7th December, 2017

Thursday, December 7

Australia is to release data on the trade balance.
Canada is to report on building permits and publish the Ivey PMI.
The U.S. is to produce the weekly report on jobless claims.
ECB President Mario Draghi is to speak in Frankfurt.

Daily Gold Market Report

Gold under the negative pressure – Analysis - 07-12-2017
Gold price kept pushing on 1263.15 level to close the daily candlestick below it, which hints the price head to achieve more decline in the upcoming period, supported by the price move within the minor bearish channel that appears on the above chart, noting that the next target is located at 1240.85. Therefore, the bearish bias will be suggested for today, supported by the negative pressure formed by the EMA50, noting that breaching 1274.00 represents the first key to sotp the expected decline and the price return to the main bullish trend again. Expected trading range for today is between 1250.00 support and 1275.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Silver continues the negative crawling – Analysis - 07-12-2017
Silver price shows more calm bearish bias to surpass 16.00 barrier and settles below it, reinforcing the expectations of continuing the bearish trend in the upcoming period, and we believe that the way is open to visit 15.49 as a next main target. Therefore, we will keep our bearish overview on the intraday and short term basis unless the price managed to breach 16.56 level and hold with a daily close above it. Expected trading range for today is between 15.80 support and 16.10 resistance. Expected trend for today: Bearish

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Silver prices edges lower

Silver prices extend losses for 7 straight days. Prices broke the intermediate support level of 37,600 and drifted towards 37,440 levels. Gold on the other hand traded sideways in small range between 29050 and 28950 levels. Prices faced resistance near 29050 levels and it failed to break the prescribed level. Base metals pack was trading sideways in today’s session. Lead managed to bounce back from the day’s low and moved higher towards the intermediate resistance level of 163. Zinc traded sideways in range between 200 and 202 levels. Nickel broke the psychological level of 700 and drifted towards 695 levels.

Silver Prices Have Further Room To Fall - Analysts

(Kitco News) - Silver continues to struggle Wednesday, as the market sees its longest daily losing streak since mid-April, with many analysts eying July’s one-year lows as the next price target. Silver prices have fallen through the key psychological level of $16 an ounce as the market remains near a five-month low. March silver futures last traded at $15.97 an ounce, down 0.61% on the day.

Gold, Silver Prices Plunge Today On Muted Demand

New Delhi: Gold tumbled by Rs. 200 to Rs. 30,050 per ten gram at the bullion market today on muteddemand 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.

PRECIOUS-Gold slips as dollar holds firm

Spot gold was down 0.1 percent at $1,262.50 an ounce by 0053 GMT. It hit its lowest since Oct. 6 at $1,260.71 on Tuesday. * U.S. gold futures were 0.1 percent lower at $1,265.30. * The dollar index , which measures the greenback against a basket of six major currencies, was steady at 93.592. The dollar was up about 0.2 percent at 112.46 yen. * U.S. Senate Republicans agreed to talks with the House of Representatives on sweeping tax legislation on Wednesday, amid early signs that lawmakers could bridge their differences and agree on a final bill ahead of a self-imposed Dec. 22 deadline.

Gold Prices Stabilize After Falling To A Four-Month Low

Gold prices stabilized in trading today, with gold futures closing fractionally higher and physical gold trading fractionally lower on the day. Despite the fact that gold futures and spot gold closed in different directions, the net change on the day in both markets was fractional, showing signs of price stabilization. As of 4:00 PM Eastern standard time, gold futures (February 2018 contract) are trading up $1.80 (+0.13%). Today’s trading range was compressed to a six-dollar range, trading to a high of $1271.80 and a low of $1264.80.

ICOs: A Gold Mine Or Fool's Gold?

The price of the most popular version of the most popular cryptocurrency, bitcoin (BTC), recently oscillated around $14,000 on December 7, up from $1,023 on January 1, 2017. New currencies are being generated at a rate of 30 per day (not all are successfully launched) . Prominent venture capitalists like Fred Wilson of Union Square Ventures have expressed healthy skepticism about ICOs – even as their firms invest in them.

India's November gold imports nearly halve on higher prices: GFMS

India's gold imports in November nearly halved from a year ago as a rise in the price of the yellow metal curbed retail buying for weddings, industry officials and analysts said on Wednesday. A drop in gold purchases by India, the world's second-biggest consumer after China, could weigh on global prices that are already trading near their lowest in two months.

Gold: $1260 As A First Target

The likely dynamics of the real interest rate, overbought funds' position and market technique allow expecting the bearish momentum in the gold market in the short term. Before turning to the specific justifications for my negative forecast on gold, I would like to specify that, at the moment, I'm considering the dynamics of the prices of gold mostly as the mirror image of the U.S. real interest rates, which is reaffirmed by the steady inverse correlation between these indicators, established from 2016:

Appetite for Bitcoin today three times higher than appetite for gold in the banking crisis

online searches for information on buying Bitcoin now far outstrip equivalent searches about investing in gold - even at the peak of the banking crisis, when investors feared a full-blown collapse of the world's financial and banking systems.

This Gold Dealer Is Now Selling More Bitcoin Than Precious Metals

Gold Prices A Bit Firmer On Tepid Short Covering

Gold Breaks Down In Bitcoin's Shadow

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