Gold climbs along with euro on hopes for Greek deal
LONDON: Gold prices rose more than half a percent on Monday as growing optimism that European leaders will sign off on a rescue deal for Greece lifted the euro, and after China’s central bank further loosened monetary policy.
Spot gold was up 0.4 percent at $1,730.80 an ounce at 1019 GMT, while US gold futures for February delivery were up $6.70 an ounce at $1,732.60.
Gold prices are up 10.8 percent so far this year, benefiting from a rebound in the euro and expectations that US monetary policy will remain loose, cutting the opportunity cost of holding non-yielding bullion. But analysts say the appeal of other investments could keep gold prices rangebound this year.
“The risks (in Europe) could dissipate modestly in the near term. Certainly, in China, there is a growing acceptance that the government will step in to support growth, and things look like they’re stronger than expected in the United States,” said Deutsche Bank analyst Daniel Brebner
“Globally, it looks like risk assets are being accumulated by investors, and in that kind of environment, gold should perform reasonably well,” he added.
Among other precious metals, silver was up 0.5 percent at $33.40 an ounce, while spot platinum was up 0.7 percent at $1,642 an ounce and spot palladium was down 0.9 percent at $688.70 an ounce.
Platinum prices have climbed nearly 18 percent this year, benefiting from supply concerns in major producer South Africa.
The platinum/palladium ratio, or number of palladium ounces needed to buy an ounce of platinum, held near its 2012 high of 2.4 on Monday as platinum continued to outperform. reuters
Welcome to Tezi Mandee - Community Of Pakistani Investors & Traders
 |
Welcome to Tezi Mandee - Community Of Pakistani Investors & Traders, like most online communities you must register to view or post in our community, but don't worry this is a simple free process that requires minimal information for you to sign up. Be a part of Tezi Mandee - Community Of Pakistani Investors & Traders by signing in or creating an account.
To Sign In ( Click Here ) |
1
998 replies to this topic
#812
-
- Member
-
- 7,988 posts
- Joined 24-August 08
FIRST LIEUTENANT
- Gender:Male
-
Country:
Posted 21 February 2012 - 01:14 PM
Gold Spot
Spot gold inched up 0.7% in thin trade as participants closely followed the EU finance ministers’ meeting where a Greek deal was nailed in the late hours of Monday.
From a technical perspective, gold’s Stochastic Oscillator maintains its buy signal thus confirming the “Bullish Divergence”.
The first support is at $1,728.91 and second support is at $1,722.21. The first resistance is at $1,743.87 and the second resistance is at $1,754.70.
WTI Spot (Crude Oil)
Since the US financial markets were closed yesterday (20th Feb) on account of President’s Day, WTI Spot did not trade.
From a technical perspective, WTI’s the Stochastic Oscillator is in a failure swing while the RSI maintains its uptrend as well as buy signal
The first support is at $102.77 and second support is at $102.27. The first resistance is at $103.71 and the second resistance is at $104.21.
Silver Spot
Silver traded in a narrow range of US$0.37/oz and mimicked the movement of gold to notch a 1.0% price appreciation.
From a technical perspective, silver’s Stochastic Oscillator maintains its buy signal thus confirming the “Bullish Divergence”.
The first support is at $33.19 and second support at $32.73. The first resistance is at $33.97 and the second resistance is at $34.33.
(KASB)
Spot gold inched up 0.7% in thin trade as participants closely followed the EU finance ministers’ meeting where a Greek deal was nailed in the late hours of Monday.
From a technical perspective, gold’s Stochastic Oscillator maintains its buy signal thus confirming the “Bullish Divergence”.
The first support is at $1,728.91 and second support is at $1,722.21. The first resistance is at $1,743.87 and the second resistance is at $1,754.70.
WTI Spot (Crude Oil)
Since the US financial markets were closed yesterday (20th Feb) on account of President’s Day, WTI Spot did not trade.
From a technical perspective, WTI’s the Stochastic Oscillator is in a failure swing while the RSI maintains its uptrend as well as buy signal
The first support is at $102.77 and second support is at $102.27. The first resistance is at $103.71 and the second resistance is at $104.21.
Silver Spot
Silver traded in a narrow range of US$0.37/oz and mimicked the movement of gold to notch a 1.0% price appreciation.
From a technical perspective, silver’s Stochastic Oscillator maintains its buy signal thus confirming the “Bullish Divergence”.
The first support is at $33.19 and second support at $32.73. The first resistance is at $33.97 and the second resistance is at $34.33.
(KASB)
Click Here For: "Daily Reports From Different Brokerage Houses"
#813
-
- Member
-
- 7,988 posts
- Joined 24-August 08
FIRST LIEUTENANT
- Gender:Male
-
Country:
Posted 22 February 2012 - 02:48 PM
Gold Spot
Bullion prices shifted up a gear, advancing by 1.4% as financial markets cheered the finalization of the second Greek aid package.
From a technical perspective, gold has given a breakout above its resistance trendline while the Stochastic Oscillator maintains its buy signal.
The first support is at $1,748.96 and second support is at $1,742.10. The first resistance is at $1,766.93 and the second resistance is at $1,774.60.
WTI Spot (Crude Oil)
Crude shot up by 2.5% and touched levels last witnessed in May-11 over optimism on securing a Greek deal. Added geopolitical risks emerging from Iran also propped up prices.
From a technical perspective, WTI’s Stochastic Oscillator is in a failure swing while the RSI maintains its uptrend as well as buy signal.
The first support is at $105.25 and second support is at $104.67. The first resistance is at $106.43 and the second resistance is at $107.01.
Silver Spot
Spot silver was no exception, jumping on the commodity rally bandwagon and advanced by 2.2%.
From a technical perspective, silver’s Stochastic Oscillator maintains its buy signal while the RSI has shown improvement.
The first support is at $33.94 and second support at $33.59. The first resistance is at $34.67 and the second resistance is at $35.06.
(KASB)
======================
Gold and Oil Technical's from Reuters
SINGAPORE, Feb 22 (Reuters) - Spot gold will pierce into a range of $1,766-$1,771 per ounce, as indicated by a Fibonacci projection analysis and a double bottom.
The metal is riding on a wave "c" or wave "3", unfolding towards $1,766, the 161.8 percent Fibonacci projection level, based on the length of the wave "a" or wave "1" and the trough of the wave "b" or wave "2".
A double-bottom has formed around $1,705, pointing to a slightly higher target at $1,771.
Retracement from the current level will be shallow, limited to $1,751.
SINGAPORE, Feb 22 (Reuters) - A bullish target at $109.73 per barrel has been established for U.S. oil as it has cleared a resistance at $104.99.
The resistance is the 161.8 percent Fibonacci projection level of an upward wave "3", and it has triggered a pullback to the upper trend line of a wedge.
The strong rise on Tuesday has confirmed the wedge, and a trend line parallel to the lower trend line of the pattern points to $109.73, the 261.8 percent Fibonacci projection level of the wave "3".
A more realistic target within a 24-hour time frame could be $108.
(IGI)
Bullion prices shifted up a gear, advancing by 1.4% as financial markets cheered the finalization of the second Greek aid package.
From a technical perspective, gold has given a breakout above its resistance trendline while the Stochastic Oscillator maintains its buy signal.
The first support is at $1,748.96 and second support is at $1,742.10. The first resistance is at $1,766.93 and the second resistance is at $1,774.60.
WTI Spot (Crude Oil)
Crude shot up by 2.5% and touched levels last witnessed in May-11 over optimism on securing a Greek deal. Added geopolitical risks emerging from Iran also propped up prices.
From a technical perspective, WTI’s Stochastic Oscillator is in a failure swing while the RSI maintains its uptrend as well as buy signal.
The first support is at $105.25 and second support is at $104.67. The first resistance is at $106.43 and the second resistance is at $107.01.
Silver Spot
Spot silver was no exception, jumping on the commodity rally bandwagon and advanced by 2.2%.
From a technical perspective, silver’s Stochastic Oscillator maintains its buy signal while the RSI has shown improvement.
The first support is at $33.94 and second support at $33.59. The first resistance is at $34.67 and the second resistance is at $35.06.
(KASB)
======================
Gold and Oil Technical's from Reuters
SINGAPORE, Feb 22 (Reuters) - Spot gold will pierce into a range of $1,766-$1,771 per ounce, as indicated by a Fibonacci projection analysis and a double bottom.
The metal is riding on a wave "c" or wave "3", unfolding towards $1,766, the 161.8 percent Fibonacci projection level, based on the length of the wave "a" or wave "1" and the trough of the wave "b" or wave "2".
A double-bottom has formed around $1,705, pointing to a slightly higher target at $1,771.
Retracement from the current level will be shallow, limited to $1,751.
SINGAPORE, Feb 22 (Reuters) - A bullish target at $109.73 per barrel has been established for U.S. oil as it has cleared a resistance at $104.99.
The resistance is the 161.8 percent Fibonacci projection level of an upward wave "3", and it has triggered a pullback to the upper trend line of a wedge.
The strong rise on Tuesday has confirmed the wedge, and a trend line parallel to the lower trend line of the pattern points to $109.73, the 261.8 percent Fibonacci projection level of the wave "3".
A more realistic target within a 24-hour time frame could be $108.
(IGI)
Click Here For: "Daily Reports From Different Brokerage Houses"
#814
-
- Member
-
- 7,988 posts
- Joined 24-August 08
FIRST LIEUTENANT
- Gender:Male
-
Country:
Posted 22 February 2012 - 03:49 PM
GOLD
Gold edged down on Wednesday from 2.5 weeks high as concerns about Greece's ability to implement an unpopular bailout deal balanced the gains triggered by the actual agreement and slower factory activity in China contributed to the fall.
Recommendation: We recommend our clients and investor to buy gold on dips.
Oil
Oil fell on speculation that prices near a nine-month high will curb demand as the global economy slows and crude stockpiles rise in the U.S., the world’s biggest consumer of the commodity.
Recommendation: We remain mostly neutral and only consider dips for fresh buying.
Silver
Silver has traded modestly high on yesterday posted a gain of $0.90.
Recommendation: We recommend our clients and investor to buy silver on dips.
(AH)
Gold edged down on Wednesday from 2.5 weeks high as concerns about Greece's ability to implement an unpopular bailout deal balanced the gains triggered by the actual agreement and slower factory activity in China contributed to the fall.
Recommendation: We recommend our clients and investor to buy gold on dips.
Oil
Oil fell on speculation that prices near a nine-month high will curb demand as the global economy slows and crude stockpiles rise in the U.S., the world’s biggest consumer of the commodity.
Recommendation: We remain mostly neutral and only consider dips for fresh buying.
Silver
Silver has traded modestly high on yesterday posted a gain of $0.90.
Recommendation: We recommend our clients and investor to buy silver on dips.
(AH)
Click Here For: "Daily Reports From Different Brokerage Houses"
#815
-
- News Desk
-
- 3,412 posts
- Joined 03-November 07
SECOND LIEUTENANT
- Gender:Male
-
Country:
Posted 23 February 2012 - 10:29 AM
Gold eases as optimism over Greek bailout dissipates
LONDON: Gold prices retreated from an earlier two-week high in Europe on Wednesday as persistent concerns over Europe’s finances hurt the euro and weighed on stock markets, while a supply upset in major producer South Africa lifted platinum to a five-month high.
Spot gold was down 0.2 percent at $1,754.93 an ounce at 1306 GMT, having earlier touched a high of $1,759.84, while US gold futures for February delivery were down $1.40 an ounce at $1,757.20.
The euro struggled for traction versus the dollar, retreating from the previous day’s near two-week high as optimism over a long-awaited Greek bailout deal quickly gave way to worries about economic growth and implementation risks.
The 130-billion-euro ($172 billion) rescue for Greece agreed by eurozone finance ministers on Tuesday came at the cost of forcing Athens to commit to unpopular cuts and private bondholders to take bigger losses.
“Every time we have another package (for Greece) agreed or more concessions wrung from investors, there is an ever more muted cheer. Cynicism is creeping in, and that is affecting the gold price,” said Sharps Pixley Chief Executive Ross Norman. “It firmed a bit with the bailout, but not significantly so.”
European shares retreated from early highs and safe-haven German Bund futures rose after weaker-than-expected economic data and as investors worried about the tough task Greece faces to implement the budget cuts required.
A retreat in risk appetite also weighed on other commodities such as copper and oil.
“Even assuming the new Greek programme proceeds as planned, the Greek government crisis is far from over,” said HSBC in a note. “This deal will help creditors to be repaid, as the funds will be channelled into an escrow account to ensure that lenders are prioritized, but it will not revive economic growth any time soon.
In the longer term, gold is expected to continue benefiting from low US interest rates, central bank buying and strong demand from key markets like China. Goldman Sachs reiterated its positive 12-month view on gold on Wednesday.
Among other precious metals, silver was down 0.6 percent at $34.08 an ounce. Spot platinum was up 0.6 percent at $1,693.49 an ounce, while spot palladium was up 0.4 percent at $710.22 an ounce.
Platinum prices rallied to their highest since September 22 in earlier trade at $1,705.50 an ounce, lifted by ongoing unrest at one of the world’s biggest platinum mines, Impala Platinum’s Rustenberg facility.
Nonetheless, platinum narrowed its historically unprecedented discount to platinum to around $65 from $230 in January. reuters
LONDON: Gold prices retreated from an earlier two-week high in Europe on Wednesday as persistent concerns over Europe’s finances hurt the euro and weighed on stock markets, while a supply upset in major producer South Africa lifted platinum to a five-month high.
Spot gold was down 0.2 percent at $1,754.93 an ounce at 1306 GMT, having earlier touched a high of $1,759.84, while US gold futures for February delivery were down $1.40 an ounce at $1,757.20.
The euro struggled for traction versus the dollar, retreating from the previous day’s near two-week high as optimism over a long-awaited Greek bailout deal quickly gave way to worries about economic growth and implementation risks.
The 130-billion-euro ($172 billion) rescue for Greece agreed by eurozone finance ministers on Tuesday came at the cost of forcing Athens to commit to unpopular cuts and private bondholders to take bigger losses.
“Every time we have another package (for Greece) agreed or more concessions wrung from investors, there is an ever more muted cheer. Cynicism is creeping in, and that is affecting the gold price,” said Sharps Pixley Chief Executive Ross Norman. “It firmed a bit with the bailout, but not significantly so.”
European shares retreated from early highs and safe-haven German Bund futures rose after weaker-than-expected economic data and as investors worried about the tough task Greece faces to implement the budget cuts required.
A retreat in risk appetite also weighed on other commodities such as copper and oil.
“Even assuming the new Greek programme proceeds as planned, the Greek government crisis is far from over,” said HSBC in a note. “This deal will help creditors to be repaid, as the funds will be channelled into an escrow account to ensure that lenders are prioritized, but it will not revive economic growth any time soon.
In the longer term, gold is expected to continue benefiting from low US interest rates, central bank buying and strong demand from key markets like China. Goldman Sachs reiterated its positive 12-month view on gold on Wednesday.
Among other precious metals, silver was down 0.6 percent at $34.08 an ounce. Spot platinum was up 0.6 percent at $1,693.49 an ounce, while spot palladium was up 0.4 percent at $710.22 an ounce.
Platinum prices rallied to their highest since September 22 in earlier trade at $1,705.50 an ounce, lifted by ongoing unrest at one of the world’s biggest platinum mines, Impala Platinum’s Rustenberg facility.
Nonetheless, platinum narrowed its historically unprecedented discount to platinum to around $65 from $230 in January. reuters
Regards
Imran Mughal
