“Gold prices will be pushed up next year by a weaker dollar and inflation concerns, even though bullion’s appeal as a less risky asset may be waning as the economic outlook improves. The two primary drivers pushing gold higher are a weaker dollar and massive injections by central banks of liquidity to support economic growth,” reports Reuters.
August gold was slightly lower due to light profit taking overnight as it consolidates some of Monday’s rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If August extends this month’s rally, the reaction high crossing at 966.70 is the next upside target. Closes below the 10-day moving average crossing at 932.80 would temper the near-term friendly outlook.
First resistance is Monday’s high crossing at 955.40. Second resistance is the reaction high crossing at 966.70. First support is the 10-day moving average crossing at 932.80. Second support is this month’s low crossing at 904.80.
August gold posted an inside day with a lower close on Tuesday as it consolidates some of Monday’s rally. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If August extends the rally, the reaction high crossing at 966.70 is the next upside target. Closes below the 10-day moving average crossing at 929.20 would temper the near-term friendly outlook in the market. First resistance is Monday’s high crossing at 955.40. Second resistance is the reaction high crossing at 966.70. First support is the 20-day moving average crossing at 931.20. Second support is the 10-day moving average crossing at 929.20.
September silver posted an inside day with a lower close on Tuesday as it consolidated some of Monday’s rally but remains above the 20-day moving average crossing at 13.415. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If September extends Monday’s rally, the reaction high crossing at 14.335 is the next upside target. Closes below the 10-day moving average crossing at 13.109 would temper the near-term friendly outlook in the market. First resistance is Monday’s high crossing at 13.750. Second resistance is the reaction high crossing at 14.335. First support is the 20-day moving average crossing at 13.415. Second support is the 10-day moving average crossing at 13.109.
August Gold was slightly lower due to light profit taking overnight as it consolidates some of Monday’s rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If August extends this month’s rally, the reaction high crossing at 966.70 is the next upside target. Closes below the 10-day moving average crossing at 929.20 would temper the near-term friendly outlook.
First resistance is Monday’s high crossing at 955.40. Second resistance is the reaction high crossing at 966.70. First support is the 20-day moving average crossing at 931.20. Second support is the 10-day moving average crossing at 929.20.
Gold rallies above $950: “There is a combination of both a weaker dollar (and) appetite for commodities coming back with the hope of an economic recovery,” said Alexander Zumpfe, a trader at precious metals house Heraeus,” reports Globe&Mail.
* U.S. Mint gold, silver coin sales ‘temporarily suspended’ – again: “Unprecedented demand, a shortage of blanks, and restrictive policies and regulations continue to exacerbate what is almost becoming a chronic shortage of gold and silver coins authorized by the U.S. Mint,” reports Mineweb.
August gold closed higher on Monday as it extends last week’s rally. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If August extends the rally, the reaction high crossing at 966.70 is the next upside target. Closes below the 10-day moving average crossing at 927.40 would temper the near-term friendly outlook in the market. First resistance is today’s high crossing at 955.40. Second resistance is the reaction high crossing at 966.70. First support is the 20-day moving average crossing at 929.90. Second support is the 10-day moving average crossing at 927.40.
September silver closed higher on Monday and above the 20-day moving average crossing at 13.424 confirming that a short- term low has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends today’s rally, the reaction high crossing at 14.335 is the next upside target. Closes below the 10-day moving average crossing at 13.076 would temper the near-term friendly outlook in the market. First resistance is today’s high crossing at 13.750. Second resistance is the reaction high crossing at 14.335. First support is the 10-day moving average crossing at 13.076. Second support is last Monday’s low crossing at 12.435.
In today’s video we’ll be looking at Gold.
One of the nice features about MarketClub is the fact that we have real-time gold prices. If you’re going to be trading or looking at gold (XAUUSDO) you need real-time prices.
After a spectacular run-up in gold values in the last decade, gold prices have slowed down and have entered into a broad trading a range. In today’s video Hewison will be looking at what are the likely scenarios that come out of this 14 month trading range.
This week (starting 7/20) could be enormously important for the yellow metal as a key level is within striking distance which will kick this market into action. In this video he gives you a specific level that he is watching personally in this market.
(Reuters) – Gold rose nearly 2 percent in Europe on Monday as oil prices climbed and the dollar slipped to a six-week low against a basket of currencies, boosting the precious metal’s appeal as a currency hedge.
Commodities across the board benefited from a sharper appetite for risk, dealers said, with world stocks rallying and equities touching a 10-month high in Asia as investors were tempted back into higher-yielding assets.
Spot gold rose to a five-week high of $953.70, its firmest since June 12, and was bid at $952.20 an ounce at 1052 GMT, against $936.50 an ounce late in New York on Friday.
“There is a combination of both a weaker dollar (and) appetite for commodities coming back with the hope of an economic recovery,” said Alexander Zumpfe, a trader at precious metals house Heraeus.
“From a pure technical point of view, we might see some higher prices over the next couple of days.”
The dollar slid to a six-week low against the euro and versus a basket of six major currencies .DXY as rising stock markets boosted appetite for higher-yielding currencies seen as riskier.
Other commodities also benefited from stronger risk appetite, with oil climbing nearly $1 a barrel and copper rising to its highest level since October.
Silver Bullion Trust, an all silver fund from the CEF/GTU closed-end fund group, has its roadshow going on now.Initially it will only be available in Canada. It will trade on the TSX to start, then on the AMEX once it has risen to $75 million of assets which is a similar process used in the introduction of GTU.
It will trade in Canada in both U.S. and Canadian dollars.
The initial offering is reported to be for up to $200 million, so the $75 million threshold could be met immediately depending on the bid size of the deal.
It is expected to price at around US $10 (1 share + 1 $10 warrant) by July 29th.
This could be a interesting alternative to SLV and to CEF for those who wish to invest more heavily in silver.
