6th December, 2017

Wednesday, December 6

Australia is to release figures on third quarter growth.
The U.S. is to release the ADP nonfarm payrolls report for November.
The Bank of Canada is to announce its benchmark interest rate and publish a rate statement.

Daily Gold Market Report

Midday update for Gold 06-12-2017
Gold price shows calm bullish bias since morning to move away from 1263.15 level, which supports the continuation of our bullish overview in the upcoming sessions, reinforced by stochastic positivity that appears on the four hours' time frame, waiting to test 1281.17 level. We remind you that the expected rise depends on holding above 1263.15 level, while the positive targets extend to 1299.20 after surpassing the above mentioned target. Expected trading range for today is between 1258.00 support and 1280.00 resistance. Expected trend for today: Bullish

Daily Silver Market Report

Midday update for Silver 06-12-2017
Silver price fluctuates within tight track since morning settling near 16.00, thus, no change to the bearish trend scenario that depends on hodling below 16.56, noting that our main waited target is located at 15.49. Expected trading range for today is between 15.90 support and 16.20 resistance. Expected trend for today: Bearish

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Silver Struggles Continue

Silver continues to struggle as it continues to test the lows. The longer-term chart looks fine but on the emotional short-term charts, the struggles continue. There are many questions that arise from the recent activity. Is silver being more punished by Bitcoin than gold? If economic growth is so good, where is the demand for the industrial metal silver? Silver’s performance has been less that mediocre for many reasons. The lack of economic growth is one and the commercials are selling silver relentlessly. There is a huge short interest in silver for no apparent reason other than the commercials think they can bully the metal lower.

PRECIOUS-Gold little changed despite weaker dollar

Dec 6 (Reuters) - Gold was mostly unchanged in Asian trade on Wednesday after sliding to a two-month low in the previous session, despite a slightly weaker dollar. Spot gold was steady at $1,266.28 an ounce by 0352 GMT. The session before, it hit its lowest since Oct. 6 at $1260.71. U.S. gold futures were up 0.3 percent at $1,268.60. The dollar edged down on Wednesday, as concerns about a possible U.S. government shutdown offset optimism about progress on tax reform legislation. The Republican-controlled U.S. House of Representatives voted on Monday to go to conference on tax legislation with the Senate, moving Congress another step closer to a final bill.

Gold tumbles to Rs. 30,050; silver slumps by Rs. 500 per kg

Gold tumbled by Rs. 200 to Rs. 30,050 per ten gram at the bullion market due to muted demand from local jewellers and a weak trend overseas. Silver too slumped by Rs. 500 to Rs. 38,500 per kg due to reduced offtake by industrial units and coin makers. Traders said besides fall in demand from local jewellers and retailers at the spot market, a weak trend overseas mainly weighed on gold prices.

Collision with Moon-sized body brought gold to Earth: Study

WASHINGTON: A large Moon-sized planetary body penetrated all the way down to the Earth's core during the early days of our home planet's formation, delivering in the process precious metals such as gold and platinum, suggests a new study.

Gold Imports by India Drop for Third Straight Month

Gold imports by India, the world’s second-biggest market, are said to have slumped for a third consecutive month in November from a year earlier as supplies remain elevated in the local market and demand is slow. Overseas purchases dropped to 91.5 metric tons, from 111 tons a year ago, according to a person familiar with the data, who asked not to be identified because the information isn’t public. Finance Ministry spokesman D.S. Malik declined to comment on the figures.

NMDC to expand presence in gold, diamond, tungsten mines

Iron ore mining major NMDC Ltd today outlined its plans to consolidate its iron ore mining business while laying special focus on growing its mining for gold and diamonds in India and abroad, apart from stepping up efforts for tungsten mines. The state-owned mining company, which closed the last financial year with production of 34 mt of iron ore, is looking at taking this up to 67 mt by 2022, thereby, doubling the output.

Gold miner's shares jump 2,400pc after it switches to Bitcoin

TNatural Resource Holdings, a small Israeli outfit that has invested in a group of precious metals mines, has seen its share price jump from 105 shekels (£22.40) to 2,615 shekels - a 2,400pc rise - since it announced it was moving into cryptocurrencies. he digital currency Bitcoin is often hailed by its supporters as a new version of gold, but the claim has been taken literally by one company, with spectacular results.

Canadian Stocks Are Dropping As Gold Prices Fall - Canadian Commentary

(RTTNews.com) - The Canadian stock market is under pressure in early trade Tuesday, extending its losses from the previous session. Gold stocks are weighing on the overall market this morning. Gold prices remain under pressure and have reached their lowest level in a month. Commodity prices were weak at the start of the trading week due to a rise in the value of the U.S. dollar after the Senate approved the tax reform bill.

Will Gold Revert Above $1386 Or Make New Lows In 2017?

In my weekly report published in Seeking Alpha on November 27, 2017, I indicated that the Variable Changing Price Momentum Indicator (VC PMI) weekly trend momentum was bullish. I argued that with gold closing at $1287, the market had maintained a bullish bias, which would continue as long as the price stayed above $1285, which was the 9-day moving average.

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