24th May, 2018

Daily Gold Market Report

Gold within sideways track – Analysis - 24-05-2018
Gold price shows more sideways trading as appears in the above chart, and the EMA50 keeps forming negative pressure against the price, keeping the chances valid ofr resuming the expected bearish trend in the upcoming period, and its targets begin by breaking 1285.90 to open the way towards targeting 1267.00 level as a next station. Therefore, we will keep preferring the bearish trend unless braeching 1301.20 and holding above it, where breaching this level will open the way towards regaining the main bullish trend and achieving positive tragets that begin at 1316.48. Expected trading range for today is between 1270.00 support and 1305.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

No news for Silver – Analysis - 24-05-2018
Silver price keeps moving within the sideways range that its lines are represented by 16.15 support and 16.80 resistance, therefore, there is no change on the sideways move scenario on the intraday basis until the price exit the mentioned range, reminding you that breaking the support will push the price to target 15.49 level directly, while breaching the resistance will lead the price to visit 17.43 level initially. 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 extend gains after dovish Fed stance

BENGALURU: Gold prices edged higher for a second day on Thursday as the dollar extended losses after minutes of the latest Federal Reserve meeting hinted at a dovish approach to interest rate hikes in the United States. FUNDAMENTALS Spot gold was up 0.1 per cent at $1,294.58 per ounce at 0046 GMT, after gaining nearly 0.2 per cent in the previous session. US gold futures for June delivery were up 0.3 per cent at $1,294 per ounce. The dollar index , which measures the greenback against a basket of six major currencies, eased 0.1 per cent at 93.925.

X-Ray Technology Is Speeding Up the Search for Hidden Gold

A breakthrough x-ray technology that can detect and analyze unseen gold is now up and running in Australia, the world’s second-biggest producer, with plans to take it to Africa. The new technology, developed by Australia’s national science agency, uses high powered X-rays to bombard rock samples and activate atoms of gold and other metals. A highly sensitive detector picks up unique signatures to determine their concentrations. The system is now operational at Ausdr

Gold Rate Today: Gold, silver trade higher in morning deals

NEW DELHI: Precious metals gold and silver were trading in the green on Thursday. MCX Gold futures were trading 0.21 per cent, or Rs 67 higher at Rs 31,250 per 10 grams at 11:18 am (IST), while MCX Silver futures were up 0.24 per cent, or Rs 98, at Rs 40,372 per 1 kg at the same time. SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings stood at 852.04 tonnes, remain unchanged from the previous business day.

Gold touches Rs 32,000 on jewellers' demand

NEW DELHI: Gold rallied by Rs 120 to Rs 32,000 per ten gram on increased buying by local jewellers amid strong overseas trend. Silver also strengthened by Rs 300 to Rs 41,400 per kg due to increased offtake by industrial units and coin makers. Traders said increased buying by local jewellers to meet retailers' demand at domestic spot market and a depreciating rupee against the dollar, making gold import costlier, supported the uptrend. Besides, the metal surged as its prices rose slightly in global markets amid a firm dollar and uncertainty over the outcome of US-China trade talks, while investors waited for minutes from the Federal Reserve's meet for clues on the outlook for US interest rates.

Gold ends lower, then moves up after Fed meeting minutes

Gold ended lower Wednesday, holding ground just above its lowest finish of the year, as U.S. manufacturing data helped lift the dollar and investors weighed concerns over the fate of nuclear negotiations with North Korea. Prices for the metal then edged up in electronic trading after the release of minutes from the Federal Reserve’s May meeting.

Gold Prices To Rally To $1,400 In 2019, U.S. Dollar To Drop - ABN Amro

(Kitco News) - Gold will fall to $1,250 an ounce by the end of the year on stronger U.S. dollar, but the move will be a temporary one, as the precious metal is due for a rally in 2019, said one analyst at ABN Amro.

Gold, natural gas rise on MCX; setup bullish

NEW DELHI: Gold prices on the MCX traded on a bullish note on Wednesday on the back of weakness in the rupee. Political stability in the euro zone is supporting safe haven buying in the precious metals as well as the Japanese yen. The Fed minutes are slated to be released on Wednesday will be the next big trigger for gold. Gold MCX remained bullish above the Rs 31,000 level. According to Motilal Oswal Securities, immediate support for the metal is at Rs 31,250, while resistance is at Rs 31,500. The brokerage advised buying on dips strategy for gold.

Gold Prices Consolidate

Gold has been under pressure the last few weeks and is now consolidating at lower levels. It appears that the lows are in for now and the next move will be higher. There have been many excuses as to why gold has been trading lower, with one being the strength of the U.S. dollar. If that's the case, we would ask why gold was weak as the dollar was collapsing from 103 to 88. When looking at any market, traders and investors try to find correlations. Unfortunately, that is more often than not the case. All markets trade in different phases and although there is a direct correlation between commodities and the dollar over time, they are related during different cycles.

Gold Higher But Technical Confirmation Needed

(Kitco News) - Gold has found some short-term support on the back of news that the U.S.-North Korea summit may be delayed and a renewal of trade war jargon between the U.S. and China. It is difficult to discern what the reality is, as comments remain fluid. We have exited our long gold trade at $1,297 and prefer to wait for a break above the $1,302 level for confirmation that the uptrend has resumed. There is enough noise to prevent us from suggesting an outright short but the strong dollar and the technical damage to the charts once gold broke the $1,302 area remains a headwind to the upside.

What Gold's History Teaches Us About Bitcoin As A Store Of Value

The most compelling use case for Bitcoin today is as a store of value. But too often, people dismiss the idea because of Bitcoin’s volatility. How can it be a store of value when its price moves 20% in a month? It’s a refrain we’ve heard recently from J.P. Morgan, Goldman Sachs and Vanguard, among others. Typically, these people compare Bitcoin to gold and decide it falls short.

Gold: corrective rally remains elusive despite dovish Fed

The multiple long-tailed daily doji candles and a strong bullish price relative strength index (RSI) divergence in the 4-hour chart indicates scope for a corrective rally in gold (XAU/USD) to $1,302 levels. However, the yellow metal continues to have a tough time scaling the resistance offered by the descending (bearish) 50-candle moving average (MA) in the 4-hour chart, currently seen at $1,295.

Silver Refuses To Follow Gold, So Far

Gold price opens higher in Hong Kong

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