8th August, 2017

Tuesday, August 8

Australia is to release a report on business confidence.
China is to publish its latest trade figures.

Daily Gold Market Report

Gold rises calmly – Analysis - 08-08-2017
Gold price opens today's trading with calm positivity to move away gradually from the key support 1254.56, which keeps our bullish overview valid as it is until now, and the price needs to breach the resistance barrier formed by the EMA50 at 1261.00 to be released from the negative pressure and rally upwards towards our positive targets that start at 1295.37 and extend to 1312.00. Therefore, the bullish trend scenario will remain valid and active in the upcoming sessions, supported by stochastic positivity, noting that breaking 1254.56 will put the price under negative pressure that targets visiting 1229.32 initially before any new positive attempt. Expected trading range for today is between 1250.00 support and 1275.00 resistance. Expected trend for today: Bullish

14th India International Gold Convention

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Gold / Silver / Copper futures - weekly outlook: August 7 - 11

Investing.com - Gold prices fell on Friday as a solid U.S. employment report for July revived expectations for another interest rate increase by the Federal Reserve this year. Gold for August delivery settled at $1,258.28 on the Comex division of the New York Mercantile Exchange. The precious metal ended the week down 0.8%, its first weekly percentage decline in four weeks. The Labor Department reported Friday that the U.S. economy added 209,000 jobs last month, beating expectations for a gain of 183,000 and the unemployment rate ticked down to 4.3%. The report also showed that average hourly earnings increased by 9 cents or 0.3% last month to $26.36 an hour, the largest monthly increase since October.

Gold rate per gram: Check out current gold price per gram

Gold prices edged up on Tuesday as the dollar eased slightly, with investors waiting for US inflation numbers later this week for hints on the pace of monetary tightening by the Federal Reserve. Gold and silver were trading flat in early trade on Tuesday on account of lacklustre demand of precious metal by jewellers, investors and retailers.

Gold, silver flat in morning trade

Gold finishes slightly higher, avoids 4-session skid

Payment in gold bullion banned under new law to combat tax evasion

Companies will no longer be able to pay employees their salaries in gold bullion in the first use of a new law designed to combat “morally repugnant” tax avoidance schemes. An expert tax avoidance panel has ruled that paying employees in gold is a “contrived” tax avoidance scheme designed to “frustrate the intent of parliament” in cracking down on such practices.

July sovereign gold bonds to start trading from Tuesday

Mumbai: The Reserve Bank of India (RBI) on Monday said the sovereign gold bonds issued last month will be eligible for trading on stock exchanges from Tuesday. The Sovereign Gold Bond Scheme 2017-18 Series II was announced by the government of India on 6 July. Applications for the bonds were accepted from 10-14 July 2017 and issued on 28 July.

Bitcoin Is Now Worth Nearly 3 Times More Than an Ounce of Gold

More than five months after bitcoin and gold prices hit parity, bitcoin is now worth nearly three times as much as the more traditional store of value. The price of bitcoin reached a new high above $3,400 during today's session, a figure that was more than $2,000 above the price of gold. At press time, the precious metal was trading for $1,257 according to a spot exchange rate provided by Bloomberg.

Tax panel backs HMRC drive against salaries paid in gold

Paying salaries in gold as a tax dodge has been stopped by the first use of a rule intended to stop “morally repugnant” avoidance. HM Revenue & Customs said it was delighted by the decision of an expert panel which said that a tax scheme was “abnormal and contrived”. The scheme was used by a company with two directors who each received payments of about £150,000 through a series of convoluted steps involving an offshore trust and the purchase and immediate sale of gold assets.

Gold and Silver Demand would go Ballistic if People understand the need to Buy it Now

The Bigger the Base, the Greater the Upside Case. This saying among technical analysts/chartists helps define where we are today in gold and silver – and where we’ll soon be headed. It means that when prices “base” in a relatively narrow sideways range for an extended period, they will at some point break out. Before the action gets underway, bears and bulls alike will get “sandpapered” as they take positions, trying to guess whether or not the price is getting ready to decline further or move upward into a new bull phase.

SILVER TODAY: FOCUS ON US JOBS DATA

Silver has rebounded since hitting a 2017 low earlier in July. Silver is now above its 20 DMA, a sign of positive momentum, although below its 200 DMA is resistance that could be tough to overcome. We are constructive on silver over the very short term, a view that we opened on July 12 at $15.89 per oz to play a tactical rebound in an oversold environment. Our stop/loss is at the 2017 low. Momentum-based indicators Momentum is positive while the ADX is above 20, implying a strong uptrend.

Gold clings to gains near $1260 level on weaker USD

Gold stalled the post-NFP slide and regained traction on Tuesday, now holding near session tops around $1260 region during the early European session. A weaker greenback, with the key US Dollar Index languishing around 15-month lows, was seen benefitting dollar-denominated commodities - like gold. Overnight, the greenback came under some fresh selling pressure, following dovish comments from Fed's Kashkari and Bullard, and helped the precious metal to rebound from the vicinity of 100-day SMA immediate support.

Gold Price Prediction for August 4, 2017

Gold prices moved higher bouncing off of support near the 10-day moving average at 1,261. The ECB bulletin shows that the ECB believes monetary accommodation will be necessary but supportive financing conditions were positive which buoyed the Euro. Resistance on the yellow metal is seen near the June highs at 1,296. Positive momentum has decelerated, as the MACD (moving average convergence divergence) histogram prints in the black with a declining trajectory which points to consolidation.

Silver Forecast August 8, 2017, Technical Analysis

Gold and silver slip again today

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