30th November, 2017

Thursday, November 30

New Zealand is to release data on business confidence.
Australia is to publish figures on private capital expenditure and building approvals. China is to produce report on manufacturing and service sector growth.
The euro zone is to publish its preliminary inflation estimate.
The U.S. is to release data on personal income and consumer spending, which includes the personal consumption expenditures (PCE) inflation data, the Fed's preferred metric for inflation.
The U.S. is also to publish the weekly report on jobless claims and data on business activity in the Chicago region. Dallas Fed President Robert Kaplan is to speak.

Daily Gold Market Report

Gold keeps the support base – Analysis - 30-11-2017
Gold price keeps its stability above 1281.17 after the decline that it witnessed yesterday, which keeps the bullish trend valid until now, supported by the positive overlapping signal that stochastic begins to provide now, waiting to motivate the price to resume the bullish bias and test 1299.20 initially. Therefore, we are waiting for positive trading in the upcoming sessions, reminding you that breaching the targeted level will push the price towards 1321.50 direct, while holding above 1281.17 represents key condition to achieve the suggested targets. Expected trading range for today is between 1275.00 support and 1299.00 resistance. Expected trend for today: Bullish

Daily Silver Market Report

Silver pushes on the support – Analysis - 30-11-2017
Silver price traded with strong negativity yesterday to test the key support 16.56 and settles there, noticing that the price moves above it now, to keep the chances valid to continue the positive scenario in the upcoming period, supported by stochastic move at the oversold areas. Therefore, we will continue to suggest the overall bullish trend conditioned by the price stability above 16.56, waiting to test 17.43 level initially, noting that breaking 16.56 will push the price to suffer more losses that target 15.49 level next. Expected trading range for today is between 16.45 support and 16.80 resistance. Expected trend for today: Bullish

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Gold Rate Today: Gold, silver up in morning trade; Should you buy?

Gold and silver were trading on a flat note with a positive bias in morning trade on account of some buying in precious metals by investors, industries and jewellers. MCX Gold futures were up 0.02 per cent, or Rs 5, at Rs 29,228 per 10 gram around 11 am (IST), while MCX Silver futures were up 0.18 per cent, or Rs 68, at Rs 38,016 per 1 kg at around the same time.

Gold, Silver Prices Pounded By Technical Sellers

(Kitco News) - Gold and silver prices were ending the U.S. day session solidly lower and near their daily lows Wednesday. Chart-based selling pressure from the shorter-term futures traders kicked in today as prices dropped below near-term technical support levels in both gold and silver markets, to trigger pre-placed sell stop orders. February Comex gold was last down $13.30 an ounce at $1,285.90. March Comex silver was last down $0.358 at $16.56 an ounce.

Gold volatility 'breakout' coming soon to ‘eerily quiet’ market, metals expert says

Gold's trading activity has been unusually calm this year, but that may be about to change. Metals expert Michael Dudas of Vertical Research sees volatility slithering back into the "eerily quiet" gold market — with a "breakout" potentially in the cards as the December Federal Reserve meeting approaches and as lawmakers battle over the tax reform package.

Gold holds near one-week low as dollar firms

Gold on Thursday held near a one-week low hit in the previous session, as the dollar firmed amid upbeat US growth data and as a likely vote neared on US tax legislation. Spot gold was little changed at $1,283.85 an ounce at 0050 GMT. On Wednesday, it fell 0.8 per cent to touch its lowest since Nov. 22 at $1,281.90. Still, bullion is heading for its first monthly gain since August, having risen about 1 per cent for the month.

Gold Market To See A Major Move In December — Analyst

(Kitco News) - Before the year is up, the gold market might see some excitement after all, according to one metals expert, who says a “breakout” is coming as the Federal Reserve gets ready for its December meeting. Gold prices have been stuck in a narrow trading range since mid-October, with low volatility suppressing the markets. But, that is about to change, partner at Vertical Research Michael Dudas told CNBC on Tuesday.

Australia's new gold rush lures prospectors Down Under

SYDNEY, Nov 30 (Reuters) - Canada-based Kirkland Lake Gold will list its shares on the Australia bourse on Thursday after investing millions of dollars and joining dozens of other prospectors in a modern-day gold rush. Kirkland Lake expects to produce a quarter-million ounces of gold in 2017 from a mine it bought a year ago in eastern Australia and is also dipping a toe into a tantalizing new gold region on the other side of the continent.More than 25 publicly-listed companies and legions of small prospectors are exploring for gold on the western fringe of Australia in an area known as the Pilbara, better regarded for iron ore.

Bitcoin haters don’t get its gold-like qualities, says Goldman Sachs

New York: Bitcoin is a commodity with many similarities to gold, and the volatility that has sparked investor concern stems mainly from its lack of liquidity, said Jeff Currie, global head of commodities research for Goldman Sachs Group Inc. “I don’t see why there is all this hostility to it,” Currie said in an interview on Bloomberg Television. Bitcoin is “not much different than gold” because it doesn’t have liability attached to it by definition, like a security.

Resource Sector Digest: Barrick Gold - Call Us Crazy, Too

The Doc raised some eye brows on the Itinerant Musings chat board with his recent endorsement of Barrick Gold (ABX). The good Doctor makes his bull case succinctly enough in the linked article, and the chart below illustrates another reason why, yes indeed, we do agree. This chart compares the share price performance of the big four gold miners year to date with the performance of the underlying metal. Let's have a look and then jot down some observations.

Gold Prices Remain Down Following 3.3% Growth In Q3 U.S. GDP

News Bites Gold Prices Remain Down Following 3.3% Growth In Q3 U.S. GDP Neils Christensen Neils Christensen Wednesday November 29, 2017 08:33 Kitco NewsShare this article: (Kitco News) - The gold market has dipped further into negative territory following data that showed the U.S. economy continued to build momentum in the second quarter. Wednesday, the U.S. Commerce Department said that the second estimate of gross domestic product for the third quarter showed the U.S. economy expand by 3.3%, up from the first estimate of 3.0%.

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