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Gold & Precious Metals

Gold Breakout? Not Yet.

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Posted by Jordan Roy-Byrne - The Daily Gold

on Monday, 12 June 2017 06:29

Traders and investors noted and celebrated Gold’s alleged breakout from a its downtrend that began in 2011. Tuesday Gold closed at $1297/oz after nearly touching $1299/oz. Gold appeared to break its downtrend on the many charts that made the rounds. However, upon further inspection, there was no breakout from the 6-year downtrend on the weekly chart nor is Gold likely to sustain its strength in the days ahead.

First, let’s take a look at Gold’s weekly line chart on both a log scale and normal scale. Weekly charts are more significant than daily charts. We can see (in the following chart) that Gold has not come close to breaking the downtrend line that began in 2011. That trendline resistance comes into play at much higher levels. Gold has appeared to break the trendline resistance from the 2016 highs but it could prove to be a false breakout if Gold can’t close above $1300/oz.

June92017Goldbo

There are two things to highlight in the next chart. First, on the weekly chart we can see that Gold closed the week well off its high of the week. A bar or candle chart shows a weekly reversal. Gold closed the week below its April closing high and even below last week’s close! Second, the real important resistance for Gold is not the trendline from the 2011 peak but $1300/oz as well as the peaks from 2013 and 2014 when Gold began its attempt to bottom. Gold will only be in the clear when it can takeout $1350-$1375/oz.



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Gold & Precious Metals

Precious Metals Volatility: Key Tactics

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Posted by Morris Hubbartt - Super Force Signals

on Friday, 09 June 2017 07:31

Here are today's videos and charts (double click to enlarge):

SF Trader Time Key Tactics & Video Update

ab10



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Gold & Precious Metals

Geopolitical Risks in Retreat. Will Gold Drown?

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Posted by Arkadiusz Sieron

on Thursday, 08 June 2017 07:38

In the previous edition of the Market Overview we wrote that “geopolitical risks clearly won with a hawkish Fed in a tug of war in the gold market” at the turn of March and April, as the yellow metal gained about 7 percent from mid-March to mid-April. However, the price of gold declined about 4.8 percent until May 9 when it started its rebound. As the chart below shows, at the beginning of July, the price of gold came close to the level of mid-April.

Chart 1: The price of gold from January 2016 to June 2017.

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As one can see, the first round of the French presidential election was a clear turning point, as it became obvious that neither far-right Marine Le Pen nor far-left Jean-Luc Mélenchon would be elected. Hence, gold lost some of safe-haven bids, as investor appetites increased for risky assets. Does it mean that the yellow metal is doomed to oblivion?



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Gold & Precious Metals

In Gold We Trust

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Posted by Frank Holmes - US Global Investors

on Wednesday, 07 June 2017 07:06

gold-we-trust

With the U.S. dollar taking another hit last Friday on a weaker-than-expected jobs report, gold closed up 1.12 percent for the day today. A Bloomberg gauge of 72 junior miners, however, has lost 15 percent since the end of January, and the rebalance of the VanEck Vectors Junior Gold Miner ETF (GDXJ), which I previously wrote about, is also having a depressing effect on many gold names.

This was a major concern among investors at the International Metal Writers Conference in Vancouver, which I presented at last week. Despite gold gaining 9 percent so far this year, junior gold miners have not followed through with those gains as the GDXJ is set to cut in half its exposure to the junior mining space on June 16.

We’ve Only Just Begun



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Gold & Precious Metals

India GST News Powers Gold Higher

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Posted by Stewart Thomson - Graceland Updates

on Tuesday, 06 June 2017 07:12

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Jun 6, 2017

  1. Gold is the world’s ultimate asset, and another spectacular week is underway for investors. While May was mostly sideways (and lower for many gold stocks), it’s starting to look like the month of June could be a serious “barnburner”.
  2. Please  click here now. Double-click to enlarge this daily bars gold chart.
  3. Gold tends to stage a decent rally in the days following the release of the US jobs report. 
  4. That’s in play now, as I suggested it would be, but the rally is also on “Indian demand steroids”. Please  click here now. It’s unknown how big black market demand is, but the official demand alone came in at over 100 tons for May!
  5. This weekend’s government announcement of a 3% GST rate on gold sales has sent Indian jewellery stocks skyrocketing. The new GST effectively cuts the total tax rate in the state of Kerala, which I have dubbed “world gold demand headquarters”. 
  6. In my professional opinion, the bear cycle in Indian demand is over. Once the Diwali festival buying season arrives, I’m predicting that imports could reach a new single month record high of 200 tons.


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