20th November, 2017

Monday, November 20

European Central Bank President Mario Draghi is to testify on the economy and monetary policy in the European Parliament in Brussels.

Daily Gold Market Report

Gold reaches the first target – Analysis - 20-11-2017
Gold price succeeded to reach our first expected target at 1299.20, showing some slight bearish bias now affected by stochastic negativity, waiting to get enough positive momentum to push the price to breach the mentioned level and open the way to head towards 1321.50 that represents our next main target. In general, we will continue to suggest the bullish trend in the upcoming sessions conditioned by holding above 1281.17, as breaking this level will push the price to test 1263.15 areas again before any new attempt to rise. Expected trading range for today is between 1281.00 support and 1305.00 resistance. Expected trend for today: Bullish

Daily Silver Market Report

Silver resumes rising – Analysis - 20-11-2017
Silver price succeeded to reach our first waited target at 17.43, reinforcing the expectations of continuing the bullish trend on the intraday and short term basis, waiting to breach this level to confirm extending the bullish wave towards 18.30, noting that the EMA50 provides the positive support to the price. Therefore, we will continue to suggest the bullish trend in the upcoming sessions, conditioned by the price stability above 16.56. Expected trading range for today is between 17.00 support and 17.43 resistance. Expected trend for today: Bullish

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Gold / Silver / Copper Prices - Weekly Outlook: November 20 - 24

Gold prices rose on Friday boosted by a weaker dollar which was hit by doubts over whether Republicans can pass a historic tax overhaul. Gold futures for December delivery settled up 1.27% at $1,294.41 on the Comex division of the New York Mercantile Exchange - the highest close in a month. For the week, gold prices ended up 1.75%, its strongest weekly performance since early October. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.25% to 93.61 in late trade...

Gold holds near 1-month high despite firmer dollar

Gold prices dipped early on Monday on a stronger US dollar, but remained close to a one-month high hit in the previous session on uncertainty over progress on a potential overhaul of the US tax code. Spot gold had edged down 0.2 per cent to $1,291.71 per ounce by 0417 GMT. On Friday, gold had jumped about 1.3 per cent to nark a one-month peak of $1,297. US gold futures for December delivery dropped 0.3 per cent to $1,292.30. “Friday's move higher has definitely improved gold's chart patterns, but it remains to be seen if this will be enough to attract fresh fund buying,” INTL FCStone analyst Edward Meir said in a note...

Gold Demand Declines to 8-Year Low in Q3, What's in Store?

Global gold demand declined 9% year over year to 915 tons - at levels last seen in the third quarter of 2009. Significantly lower ETF inflows compared to the prior-year quarter and weak demand for jewelry pinned down by tax, along with regulatory changes in India led to the downfall this quarter. So far this year, demand for the yellow metal was down 12%. Total Investment Demand Suffers on Modest ETF Inflows Total investment demand plunged 28% to 334.5 tons in the quarter. ETF inflows were 18.9 tons, down from the record inflow levels of 144.3 tons...

Gold Vs. U.S. Dollar Vs. Bitcoin: Which One Is Going To Last?

The top priority for the next decade should be how to protect one’s own wealth, according to chief economist at ABC Bullion, who reviewed gold, the U.S. dollar, and bitcoin to see which asset acts as the best hedge against risk. “If history is to repeat, or even just rhyme, then investors and savers should be on the lookout for a major change to our monetary system in the coming years. More importantly, they should do their best to ensure their portfolios are sufficiently robust to weather that change, and take necessary action if required,” Jordan Eliseo said in a report published Monday...

Gold down on firmer dollar but stays close to one-month peak

Gold prices dipped early on Monday on a stronger U.S. dollar, but remained close to a one-month high hit in the previous session on uncertainty over progress on a potential overhaul of the U.S. tax code. Spot gold had edged down 0.2 percent to $1,291.71 per ounce by 0417 GMT. On Friday, gold jumped about 1.3 percent to nark a one-month peak of $1,297. U.S. gold futures for December delivery dropped 0.3 percent to $1,292.30. “Friday’s move higher has definitely improved gold’s chart patterns, but it remains to be seen if this will be enough to attract fresh fund buying,” INTL FCStone analyst Edward Meir said in a note...

Gold startup business gives digital currency a run for its money

It is more than a century since people were routinely using gold sovereigns to pay the bills and 86 years since Britain completely abandoned the gold standard. However, a startup business in London has ambitious plans to revive the payment method. Glint Pay Services says it is “reintroducing gold as money” with a debit card allowing people to store rights to gold, send it as gifts and spend it with counterparties — by the gram, or fraction of a gram...

Silver to Switch to Small Surplus on Softer Fundamentals

The silver market is expected to switch to a small annual physical surplus of 32.2 Moz in 2017, after posting annual physical shortfalls for four consecutive years. Net inflows into ETP holdings are expected to reach 14.9 Moz this year while we are likely to see a 18.5 Moz drop in the global exchange inventory build on a year-to-date basis. This should take the net balance to 35.8 Moz. • The silver price has averaged $17.13/oz so far this year (as of 10th November), compared to $17.23/oz seen over the same period last year. For the year as a whole the GFMS team at Thomson Reuters forecasts the silver price to average $17.13/oz, marginally lower than the 2016 annual average of $17.14/oz...

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