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Research
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LONDON – Goldessential.com – May 9 – 11.48GMT
Spot gold quoted $886.25 an ounce at 11.40GMT
Spot gold bullish above $885 an ounce on the intraday, hourly charts, opening for a move towards key short-term resistance at $898-900 an ounce.
Below $885 an ounce would open for a pullback to $882 and $880 an ounce, below which downside momentum may gain towards $870 an ounce.
Summary of support and resistance levels:
$856, $862, $866, $869, $870, $873, $874.5, $877, $880, $882, $885, $886.25 (11.40GMT), $887, $890, $893-$894, $897-$898, $900
Image 1: spot gold, continuous hourly GMT
Click here for an enlarged version
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TOCOM Gold
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| TOCOM | Yen | Close | Prev | Chng | Pct | Vol | | JUN8 | YEN | 2948 | 2902 | 46 | 1,6% | 591 | | AUG8 | YEN | 2954 | 2913 | 41 | 1,4% | 202 | | OCT8 | YEN | 2955 | 2912 | 43 | 1,5% | 715 | | DEC8 | YEN | 2958 | 2924 | 34 | 1,2% | 824 | | FEB9 | YEN | 2961 | 2922 | 39 | 1,3% | 6988 | | APR8 | YEN | 2964 | 2928 | 36 | 1,2% | 36059 | | | | | | | Total | 45379 |
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Market Commentaries
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LONDON – Goldessential.com – May 9 – 8.22GMT
Spot gold extended its Thursday’s gains in the early European session on Friday, after having traded in a narrow range overnight in Asia, with gold holding mostly above $880 an ounce.
Traders were upbeat and said the metal could gain to $900 an ounce on the s/t on the back of a short squeeze.
At 8.05Gmt, spot gold was quoted $887.25 an ounce, up 4.25$ from late in NY on Thursday, when the metal was quoted $883.00 an ounce. Earlier today, gold had hit an intraday high of $888.60 an ounce. The overnight low was quoted at $879.25 an ounce.
The up-tick in gold drew the support from both a strengthening Euro and oil prices which remained on a hunt for fresh records. Also, strength in base metals and platinum may be sufficient to counteract negative impact from potential further strengthening of the dollar, says HSBC analyst James Steel.
At 8.10GMT, the Eur/Usd pair was quoted 1.5470, up from 1.5395 late on Thursday in NY.
Light Sweet Crude oil for immediate delivery was quoted 124.49 a barrel, slightly off an overnight record high of $124.73 a barrel.
An Asian trader in Tokio added that spot gold may rally to $900/oz near-term on short-covering, but is unlikely to break above that level. "I believe the market is a little short, and the euro/dollar is not helping them. We may see another round of short-squeeze".
Moreover gold may find it hard to extend its gains as the USD is unlikely to decline to fresh lows as recent Eurozone data suggests that an economic slowdown could be having its impact, which should put cap on Euro.
Also supportive for the metal was a rise in ETF gold holdings, with the largest Gold StreetTracks ETF adding 1.7 pct or 10.12 metric tonnes between May 5 and May 7, to total 590.57 metric tonnes, or nearly three months of global gold mine supply. The ETF last month posted a decline in investor’s gold by 9.6 pct.
Reporting by Randy Dawson; contact:
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Last Updated ( Friday, 09 May 2008 )
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Newsflash
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LONDON – Goldessential.com – May 9 – 6.39GMT
Top gold producer South Africa's net gold and foreign exchange reserves fell $152 million or 0.5 pct to $32.973 billion at the end of April. The reserves had been $33.125 bn at the end of March, a report showed on Friday. The country’s gross reserves decreased to $34.284 billion in April from $34.394 billion, due to a fall in gold reserves on a sharp decline in the spot price, the bank said.Net foreign currency holdings increased by $151 million to $30.8 billion over the reported period, while gold reserves fell by $261 million to $3.484 billion.
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COMEX Warehouse
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Newsflash
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LONDON – Goldessential.com – May 9 – 6.05GMT
Spot gold opens in Europe on Friday at 6.02GMT at $883.45/$884.45 an ounce, up 15.75$ or 1.82 pct from its previous Europe opening. The metal opened up 0.45$ or 0.05 pct up from Thursday's NY close of $883.00 |
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Market Commentaries
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LONDON – Goldessential.com – May 7 – 11.25GMT
Spot gold quoted $869.25 an ounce at 10.58GMT
Spot gold sideways below $873 and above $854 an ounce on the hourly, intraday charts.
A break above $873 an ounce would open for a test of the short term key resistance level at $885 an ounce, which should be overcome in order to restore a bullish undertone on the s/t.
Below the $873 level suggests further consolidation in a range that finds its bottom at $854 for now. Below $854 an ounce level would open for a pullback towards last week’s low near $845.50 an ounce. Below the latter level opens for extended downside towards $812 an ounce.
Intermediate support and resistance levels are seen at: $843, $845.50, $848, $850, $854, $856, $862, $864, $866, $869.25(10.58GMT), $870, $873, $877, $879, 882, $885, $887, $890, $893, $897, $900.
Note: previous key support (now resistance) on the daily candlesticks remains near $906 an ounce.
Image1: Spot gold, continuous hourly GMT
Click here for an enlarged version
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Last Updated ( Thursday, 08 May 2008 )
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Market Commentaries
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LONDON – Goldessential.com – May 8 – 7.04GMT
Spot gold traded sideways and little changed in the overnight Asian session and extending into European business on Thursday, with the metal finding its upside momentum waning on the back of a fuzzy technical outlook and as the dollar remained on a recovery path.
Support was however spinning off record high oil prices, which moved on top of $123 a barrel late on Wednesday in NY after the weekly Crude Inventory Report showed an unexpected drop in distillate fuels, which include diesel and heating oil. Gasoline demand rose slightly last week.
At 6.52GMT, spot gold was quoted $866.80 an ounce, down 1$ from $867.80 an ounce late in NY on Wednesday. At 7.02GMT, the Euro was quoted 1.5339 against the USD, down 55 ticks on the day.
Light Sweet Crude for immediate delivery was quoted at $123.39 a barrel at the same time, slightly down from a late Wednesday record high of $123.95 a barrel.
At 7.00GMT in Tokyo, most active April 2009 gold contracts shed 55 Yen or 2 percent to $2,929 Yen per gram.
In electronic trading, most active June 2008 (GCM08) gold contracts on the NYMEX were down 3.7$ to $867.50 an ounce at 6.38GMT.
A Sydney based trader added that gold is biased bearish on the s/t and that only an outbreak of oil prices and expected physical buying ahead of India’s Akshaya Tritiya Hindu festival is curbing the downside for now.
For today, traders are focused on the ECB’s rate decision, and albeit the market consensus is for a non-event, the accompanied press release may shed new light on the future monetary path of the central banker.
Fortis’s Wallace Ng said gold prices could be heading for a pullback towards the $850 an ounce mark. He however adds that the $1,000 mark remains a valid target in about one year.
Investec Australia believed that despite the ECB 's meeting could pressurize the dollar, it looks unlikely to prevent further gold weakness, “with a new test of downside support around $850 increasingly likely.
”Spot gold is likely to trade in a wide range of $800-$900/oz over the next months as sentiment has become very mixed, says Mitsui Bussan 's head of precious metals in Hong Kong. He adds that trading interest appears to be falling as reflected by lower open interest on Nymex gold.
"Unless oil keeps going higher, or the euro continues to strengthen, gold will consolidate in the next 2-3 months between $800-$900."
A Sydney based trader referred to $884 an ounce as a short term key resistance level, which the metal needs to break in order to restore a somewhat more bullish tone. Should gold fail in doing so, a pullback to $850 an ounce may come rapidly.
Reporting by Evelyne Winters; contact:
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Newsflash
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LONDON – Goldessential.com – May 8 – 6.06GMT
Spot gold opens in Europe on Thursday at 6.02GMT at $867.70/$868.70 an ounce, down 8.20$ or 0.94 pct from its previous Europe opening. The metal opened down 0.10$ or 0.01 pct up from Wednesday's NY close of $867.80/oz. |
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Last Updated ( Thursday, 08 May 2008 )
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Research
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LONDON – Goldessential.com – May 7 – 11.11GMT
Spot gold quoted $896.3 an ounce at 10.58GMT
Spot gold sideways below $884 and above $860 an ounce on the hourly, intraday charts.
A decisive move below the $870 an ounce support level would activate $860 an ounce. Below the latter level would open for a retest of $856 and $850 an ounce.
On the contrary, a move above $878 an ounce would open for a test of the $884 an ounce resistance level. A positive break would then open for $890 and then $900 an ounce.
Intermediate support and resistance levels are seen at: $845.50, $850, $856, $859-$860, $862, $866, $869.3 (10.58GMT), $870, $873, $877, $879, 882, $884-$885, $887, $890, $893, $897, $900
Note: previous key support (now resistance) on the daily candlesticks remains near $905 an ounce.
Image 1; spot gold, continuous hourly GMT charts.
Click here for an enlarged version
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Newsflash
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LONDON – Goldessential.com – May 7 – 11.20GMT
Russia’s gold and foreign currency reserves rose $4.9 bn or 0.9 pct to $534.4 bn as of May 1, a release by the central bank showed on Wednesday.
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