Commodity Report: Gold ( IN COMEX )
GOLD saw minor decline s in offshore trade and continued to hold up very well in light of heavy USD buying and equities ultimately collapsing. Safe-haven flows are still flowing into Gold but we are seeing topside pressure remain as we see global markets slide without any rebound at all. This is seeing liquidation of nearly every asset and investors are moving further into cash. Gold finished US trade weaker by 0.60% at $1,696. Ultimately, we are seeing gold prices remain well bid in the face of another global markets collapse and the only reason we have not seen prices rise dramatically just yet is that we have not seen any consolidation in equity markets or currency markets and we must see these markets settle before gold can really gain. The increased volatility scares off investors and we need some calm before the next big push higher. Support down at $1,675 held perfectly last night and stops on longs were suggested to be just below this level. We have since move back above $1,690 support and this is a good sign and it looks as though we are now forming a base here. We were slightly pre-emptive on turning bullish again and we still need to see a close/break above $1,711 to confirm our shortterm view. However, in the long-run, above $1,600 and we are headed higher. Intraday buyer of dips to $1,685 and offers towards $1,711 should cap today.
GOLD saw minor decline s in offshore trade and continued to hold up very well in light of heavy USD buying and equities ultimately collapsing. Safe-haven flows are still flowing into Gold but we are seeing topside pressure remain as we see global markets slide without any rebound at all. This is seeing liquidation of nearly every asset and investors are moving further into cash. Gold finished US trade weaker by 0.60% at $1,696. Ultimately, we are seeing gold prices remain well bid in the face of another global markets collapse and the only reason we have not seen prices rise dramatically just yet is that we have not seen any consolidation in equity markets or currency markets and we must see these markets settle before gold can really gain. The increased volatility scares off investors and we need some calm before the next big push higher. Support down at $1,675 held perfectly last night and stops on longs were suggested to be just below this level. We have since move back above $1,690 support and this is a good sign and it looks as though we are now forming a base here. We were slightly pre-emptive on turning bullish again and we still need to see a close/break above $1,711 to confirm our shortterm view. However, in the long-run, above $1,600 and we are headed higher. Intraday buyer of dips to $1,685 and offers towards $1,711 should cap today.
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