Triland Metals: Severe Pressure Could Push Gold Through 2014 Lows
Gold prices are under severe pressure heading into the weekend say analysts from Triland Metals. They note that the stronger-than-expected nonfarm payrolls data propelled gold through the interim January lows at $1,167.30 and there is a chance that prices continue to move lower. “The $1130 low is back in sight now and there doesn’t seem to be the tightness (yet) in the physical market and nearby forwards that was a precursor to support in late 2014,” they say. Friday afternoon Comex April gold futures fell to a session low at $1,162.90 an ounce and are only marginally higher, trading at $1,164.50 an ounce.
Endeavour Mining Has A Strong Week
(Kitco News) – This week saw the world’s largest mining convention wrap up as the 83rd Prospectors & Developers Association of Canada (PDAC) came to a conclusion.
Gold Extends Early Losses to Trade Sharply Lower, at 9-Week Low
The sell-off in the gold market is accelerating as midday approaches Friday.
Prices are sharply lower and hit a nine-week low as heavy technical selling is featured, including sell stop orders being triggered on the way down.
Fundamentally, a robust U…
Gold Sells Off, Hits 9-Week Low, on Stronger U.S. Jobs Report
(Kitco News) – Gold prices are moderately lower and scored a nine-week low in early U.S. trading Friday, in the wake of a stronger-than-expected U.S. jobs report that was just issued.
U.S. Economy Creates 295K Jobs In February
(Kitco News) – The labor market continued to show strong momentum as the U.S. Labor Department released a stronger-than-expected nonfarm payrolls report for February.
Read moreGold Weaker on Bearish Outside Market Forces; U.S. Jobs Data on Deck
Gold prices ended the U.S. day session modestly lower in a choppy, two-sided trading affair Thursday. Slight early gains in gold gave way to selling pressure as the trading day progressed. A rallying U.S. dollar index that hit an 11.5-year high Thursday remains a significantly bearish “outside market” that is working against both gold and silver. April Comex gold was last down $3.50 at $1,197.40 an ounce. May Comex silver was last up $0.002 at $16.16 an ounce.
Dubai To Finally Give Away $1.5 Million In Gold To Weight-Loss Winners
After six long months, Dubai residents participated in the city’s weight-loss challenge will finally get their just desserts.
Gold Traders Laying Low Ahead Of Nonfarm Payrolls
The gold market has been fairly quiet Thursday with trading volumes being “ominously low,” but analysts from Triland Metals note that traders appear to be waiting for Friday’s February jobs report. “Friday’s U.S. employment report could help to fine-tune the timing for the U.S. rate hike…” they say. They add that there is a risk of lower prices move lower in the near term. “There is a very strong feeling that repeated demand sub $1,200 may be running out of ammunition as bounces from this area are becoming ever so shallower,” they say.
Gold Could Drop As Jobs Report Supports Potential Fed Rate Hike – Analysts
The Fed appears to be on the path of tightening interest rates by the second half of the year and, according to some analysts, it would take a fairly weak jobs number Friday to dissuade markets from this view.
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