13th November, 2017

Monday, November 13

Philadelphia Fed President Patrick Harker is due to speak at an event in Tokyo.
Bank of Japan Governor Haruhiko Kuroda is to make remarks on monetary policy at an event in Zurich.

Daily Gold Market Report

Gold confirms the break – Analysis - 13-11-2017
Gold price confirmed breaking 1281.17 level and returned to trade below it, which reactivates the bearish trend scenario on the intraday and short term basis, and the first target is represented by testing 1263.15 level, noting that it is important to monitor the price when reaching it, as breaking it will push Gold price to suffer more losses that extend to reach 1240.85. Therefore, the bearish trend will be suggested in the upcoming sessions unless the price succeeded to breach 1281.17 level and hold with a daily close above it. Expected trading range for today is between 1263.00 support and 1281.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Silver gathers momentum – Analysis - 13-11-2017
Silver price showed some slight bearish bias on last Friday to approach from the key support 16.56, and as long as the price is above this level, our bullish overview will remain active, waiting to test 17.43 level initially. Stochastic approaches from the oversold areas to support the positive overview, noting that breaching 17.43 will push the price towards 18.30 as a next main target. Expected trading range for today is between 16.80 support and 17.20 resistance. Expected trend for today: Overall Bullish

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Firm global cues lift silver futures by 0.21%

Silver prices moved up by 0.21 per cent to Rs 39,591 per kg in futures trading today as traders widened their exposure, in line with a firm trend overseas. At the Multi Commodity Exchange, silver for delivery in December went up by Rs 84, or 0.21 per cent, to Rs 39,591 per kg in a business turnover of 820 lots.

Precious Metal Markets: A Brief Look at the Gold–Silver Spread

The past week has been beneficial for precious metals—gold, silver, platinum, and palladium rose 0.42%, 1.5%, 0.63%, and 1.5%, respectively. The fluctuations in these metals were most likely due to geopolitical tensions rising in various parts of the globe, particularly the Middle East. Much of October’s unrest was also due to the decision regarding the next chair of the Federal Reserve. This selection was seen as crucial to the movement of interest rates in the US. The stance of the Federal Reserve could be more dovish, as Jerome Powell was chosen to head the US central bank.

Gold steady amid firmer dollar; US rate hike view weighs

Gold prices were little changed on Monday, but held near the previous session's low, pressured by a firmer dollar and expectations of a series of interest rate hikes by the U.S. Federal Reserve this year and in 2018. Spot gold was nearly unchanged at $1,275.63 per ounce at 0431 GMT. On Friday, gold dropped 0.7 percent for its biggest one-day percentage fall since Oct. 26, weighed down by a rise in U.S. Treasury bond yields.

Bitcoin Gold Goes Live After Bumpy Blockchain Launch

The newest fork of the bitcoin blockchain is officially live after a rocky start. Developers for the project, dubbed bitcoin gold, published software for the breakaway cryptocurrency today, releasing the code on GitHub as well. Aimed at blocking the use of specialized chips for mining, the project revealed last week it was eyeing a formal launch on Sunday, weeks after it first initiated a split from the main bitcoin blockchain.

Bitcoin Plunges Over $2,000 In A Week As Bitcoin Gold Launches

Kitco News) - Bitcoin dropped more than $2,000 in just under a week, as traders digested the launch of the digital currency’s offshoot known as bitcoin gold on Sunday. The popular digital currency was seen trading at an all-time high of $7,899.90 on November 8 but then dropped down to just $5,450.40 on November 12, according to Kitco's aggregated charts. Developers behind the bitcoin gold fork launched the new offshoot on Sunday at 2 p.m. E.T.

CUSTOMS SEIZED 110 KG GOLD AT IGIA THIS YEAR TILL OCTOBER

At least 110 kg of gold has been seized from smugglers at the Indira Gandhi International Airport (IGIA) here from January till October this year, a senior customs official said on Sunday. Though the number of gold smuggling cases registered this year by the customs is slightly more than last year's figure, the quantity of gold seized is 78 kg less compared to the total seizure made in 2016, the official said.

Gold falls at Friday close to 1275

My last video of the week highlighted the tight intraday range gold had been in for most of Friday on low volumes. The key commodity was pivoting around $1285 with support at $1282 and resistance around 1286. The London close, put pay to that as a raft of futures contracts turned the yellow stuff south to close the week a little over $1276.00. The steep fall at the end of the week could be an indication of more weakness to come, the short contract could be either covering of long positions or indeed new short positions as the move through 1280 triggered stops at 1275.

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