Thursday, January 14, 2016

Gold Silver Market Report 15th January 2016

Fundamentals and News*:

 

Markets in Turmoil Spur Biggest Gold ETF Purchases in a Year

·         It's been a scary start to 2016 for global markets, and investors are responding by buying more gold than any time in the past year.

·         In the past five days, investors bought 26.8 metric tons of bullion through exchange-traded products backed by the metal, the most since January 2015, according to data compiled by Bloomberg. Gold is one of the few commodities doing well, with prices up 1.3 percent so far this year.

·         Interest in the precious metal is being driven by demand for a safe haven after losses spread across Chinese and U.S. equity markets and oil dipped below $30 a barrel. Also helping the case for gold: China boosted reserves for the sixth straight month in December amid price declines through the end of last year, according to the People's Bank of China.

·         "There is physical demand, and it is coming from individual investors more than anything else," George Gero, a vice president of global futures at RBC Capital Markets in New York, said in a telephone interview. The metal "has been oversold. I think you're going to start seeing some people starting to look at gold."

·         Gold futures for February delivery dropped 1.2 percent to settle at $1,073.60 an ounce at 1:53 p.m. on the Comex in New York.

·         Not everyone is so optimistic. Prices may fall to about $955 in the fourth quarter and average around $1,000 over the full year, Mark Keenan, head of commodities research for Asia at Societe Generale SA, said in a Bloomberg Television interview on Thursday.

·         Silver futures for March delivery slid 2.9 percent to $13.748 an ounce on the Comex, falling for a fourth time in five sessions. Platinum futures for April delivery fell 1.9 percent to $834.80 an ounce on the New York Mercantile Exchange, while palladium futures for March delivery advanced 0.9 percent to $491.25 an ounce.

                                                                                                                                                                                                (*Source: Bloomberg)                                                                                                                                 

v     Data Forthcoming Releases:        

 

Time*

Country

Today's Events

Forecast

Previous

Actual

05:30 PM

USD

Core Retail Sales m/m

0.2%

0.4%

05:30 PM

USD

PPI m/m

-0.2%

0.3%

05:30 PM

USD

Retail Sales m/m

-0.1%

0.2%

07:00 PM

USD

Prelim UoM Consumer Sentiment

92.7

92.6



v         Resistance & Support Levels:

Period

R3

R2

R1

S1

S2

S3

Gold

$   1,129.2

 $   1,113.3

 $   1,103.5

 $   1,071.8

 $   1,062.0

 $   1,046.2

Silver

$      14.56

 $      14.33

 $      14.20

 $      13.74

 $      13.61

 $      13.38

 

 

Tuesday, January 12, 2016

Gold Silver Market Report 13th January 2016

Fundamentals and News*:

 

Gold Holds Drop as Investors Assess Volatility, Rate Outlook

·         Gold was little changed as investors eyed prospects for further financial market volatility and the pace of U.S. interest rate hikes. Palladium traded near the lowest level in more than five years.

·         Bullion for immediate delivery fell 0.1 percent to $1,085.70 an ounce at 8:52 a.m. in Singapore, according to Bloomberg generic pricing. The metal has slid 1.7 percent this week, paring an early New Year rally.

·         Crude prices near 12-year lows and elevated global market volatility are raising concerns that U.S. inflation and economic growth may be challenged. The U.S. Federal Reserve last month increased rates for the first time since 2006 and said it expected the pace of future tightening to be gradual.

·         "A consolidation of the gains seen earlier in the year was to be expected," Jordan Eliseo, chief economist at trader Australian Bullion Co. in Sydney, said by e-mail. "Continued weakness in commodity prices and generally sluggish data will see the Fed adopt a more cautious policy."

·         While gold remains sensitive to movements in financial markets, the longer-term "will continue to be dominated by the outlook of the U.S. Fed funds rate which is poised to rise further over 2016, although the probability of a more gradual rate hike trajectory has increased," Vyanne Lai, an economist at National Australia Bank Ltd. in Melbourne, said by e-mail.

·         Palladium dropped 0.4 percent to $468.80 an ounce after hitting $451.85 on Tuesday, the lowest since July 2010. The metal sank as Chinese car sales increased at the slowest pace in three years, adding to concerns about weaker demand in one of the world's biggest buyers.

 

                                                                                                                                                                                                (*Source: Bloomberg)                                                                                                                                 

v     Data Forthcoming Releases:        

 

Time*

Country

Today's Events

Forecast

Previous

Actual

5.30 pm

USD

Crude Oil Inventories

1.9M

-5.1M

-


 


v  Resistance & Support Levels:

Period

R3

R2

R1

S1

S2

S3

Gold

$   1,129.5

 $   1,115.0

 $   1,106.1

 $   1,077.1

 $   1,068.1

 $   1,053.6

Silver

$      14.61

 $      14.36

 $      14.21

 $      13.72

 $      13.57

 $      13.33




Gold Silver Market Report 12th January 2016

Fundamentals and News*:

 

Gold Pulled Around in Tug of War between Strong U.S., Weak China

 

·         Gold swung between gains and losses after posting the best week since August, with more declines in Chinese stocks offering haven support and strong U.S. jobs data curbing gains.

·         Gold futures for February delivery dropped 0.2 percent to settle at $1,096.20 an ounce at 1:48 p.m. on the Comex in New York, after climbing as much as 0.9 percent. U.S. payrolls rose by 292,000 in December, topping estimates, while Chinese shares fell to the lowest since September, adding to the world's worst selloff this year.

·         Investors bought the most gold through exchange-traded funds in three weeks on Friday, data compiled by Bloomberg showed. The holdings climbed 9.1 metric tons to 1,475.3 tons after rising 8.1 tons the day before.

·         "Gold is holding well despite strong U.S. employment data, although seems to be facing resistance at the 100-day moving average at $1,109 for now," Joni Teves, a strategist at UBS Group AG, said in an e-mailed report on Monday. "ETF inflows help."

·         Gold has climbed 3.4 percent this year as escalating concerns about China's outlook, a rout in equities and increased geopolitical tensions in the Middle East and North Korea stoked investors' aversion to risk. Those factors should abate as the year progresses, causing investors to refocus on monetary policy in the U.S., which has pointed to interest-rate increases this year, according to Barnard Dahdah, a London-based analyst at Natixis SA.

·         "With the U.S. dollar strengthening, the currency is becoming a safe haven in itself, and offering some yield," he said by phone. "That creates competition for gold." Dahdah sees gold dropping below $1,000 an ounce this year.

·         U.S. employers' additions to the country's workforce in December exceeded the highest estimate in a Bloomberg survey, a Labor Department report showed on Friday. The data backed the case for the Federal Reserve to continue raising interest rates this year, boosting the dollar and undermining gold's rally.

·         Silver futures for March delivery dropped 0.4 percent to $13.866 an ounce on the Comex. On the New York Mercantile Exchange, platinum futures for April delivery fell 3.7 percent $846.30 an ounce, while palladium futures for March delivery slumped as much as 4.2 percent to $473.05 an ounce, the lowest since 2010.

                                                                                                                                                                                                (*Source: Bloomberg)                                                                                                                                  

v     Data Forthcoming Releases:        

 

Time*

Country

Today's Events

Forecast

Previous

Actual

2:30 pm

JPY

BOJ Gov Kuroda Speaks

-

-

-

6:15 pm

GBP

BOE Gov Carney Speaks

-

-

-

7:00 pm

USD

JOLTS Job Openings

5.41M

5.38M

-



v  Resistance & Support Levels:

Period

R3

R2

R1

S1

S2

S3

Gold

$   1,133.7

 $   1,118.3

 $   1,108.8

 $   1,078.0

 $   1,068.5

 $   1,053.1

Silver

$      14.57

 $      14.36

 $      14.23

 $      13.82

 $      13.69

 $      13.49


Friday, January 8, 2016

Gold Silver Market Report 08th January 2016

Fundamentals and News*:

 

Gold Trims Best Week Since August as Stock Markets Regain Poise

 

·         Gold pared its best weekly advance since August after China refrained from a further cut to the yuan reference rate, reassuring global markets after U.S. equities posted their worst ever four-day start to the year.

·         Bullion for immediate delivery fell 0.6 percent to $1,102.34 an ounce by 10:24 a.m. Singapore time, according to Bloomberg generic pricing. Prices are up 3.9 percent this week.

·         Asian stocks reversed losses as China set its reference rate little changed from Thursday's fixing after an eight-day run of reductions that sent shock waves through markets. Gold has still outperformed other commodities this week as more than $2 trillion was erased from global equities amid a stock market slump and currency weakness in China. The country's problems are being transferred to the rest of the world, billionaire George Soros said Thursday.

(*Source: Bloomberg)                                                                                                                                 

 

v                  Data Forthcoming Releases:     

 

Time*

Country

Today's Events

Forecast

Previous

Actual

5.30 pm

USD

Average Hourly Earnings m/m

0.2%

0.2%

5.30 pm

USD

Non-Farm Employment Change

203K

211K

5.30 pm

USD

Unemployment Rate

5.0%

5.0%

7.00 pm

USD

Wholesale Inventories m/m

0.0%

-0.1%

0


** Dubai Time

 

 

v  Resistance & Support Levels:

Period

R3

R2

R1

S1

S2

S3

Gold

$   1,144.4

 $   1,124.6

 $   1,112.3

 $   1,072.7

 $   1,060.5

 $   1,040.7

Silver

$      14.73

 $      14.52

 $      14.39

 $      13.96

 $      13.83

 $      13.61




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