5th December, 2017

Tuesday, December 5

Australia is to release data on retail sales and the current account.
The Reserve Bank of Australia is to announce its benchmark interest rate and publish a rate statement which outlines economic conditions and the factors affecting the monetary policy decision.
China is to publish its Caixin services index.
The UK is to publish data on service sector activity.

Daily Gold Market Report

Gold within tight track – Analysis - 05-12-2017
The tight range keeps dominating Gold price trading, which keeps its stability below 1281.17 level, thus, no change to the bearish trend scenario that targets testing 1263.15 level mainly, supported by the negative provided by the EMA50 besides stochastic approach to the overbought areas. We remind you that breaking the targeted level will push the price towards 1240.85 on the near term basis, while breaching 1281.17 will allow the price to start recovery attempts and regain the main bullish trend again. Expected trading range for today is between 1263.00 support and 1285.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Silver is stable – Analysis - 05-12-2017
Silver price did not show any strong move in the previous days, to remain stable below 16.56 level, which keeps the negative pressure valid on the intraday and short term basis, waiting to resume the bearish bias that targets testing 15.49 level mainly. We remind you that breaching 16.56 will stop the expected decline and push the price to achieve gains that start at 17.43 and extend to 18.30 after breaching the previous level. Expected trading range for today is between 16.20 support and 16.45 resistance. Expected trend for today: Bearish

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Gold, silver flat in morning trade

Gold and silver were trading flat on Tuesday on account of subdued demand for precious metals by jewellers, industries and retailers. MCX Gold futures were trading unchanged at Rs 29,027 per 10 gram, while MCX Silver futures were up 0.04 per cent at Rs 37,510 per 1 kg. According to SMC Investments and Advisors, bullion counter may trade with sideways path as movement of greenback and risk sentiment to give further direction to the prices...

Gold, Silver Prices Sink On Keen Risk Appetite, Firmer U.S. Dollar

Gold and silver prices were ending the U.S. day session weaker Monday. Risk appetite is robust in the world marketplace to start the trading week, after the U.S. Senate Saturday passed a tax-reform bill. A higher U.S. dollar index and lower crude oil prices on this day also worked against the precious metals market bulls. February Comex gold was last down $5.80 an ounce at $1,276.60. March Comex silver was last down $0.063 at $16.325 an ounce. World stock markets were mostly higher Monday and two key U.S. stock indexes hit record highs...

Silver and Gold Downtrends May Have More Room to Run

Silver prices have sold off as anticipated from last week. The Elliott Wave patterns appear incomplete to the downside for silver and gold. The video above is a recording of a US Opening Bell webinar from December 4, 2017. In today’s US Opening Bell webinar, we discussed technical Elliott Wave patterns on several key markets for this week. Some of the key markets we analyzed (not in this order) include Gold, Silver, Crude Oil, DJIA, EUR/USD, GBP/USD, EUR/GBP, USD/CAD, and AUD/USD...

In a first, India plans to have gold sourcing standards for refiners

India is in the process of implementing sourcing standard for gold refiners, drawn from the guidelines set out by the Organisation for Economic Co-operation and Development (OECD), reports Business Standard. These standards, to be recognised as Indian responsible mineral sourcing guidelines, will help cultivate transparent mineral supply chains and sustainable corporate engagement in the mineral sector...

Gold and Silver Fall With Tech Stocks

Gold fell $8.90 to $1271.80 in Asia before it chopped back higher in London and New York, but it still ended with a loss of 0.34%. Silver slipped to as low as $16.245 and ended with a loss of 0.67%. Euro gold fell to about €1076, platinum lost $14 to $924, and copper remained at about $3.07. Gold and silver equities fell a little over 1% at the open and remained near that level for the rest of the day...

Gold demand picks up in cities as price falls

Demand for gold has picked up in metro cities and state capitals of India as prices slipped nearly 2 per cent in the last 10 days, bullion traders and dealers said. They said the discount on gold has come down to $1per troy ounce from $4-$5 in mid-November, indicating a pick up in demand. On Monday, gold was hovering in the range of Rs 29,100 per 10 gm in Mumbai’s Zaveri Bazar...

Bitcoin could be the new gold, says JP Morgan

Bitcoin could join gold as a reliable, long-term way to store wealth as the cryptocurrency gains users and value in a craze which JP Morgan’s analysts believe may turn into something resembling a more traditional asset class. The digital currency now trades at more than $11,000 and both Cboe Global Markets and the CME Group plan to start offering bitcoin futures this month. This move to join more formal financial markets “has the potential to elevate cryptocurrencies to an emerging asset class,” according to JP Morgan analyst Nikolaos Panigirtzoglou...

Dovish Fed Prompts Hedge Funds To Buy Gold - Analysts

Trade data from the Commodity Futures Trading Commission show hedge funds bought gold last week at the fastest pace in four months as members of the Federal Reserve continued to raise concerns over weak inflation pressures in the U.S, according to some analysts. According to reports, net bullish speculative positioning is at its highest level in 10 weeks. The disaggregated Commitments of Traders report for the week ending Nov. 28 showed money managers increased their speculative gross long positions in Comex gold futures by 21,226 contracts to 208,518...

Gold Is Escaping The 'December Curse' But Silver Isn't - Analyst

Gold is unlikely to end the year at yearly lows, but it won’t be able to escape the December curse entirely, according to one commodity analyst. Since 2013, gold has carved out a fairly familiar year-end pattern with prices falling to or near yearly lows in December. And during the last month of 2015, gold hit multi-year lows, which has now become the floor in a new bull market for many analyst...

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