31st August, 2018

Friday, August 31

China is to publish reports on manufacturing and service sector activity.
The euro zone is to release preliminary inflation data.
The U.S. is to round up the week with a report on business activity in the Chicago area.

Daily Gold Market Report

Gold price faces negative pressure – Analysis - 31-08-2018
Gold price closed yesterday’s trading below the intraday bullish channel’s support line that appears on the chart, which puts the price under potential negative pressure in the upcoming period, making the bearish trend suggested for today, targeting visiting 1180.00 level as a first main station. Holding below 1208.40 level will keep the negative overview valid, as breaching it will reactivate the bullish trend scenario again, which has positive targets that start at 1225.00 and extend to 1238.31. Expected trading range for today is between 1180.00 support and 1210.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Silver price hits the first target – Analysis - 31-08-2018
Silver price succeeded to touch our first waited target at 14.50 and settles there, noticing that the price moves inside a minor bullish channel that we believe it forms bearish flag pattern, which means that breaking the mentioned level will activate the negative effect of the mentioned pattern followed by pushing the price to rally towards our next target that reaches 13.80. Therefore, the bullish trend will remain valid and active in the upcoming sessions unless breaching 15.00 level and holding above it. Expected trading range for today is between 14.20 support and 14.80 resistance. Expected trend for today: Bearish

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IBJA announces launch of "Indian Jewellers Week" (IJW) a dream project for manufacturers and wholesalers across India with its first edition at Zaveri Bazaar, Mumbai from 1st to 7th October 2018. IJW ,
the business at your doorstep is organised by Glambox.
Banaye Aasan Jewellery Vyapar

Gold Price Outlook: XAU/USD Pullback Targets Near-term Support

Gold prices posted an outside-day reversal off confluence support earlier this week with the decline now targeting near-term uptrend support. Here are the updated targets and invalidation levels that matter on the XAU/USD charts heading into the close of the month. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

Gold Price Outlook: XAU/USD Reversal Constructive Above 1180

Gold prices have rebounded more than 3% off the yearly lows registered last week with the advance looking a bit vulnerable just ahead of structural resistance. Here are the updated targets and invalidation levels that matter on the XAU/USD charts heading into the close of the week. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

In spite of increased uncertainty globally, all that glitters is not gold

For more than a year now, gold as an asset class has failed to repeat its stellar performance of 2016. In this calendar year so far, MCX gold has given rather unimpressive returns of 3%. Its international performance is worse. The yellow metal has posted negative returns so far in 2018—its price is down 7.31%. In sharp contrast, in 2017, gold prices surged 5% in local currency terms and 13% in dollar terms.

Opinion: Bulls could finally take a shine to gold in September

If you listen closely, you’ll hear gold investors whispering that “it’s an ill wind that blows no good.” That’s because, while September may be the worst month of the calendar for stocks, it’s the best month for gold. Since it began trading freely in the U.S. in the early 1970s, gold bullion GCZ8, +0.71% has produced an average gain of 2.1% in September. The comparable monthly average for all non-September months is 0.6%. (See chart.)

Gold rises, but set for longest monthly losing streak in 5-1/2 years

BENGALURU (Reuters) - Gold rose on Friday as investors hedged against risks stemming from the ongoing trade dispute, with $1,200 acting as a strong support, but the bullion was headed for its longest monthly losing streak since 2013.

Gold stretches streak of declines to a third day to settle at lowest in a week

Gold futures extended their slump Thursday to a third straight session, settling at their lowest in a week, pressured by some strength in the dollar as U.S. economic data reinforced expectations the Federal Reserve will stick to a steady pace of rate increases. “Gold’s trajectory continues to be heavily influenced by the dollar’s performance and U.S. interest-rate hike expectations,” said Lukman Otunuga, research analyst at FXTM, in a note Thursday.

Gold Prices Jump By Rs. 120: 5 Things To Know

Gold shot up by Rs. 120 to Rs. 31,200 per 10 gram at the bullion market on Thursday due to increased buying by local jewellers amid a firm global trend, reported news agency Press Trust of India. However, silver held steady at Rs. 38,300 per kg on scattered enquiries from industrial units and coin makers. Traders said gold rose on increased buying by local jewellers to meet the ongoing festive season demand and a firm global trend. Moreover, a depreciating rupee which plunged to a fresh record low of 70.82 against the dollar (intra-day), making imports costlier, supported the upmove, they said.

Gold rate today: Gold, silver up in morning trade

Gold can take support near 30,050 and can face resistance near 30,350 in MCX. Gold and silver were trading higher in morning trade on Friday following fresh demand for the precious metals investors, industriesNSE 2.51 %, stockists and retailers. MCX Gold futures were trading 0.38 per cent up at Rs 30284 per 10 gram at around 10.25 am (IST), while MCX Silver futures were up 0.33 per cent at Rs 36,981 per 1 kg at around the same time.

Gold Holds Precariously Just Above $1,200

As of 4:00 PM Eastern standard time, spot gold is trading just above $1,200 at $1,200.09. This occurred after trading to a low today of $1,196.45 before slightly recovering. Although dollar strength can be cited as an underlying force, it is selling pressure that is dominating the markets today. According to the KGX (Kitco Gold Index), today’s decline of $6.10 is composed of mostly selling pressure accounting for $4.50 of today’s lower pricing with the remaining $1.60 attributable directly to dollar strength.

Gold headed for longest monthly losing streak since 2013

Operations have resumed at AngloGold Ashanti's Siguiri gold mine in Guinea after a workers strike halted activities for a day, a company vice president said on Thursday. BENGALURU: Gold inched lower on Friday, as the dollar stayed firm on expectations of rising interest rates amid lingering Sino-US trade tensions, and the yellow metal was headed for its fifth straight monthly decline.

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