of further QE, along with some stronger employment/ Chicago PMI data, which sparked a wave of profit taking by bullion traders after the metal posted highs of $1790.80 in Europe.

Spot gold is pushing higher in Asia this morning having eased back on Monday. Crude oil prices and the EUR/USD were pegged back from recent highs following S&P’s downgrade of EFSF’s outlook to negative, and talk that Merkel would have to rely on opposition support to gain Germany’s approval of the bail out.

Spot gold has been fairly steady in Asia this morning but is struggling to break through yesterday’s $1787.50 highs despite a strong run up in crude oil prices and a resurgent AUD/USD this morning.

Opened in Asia this morning at $1776.45 after hitting 2012 highs of $1781.80 in NY last night. The metal is currently consolidating the strong gains yesterday from lows of $1749.30, and looks set to test the $1800 level despite a small drift lower this morning to $1772.30.