Gold Extends Losses, Slips Below $1,200.00, On More Technical Selling, Bearish Outside Markets
Comex gold futures prices dropped below what was psychological support at the $1,200.00 level and hit a six-week low in late-morning trading Wednesday. Technical selling is featured this week as the chart posture for gold has deteriorated significantl…
Read moreDivers Discover Nearly 2,000 Ancient Coins Off Israeli Coast
(Kitco News) – A group of divers has recently discovered the largest treasure trove of ancient gold coins in Israel, according to a press release from the Israel Antiquities Authority (IAA).
Read moreU.S. Producer Prices Fall 0.8% In January, Gasoline Prices Drop Dramatically
(Kitco News) – Pipeline inflation pressures declined dramatically in January due to lower oil prices, according to the latest data from the U.S. Department of Labor.
Read moreGold Weaker On Follow-Through Selling, Bearish Outside Markets
(Kitco News) – Gold prices are modestly lower in early U.S. futures trading Wednesday, as follow-through technical selling is featured.
Read moreGreeks Shoot Their Foot While Markets Yawn
Greece, a flea of an economy, is giving big dog EU and other high-powered economies an itch they can’t quite scratch
OptionsXpress: Technicals Point To Lower Silver Prices
Silver futures lost significant ground Tuesday as markets priced in the worst “nuclear” option of Greece leaving the eurozone, says Rob Kurzatkowski, senior commodity analyst at OptionsXpress. Comex March silver future last traded at $16.450 an ounce, down 84.4 cents or 4.88% on the day. They note that a “Grexit” could have negative impacts on Europe’s economic growth, which would weaken demand for the precious and industrial metal. They add that technical picture points to lower prices for silver. “We see the March Silver contract pulling back a bit after hitting multi-month highs in mid-January. Prices failed to break through the 200-day moving average on the upside. Prices have broken the 20 and 50-day moving averages, suggesting that a near-term high may be in place,” he sayh.
Gold Tumbles to 5-Week Low On Better Risk Appetite and Technical Selling
Gold prices ended the U.S. day session sharply lower and scored a five-week low Tuesday. U.S. stock indexes that are at or near their record or multi-year highs continue to pull money away from competing asset classes, including safe-haven gold. The b…
Read moreGold Has Room To Move Lower On Technical Momentum – Analysts
Technical factors are the biggest driver for gold, as the market sees little need for safe-haven investments, and that prices have room to move lower in the near-term, according to analysts.
Read moreCapital Economics: Gold Drop Shows Market Is Complacent About Rising ‘Grexit’
Gold’s sharp drop Tuesday is surprising given the uncertainty in Greece and the ongoing conflict in Ukraine, says Julian Jessop, head of commodity research at Capital Economics. He added that it appears the market is paying more attention to the prospect that the Federal Reserve will raise rates in June as the gold market is moving in-line with higher U.S. treasury yields. However, he adds that they still see more potential for gold and expect prices to end the year at $1,400 a ounce. “While we continue to expect a first Fed move in June, we still see more positives than negatives over the year as a whole – especially if the crisis in Greece escalates further,” he says. “Markets still seem remarkably complacent about the chances that Greece will be forced out of the euro-zone and about the risks of contagion to other peripheral economies.”
GLD Starts Year On Strong Footing But Analysts Question If It Can Last
Investor demand for gold-backed exchange traded products (ETP) remains positive, despite the biggest weekly outflows since the start of the year.
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