22nd May, 2018

Monday, May 22

Eurogroup finance ministers are to hold regularly scheduled talks in Brussels.
Financial markets in Canada are to remain closed for a holiday.

Daily Gold Market Report

Gold loses momentum – Analysis - 22-05-2018
Gold price price provided positive trading in the previous sessions to settle above 1285.90, but we notice that stochastic loses its positive momentum clearly to enter the overbought areas, while the EMA50 forms continuous negative pressure against the price. Therefore, these factors encourage us to continue suggesting the bearish trend that depends on holding below 1301.20, reminding you that the next main target is located at 1267.00. Expected trading range for today is between 1270.00 support and 1305.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Silver rises calmly – Analysis - 22-05-2018
Silver price crawls upwards calmly to move near 16.56, and the price still confined inside the sideways range that its lines represented by 16.15 support and 16.80 resistance, waiting to surpass one of these levels to detect the next trend clearly. We remind you that breaching 16.80 resistance will push the price to start recovery attempts that target 17.43 level initially, while breaking 16.15 will push the price to head towards 15.49 direct. Expected trading range for today is between 16.30 support and 16.70 resistance. Expected trend for today: Sideways

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Gold prices steady on weaker dollar

BENGALURU: Gold prices were largely steady on Tuesday, after posting a fresh low for the year-to-date in the previous session, as the US dollar took a breather from its recent rally to trade below a five-month high. FUNDAMENTALS Spot gold was nearly unchanged at $1,292.66 per ounce, as of 0044 GMT. In the previous session, it slid to $1,281.76, its lowest since Dec. 27. US gold futures for June delivery climbed 0.1 per cent to $1,292.50 per ounce. The dollar index , which measures the greenback against a basket of six major currencies, was 0.2 per cent lower at 93.478. The dollar had advanced to a five-month high against a basket of currencies on Monday, as news of a truce between the United States and China on trade tariffs prompted investors to pare back short positions on the greenback.

Gold, silver weaken on global cues

Gold prices declined by Rs 35 to Rs 30,910 per 10 grams at the domestic bullion market here today amid a weak trend overseas and fall in demand from local jewellers. Silver too declined following bouts of speculative selling amid lower industrial offtake.

A Hangman And A Hammer Are Identified In Gold And the Dollar Index

Gold closed fractionally higher after trading to the lowest price this year. Trading $10 lower and under pressure today, gold reached an intraday low of $1,281.20. The last time gold traded to $1,281 was December 22 of last year. The key distinction was that, during December 2017, gold had begun a dynamic rally after hitting a low at $1,238. Today’s dynamic price reversal occurred as a direct result of extreme dollar strength that weakened tremendously after coming within ticks of 94 on the dollar index. The dollar closed fractionally lower on the day at 9,347, which is a net decline of about seven points.

This Is Not ‘A New Dollar Bull Market’: Gold To Outperform Against Other Currencies — ICBC

(Kitco News) - The current U.S. dollar rally is not a sign of a new bull market, said ICBC Standard Bank, adding that gold is still expected to outperform against other currencies. “We expect gold to outperform against other currencies and do not see this latest move as the beginning of a new dollar bull market,” ICBC Standard Bank analyst Marcus Garvey said in a report published on Monday. “Moreover, physical flows and safe haven buying remain supportive, helping to limit downside risks.”

PRECIOUS-Gold hits 2018 low as trade comments lift stocks, dollar

NEW YORK/LONDON, May 21 (Reuters) - Gold on Monday marked a new low for the year to date after U.S. Treasury Secretary Steven Mnuchin's declaration that a trade war between China and the United States was "on hold" helped boost appetite for higher-risk assets, such as stocks. Buoyancy in U.S. Treasury yields also weighed on appetite for non-interest-bearing assets, like bullion, analysts said.

Gold To Hit This Level Before Rebounding - ABN Amro

(Kitco News) - Gold seems to be stuck below the $1,300 an ounce level for the next few months, according to ABN Amro. The Dutch bank expects gold to hit $1,275 at the end of June and then fall down to $1,250 by the end of September.

Gold almost erases its Monday's losses as USD is pulling back

Gold is currently trading at around $1291.00 a troy ounce down 0.14% on Monday. In Asia, gold fell from the 1,292.00 region and found an intraday floor at 1,282.05 in early Europe. The yellow metal rebounded and is trading now in the 1,291.00 region. Gold initially slid on Monday as news from constructive talks between the United States and China sent a wave of optimism across markets. Major stock indices and USD were seen higher.

Did Gold Bottom On News From China?

Over the weekend, the big news was the possible deal made with China and the United States on the trade wars and tariffs. Sunday night on the initial opening of the markets, gold hovered around the unchanged line before selling off and testing very near our $1,280 target, trading at $1,281.20. Gold held that low and we would consider that close enough to our target. We are now looking to be buyers. Although $1,280 could still play as well as $1,260, the worst of the selling should be over. We are now buyers on dips and would look to build a long position.

Gold, Silver & US Dollar Updates with Review of Latest COTS

Gold's breach of nearby support last week freaked out some longs of a nervous disposition, but it did no technical damage of any significance, as we can see on our latest 3-year shown chart below on which we can observe that it is still above important supporting trendlines. This chart shows that last week's drop was just a "storm in a teacup." Recall that the pattern that has been forming since mid-2016, for nearly two years now, is the Right Shoulder of its giant Head-and-Shoulders bottom that may be viewed on the 8-year chart in the last Gold Market update.

What Is a Gold Equivalent Ounce (GEO)?

Equivalent ounce is an investing term used throughout the mining industry. For example, miners that primarily focus on gold might use gold equivalent ounce (GEO), silver miners often use silver equivalent ounce, and copper miners would likely focus on copper equivalent ounces. All of these variations on the term equivalent ounce are meant to do the same thing, create an equal footing across a miner's portfolio so investors can more easily evaluate production.

Gold prices continue slide on muted demand, global cues

New Delhi: Gold prices slipped by Rs75 to Rs31,875 per 10 grams at the bullion market on Monday on easing demand from local jewellers amid weak trend overseas. Silver prices cracked below the Rs41,000-mark by falling Rs440 to Rs40,760 per kg due to reduced offtake by industrial units and coin makers.

Gold Prices Look 'Rich' at Current Levels - Here's What Could Change That

Gold Is Plagued By Disinterest - U.K. Top Fund Manager

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