GOLD PRICES regained almost a third of yesterday’s $100 plunge in Asian trade Tuesday before easing back to $1880 per ounce in London as global financial markets stabilized from the apparent shock of pharma-giant Pfizer announcing successful trials of a Covid-19 vaccine.

The EuroStoxx 600 index added 0.7% to Monday’s 4.0% jump, but New York’s S&P index of US stocks trimmed 0.3% off its 1.1% jump to last night’s new record high, while the tech-heavy Nasdaq – whose components include home-delivery giant Amazon (NASDAQ: AMZN), streaming TV channel Netflix (NASDAQ: NFLX) and teleworking conference app Zoom (NASDAQ: ZM) – followed yesterday’s 2.5% drop with another 1.6% fall.

Crude oil and industrial commodities continued to rise while government bond prices continued to drop as investors cut their holdings, pushing the yield offered by 10-year Treasury debt up to 0.96% per year – the highest since panic swept all financial markets in mid-March […]

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Gold’s 4-hour chart shows a bearish pennant pattern.

A breakdown would shift the focus to support at $1,800.

Gold fell by over 4% on Monday and has been trading back and forth in a narrowing price ever since.

The price action has taken the shape of a bearish pennant pattern on the 4-hour chart .A break below the pennant support, currently at $1,859, would imply a resumption of the sell-off from Monday’s high of $1,965 and shift risk in favor of a drop to the psychological support of $1,800 (target as per the measured move method).Alternatively, a breakout above the upper end would expose the 10-day simple moving average (SMA) at $1,896. At press time, gold is trading at $1,880 per ounce, representing a 0.17% gain on the day. 4-hour chart Trend: Neutral Technical levels Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets […]

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A massive 40 per cent return in just half year supported by strong fundamentals gave a boost to the attractiveness of the metal for investors. The coronavirus pandemic, on one hand, led to a fall in gold and silver jewellery demand but on the other hand, it has wooed the investors towards investing in bullion. The sharp on-year rise in the price of gold and silver compared to last year is expected to attract investors this year, the Confederation of All India Traders (CAIT) today said. While there is a fall in people’s purchasing power due to the disruptions led by the pandemic, rising prices of gold and silver may bring huge investment to the markets this year as always, CAIT President B C Bhartia said in a statement. Gold prices are expected to surge to Rs 65000-67000 per 10 gm in long-term, showed a report by Motilal Oswal […]

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Vertical section through the Triangle deposit showing outlines of mineralized zones, current extent of underground development, and traces of drillholes reported in this news release. Longitudinal section through the C6-20 mineralized zone at Triangle showing locations of drillholes referenced in this news release and outline of September 2019 resource. Longitudinal section through the C7 mineralized zone at Triangle showing locations of drillholes referenced in this news release and outline of September 2019 resource. Geological map of the Ormaque one and surrounding area, showing collar locations and projections of drillholes referenced in this news release and location of cross section in Figure 5. Vertical north-south cross section through the Ormaque zone (Section 295730E) showing the interpreted geometry of mineralized vein systems and intercepts from several drillholes reported in this news release. Geological map of the Efemcukuru mine area showing locations of exploration drillholes completed in 2020 at the Kokarpinar vein […]

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( Kitco News ) – Gold and silver futures prices are higher in early U.S. trading Friday, on safe-haven demand heading into the weekend and as the Covid-19 pandemic is out of control in the U.S. The precious metals are also seeing some support from a weaker U.S. dollar index on this day. December gold futures were last up $13.20 at $1,886.60 and December Comex silver was last down $0.444 at $24.76 an ounce.

Global stock markets were mixed to lower overnight, while U.S. stock indexes are pointed toward higher openings when the New York day session begins. The marketplace has seen risk appetite dented late this week as the Covid-19 pandemic is raging in the U.S. and […]

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Iraqi women look at gold jewelry displayed at a market in east Mosul, on July 28, 2017. / AFP PHOTO / SAFIN HAMEDSAFIN HAMED/AFP/Getty Images Metals dealers make the bullish case for gold that the resurgence of COVID-19 in many parts of the world continues to serve as a major underpinning for bullion buying. Central bankers also have expressed caution about becoming too hopeful about promising coronavirus remedies, including those from a partnership of Pfizer PFE, -2.46% and BioNTech BNTX, -7.14% which announced Monday, as hospitalizations and infections take a new deadly path higher.

“It’s just too soon to assess with any confidence the implications of the news for the path of the economy, especially in the near term,” said Federal Reserve Chairman Jerome Powell at a panel discussion hosted by the European Central Bank on Thursday.

December gold GCZ20, +0.91% climbed $16.70, or 0.9%, to reach $1,890 an ounce, after […]

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Optimism about a covid vaccine shot down gold prices.

Additional headlines from the medical front, speculation about the Fed, and US retail sales are eyed.

Mid-November’s daily chart is painting a bearish picture.

The FX Poll is pointing to short term falls but long term gains. Blinded by the light at the end of the tunnel – gold tumbled in response to a breakthrough in developing a vaccine for coronavirus. The implication is less fiscal and monetary stimulus, yet rising cases in the northern hemisphere may change the picture. This week in XAU/USD: Shot down by the vaccine, political uncertainty Pfizer and BioNTech reported a 90% efficacy rate in their COVID-19 vaccine candidate . While the results are preliminary, the outcome seems promising not only for these firms – but also for three other efforts using the mRNA approach.Gold has been rising on hopes for […]

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My research team and I went off on a wild tangent trying to identify how the markets could react to the recent spike in price activity on Monday, November 9, 2020. This is the day that Pfizer announced a 90% effective rate with its new COVID-19 vaccine, causing the US stock market to skyrocket higher before the opening bell in New York. As with most pop-and-drops, this incredible upside spike trailed lower for the remainder of the trading day. My research team was curious if this type of setup presented any real future outcome or trends. To this end, we focused on the QQQ and the SPY in relationship to Gold. 9 to 9.5 year Gold Depreciation Cycle Ended in 2018 – what’s next?

Gold has been and continues to be a store of value for many around the world. At some times in history, Gold becomes undervalued […]

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Gold prices edged higher but consolidated below resistance levels. The US dollar moved lower on Friday, paving the way for higher gold prices. US yields edged higher, following a slightly higher than expected US producer price report. US consumer sentiment declined as republicans were more upset about the election than Democrats were happy.

Trade gold with FXTM Technical analysis

Gold prices edged higher near support levels which coincides with the September lows at 1,848. Resistance is seen near the 10-day moving average at 1,897 and then the 50-day moving average at 1,908. Short-term momentum is neutral but the fast stochastic generated a crossover buy signal. The fast stochastic has stopped accelerating lower and is currently printing a reading of 21, just above the oversold trigger level of 20 which could foreshadow a correction. Medium-term momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell […]

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Editor’s Note: Get caught up in minutes with our speedy summary of today’s must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here! (Kitco News) – Opposing forces in the marketplace will provide gold little direction heading into the new year; however, analysts at Goldman Sachs are maintaining their bullish outlook through 2021.

In a report published Friday, the investment bank said that it is maintaining its 2021 gold price target of $2,300 an ounce as the global economy balances between positive news of potential vaccines for the COVID-19 virus and the near-term risks of further economic devastation.

Although Goldman Sachs economists are expecting to see a strong economic recovery in the U.S. and worldwide, commodity analysts Jeffrey Currie and Mikhail Sprogis, the authors of the gold report, said that there is still a “strong strategic case for gold.”

“In our view, the structural bull […]

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Global Gold prices have been on the rise since March 2020, from the lows of $1,458.8 an ounce, to the recent highs of $2,089.2, registered in August 20 this year, which is a 43.2 percent upside in just 6 months.

However, the prices have corrected marginally from these highs, and are currently trading near $1,900. We expect this bullish move to continue in gold from the current levels in the backdrop of the following points:

1) Highly stimulative monetary policies by the world’s key central banks: Global Central banks are putting all efforts to support their local economies via easing monetary policies. The Bank of England has said last week that it will increase its purchases of government bonds by £150 billion, £50 billion more than investors had been expecting. The Reserve Bank of Australia cut its official cash interest rate to 0.10 percent. Meanwhile, BOJ, ECB and the FED have […]

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* Indian market flips to premium

* China’s discounts fall further

* Singapore premiums rise to $1-$1.45/oz

BENGALURU/MUMBAI, Nov 13 (Reuters) – Consumers flocked to jewellery shops again in India this week to snap up Diwali and Dhanteras festival deals, with a retreat in prices also adding to the sparkle in the world’s second biggest bullion consumer.Dhanteras, one of the busiest gold buying days in India, saw retailers dole out a wide array of offers.“Jewellery stores were opened early in the morning today as demand is picking up for Dhanteras,” said Anantha Padmanabhan, chairman of the All India Gem and Jewellery Domestic Council.“There are headwinds of higher prices and coronavirus outbreak, but we’re still expecting around 70% demand of the last year during Diwali.”On Friday, local gold futures traded around 50,600 rupees per 10 grams.Dealers charged $4 an ounce premiums this week over official domestic prices, inclusive of 12.5% import and 3% […]

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Nov 10 (Reuters) – Gold prices edged higher in early Asian trade on Tuesday after falling as much as 5.2% in the previous session, as hopes of more U.S. stimulus measures to weather the impact of rising COVID-19 cases nudged investors towards the precious metal as an inflation hedge. FUNDAMENTALS * Spot gold rose 0.5% to $1,871.81 per ounce by 0136 GMT * It fell to $1,849.93, its lowest level since Sept. 28, on Monday after U.S. drugmaker Pfizer Inc said its experimental COVID-19 vaccine was more than 90% effective, based on initial trial results. * "I still think we’ve got more stimulus coming and the Fed will keep rates low, while a vaccine is going to provide that reflationary impulse… That’s why the markets are still holding onto gold," said Stephen Innes, chief global market strategist at financial services firm Axi. * U.S. gold futures were up 0.8% […]

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A statue of a Turkmen shepherd dog, locally known as Alabai, in Ashgabat, Turkmenistan on November 10, 2020. Turkmenistan’s longtime leader has unveiled a giant gilded statue of a dog on a busy traffic circle in the capital Ashgabat .

Depicted standing proudly on a plinth, the gold-coated canine is an Alabai, a Turkmen-bred variety of the Central Asian shepherd dog and a symbol of national pride in the reclusive, authoritarian nation .

State TV Watan Habarlary showed President Gurbanguly Berdymukhamedov waving to clapping onlookers as he unveiled the statue this week, in a ceremony replete with traditional dancers, a child holding a real Alabai puppy, and a balloon release. A video screen wrapped around the statue continuously plays footage of the local breed running through grass or the desert and playing with children.

Along with horses, dogs are considered part of the country’s national heritage and are widely used by the […]

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Analysts and brokerage firms are bullish on market prospects as events such as the US election is over and positive reports on the vaccine front are giving hopes that soon COVID-19 will be under control.

Diwali 2020 marks the beginning of Samvat 2077, the new Hindu accounting year. While Samvat 2076 was quite volatile for the market, the new Samvat is expected to augur well for equities.

Analysts and brokerage firms are bullish on market prospects as events such as the US election is over and positive reports on the vaccine front are giving hopes that soon COVID-19 will be under control.

Improving macroeconomic indicators are also signalling bulls will have enough fodder for jumping higher. Outlook for equity The markets have fully recovered the losses and with the US elections uncertainty behind, Samvat 2077 looks promising for the emerging markets, said Naveen Kulkarni, Chief Investment Officer at Axis Securities."Nifty by […]

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Gold bar The world’s most influential gold market authority is threatening to stop bullion from countries including the United Arab Emirates entering the mainstream market if they fail to meet regulatory standards, a letter seen by Reuters showed.

In the letter dated Nov. 6 addressed to countries with large gold markets, the London Bullion Market Association (LBMA) laid out standards they must meet on issues such as money laundering and where they source their gold – or be blacklisted.

The move by the LBMA is the first time a market or state authority trying to tackle the illegal or unethical production and trading of gold has raised the prospect of cutting off the bullion industry in a major financial centre.

“Our goal is to work jointly with these key markets to advance global standards, not to disengage from them. However, we are also committed to act if there is not meaningful and […]

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LONDON (Reuters) – The world’s most influential gold market authority is threatening to stop bullion from countries including the United Arab Emirates entering the mainstream market if they fail to meet regulatory standards, a letter seen by Reuters showed. FILE PHOTO: A woman walks past gold jewellery displayed in a shop window at the Gold Souq in Dubai, United Arab Emirates March 24, 2018. REUTERS/Christopher Pike In the letter dated Nov. 6 addressed to countries with large gold markets, the London Bullion Market Association (LBMA) laid out standards they must meet on issues such as money laundering and where they source their gold – or be blacklisted.

The move by the LBMA is the first time a market or state authority trying to tackle the illegal or unethical production and trading of gold has raised the prospect of cutting off the bullion industry in a major financial centre.

“Our goal is […]

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GOLD PRICES on Wednesday gave back most of yesterday’s bounce from a $100 plunge, retreating to $1865 per ounce as interest rates on government bonds rose again with both global stock markets and commodity prices following Monday’s headline news of a Covid-19 vaccine.

Although more industrially useful, silver also retreated with gold prices, giving back 40 cents to $24 per ounce, down 6.0% for the week so far.

"At the moment, the gold price is dominated by positive vaccine headlines and higher US yields," says German bullion refiner Heraeus’ global head of trading Hans-Guenter Ritter.

"[But] given the very loose monetary policy of most central banks," adds analyst Daniel Briesemann at Commerzbank, " low or negative real yields [mean] gold should be in demand as a store of value in the long-term."With 10-year US Treasury debt falling in price once again on Wednesday, the yield it offers to new buyers reached 0.98% […]

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By Eileen Soreng

(Reuters) – Gold prices edged up on Thursday, after dropping over 1% in the previous session, as concerns over the economic fallout from surging COVID-19 cases outweighed positive development around a vaccine.

Spot gold rose 0.2% to $1,868.81 per ounce by 0549 GMT, while U.S. gold futures were 0.3% higher at $1,866.30 per ounce.

Gold is down 4.2% this week after Monday’s encouraging late-stage coronavirus vaccine trial data from Pfizer Inc <PFE.N> and BioNTech <BNTX.O>."Gold traders are trying to strike a balance between a positive vaccine news and a rising number of coronavirus cases around the globe," said Margaret Yang, a strategist with DailyFx, which covers currency, commodity and index trading.Although the vaccine may affect the medium-to-long-term trends of gold prices, monetary and fiscal stimulus are needed in the near-term to shelter the global economy, Yang said.European Central Bank President Christine Lagarde signalled further support for the economy on […]

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Gold futures today gained $14.20 and is currently fixed at $1875.80. This is in response to a risk-off environment as US equities sold off today, diminish yields in US bonds and concern about the pandemic. After sustaining approximately, a $100 drawdown on Monday, the last three trading days have maintained lows above a key level of technical support. Our technical studies indicate that there is strong support at $1845, which corresponds to the 23% Fibonacci retracement of the entire rally from the beginning of March to the new all-time record high achieved the first week of August at $2088.

While there are many mixed messages from different analysts in regard to whether or not gold will move higher or lower from this point there is one thing you should keep in mind. Central banks are now actively buying gold once again. It is been common knowledge that over the last […]

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