Category: Gold

Gold has been looking for a new direction after two vaccine efforts published promising results, reducing the need for additional fiscal stimulus. On the other hand, central banks remained cautious and have opened the door to providing monetary relief. The precious metal´s latest moves were mostly triggered by speculation about further funds.

In the meantime, what are XAU/USD charts telling traders?

The Technical Confluences Indicator is showing that critical resistance awaits at $ 1,878 , which is the convergence of the Fibonacci 23.6% one-month and the Fibonacci 23.6% one-week.

Beyond that cap, the next substantial hurdle is at $ 1,891 , which is the meeting point between the Pivot Point one-day Resistance 1 and the Simple Moving Average 50-4h.Some support awaits at $ 1,874 , which is a cluster including the Bollinger Band 15min-Lower, the BB 4h-Lower, the BB 1h-Lowe, and the PP one-day Support 1.The next cushion is $ 1,860 , […]

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Gold possible rejection off the 88.6 zone

GOLD is still bearish. We can see a strong resistance around 1915 zone and next retracement might be good for sellers.

Gold has been rejecting off the 1900 zone quite lot. We should see another drop if the price gets within the POC 1904-1911. Additonally, we can spot a double top / W H3 camarilla pivot at 1916. In case of rejection watch for 1880 followed by 1860 and 1855. Bears are still winning and GOLD can be bullish only if the market moves above 1920 on intraday timeframe. Read more… Gold look for more downside to come

The chart below shows Gold in a complex correction. We are looking for one more push lower below $1800 if we are to continue the overall bull market. Complex corrections are normally time-consuming, the chart below shows we have been in a range since […]

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Bitcoin, the largest digital currency by market value, is on a torrid pace this year, prompting some investors to rue missing out on an incredible run. If a Citi report is even somewhat accurate, there’s still plenty of upside to be had with the cryptocurrency.

In a report calling bitcoin “gold of the 21 st century,” CitiBank MD, and former FX technician, Tom Fitzpatrick , reveals an uber-bullish target in which the digital asset could vault to $318,000 in just over a year.

One of the most often cited knocks against bitcoin is that digital assets are volatile. While the largest cryptocurrency has had its bouts with turbulence, some investors may be surprised to learn bitcoin actually has some favorable volatility statistics.

“Bitcoin move happened in the aftermath of the Great Financial crisis (of 2008) which saw a new change in the monetary regime as we went to ZERO percent interest rates,” […]

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A gold bar is wrapped in a financial newspaper.

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Gold prices edged higher on Wednesday as investors weighed the economic impact from the resurgence of Covid-19 globally against optimism over a potential vaccine.

Spot gold rose 0.2% to $1,881.36 per ounce by 0055 GMT, while U.S. gold futures were down 0.3% at $1,878.90. U.S. Federal Reserve Chair Jerome Powell said on Tuesday it was not time to shut down emergency programs aimed at battling the economic fallout from the pandemic and the economy is left with “a long way to go” to recover.U.S. retail sales increased less than expected in October and could slow down further, restrained by surging Covid-19 infections and declining household income as millions of unemployed Americans lose government financial support.More than 55.3 million people have been reported to be infected by the coronavirus worldwide, according to a Reuters tally.Prime Minister Boris Johnson […]

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Golden Minerals plans to truck Rodeo material to its Velardena mill in Mexico Gold And Silver > Gold-and-silver-news

Staff reporter

The company plans to truck material 115km to its Velardena oxide plant, which is leased until November 30 to Hecla Mining.

President and CEO Warren Rehn said receipt of the permits put the company on schedule to start mining in January."We expect to begin delivering gold-bearing material to our Velardena mill early in January and begin processing immediately," he said.Initial capex was put at US$1.5 million for the nine-quarter Rodeo operation, and after-tax NPV8 at $22.5 million, according to an April preliminary economic assessment , which assumed a $1,622/oz gold price and $14.38 for silver.The company said it had updated its internal preliminary projections to apply to the PEA, assuming gold and silver prices of $1,887/oz and $23.73/oz respectively, and the results of the recently completed drilling programme , […]

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Comex Gold Gold futures are drifting sideways to lower for a second session on Wednesday due to optimism over potential COVID-19 and the lack of progress toward a U.S. fiscal stimulus package. Concerns over the economic impact from the resurgence of coronavirus cases in the United States are limiting losses. Furthermore, long-term monetary stimulus from the U.S. Federal Reserve is also underpinning the market.

At 07:20 GMT, December Comex gold is trading $1880.20, down $4.90 or -0.26%.

In other news, Fed Chair Jerome Powell said on Tuesday there is a “long way to go” for the economy to recover and that the central bank is committed to using all its tools to support the recovery for as long as required.

Traders are attempting to hold gold in a range as they wait for a catalyst to drive the next major move.Daily December Comex Gold Daily Swing Chart Technical Analysis The main trend […]

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For the first time since January 2020, the 50-day moving average (green line) crossed below the 100-day moving average (magenta line), illustrated on today’s chart labelled as “C”. This is commonly referred to as a death cross. Most frequently the term is about when the 50dma crosses below the 200dma. However, it can be used as a term to describe whenever a shorter-term moving average moves below a longer-term one. In the middle of January at the start of 2020 is the last time we had these averages cross back (item “A” on the chart) into a bullish alignment, (shorter above longer) when the 50dma moved above the 100dma. This correlation remained for the monumental rally lasting eight months that eventually brought gold to its all-time high. the differential between the two averages remained approximately $60 as they rose in unison for nine straight months. In the last week […]

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Investing.com – Bears who thought of doing “another Pfizer ” on gold have been in for a surprise.

Short sellers who ravaged the yellow metal last week on the blockbuster results of Pfizer’s Covid-19 vaccine trials tried to repeat the stunt Monday when Moderna Inc (NASDAQ: MRNA ) announced even better efficacy from its own coronavirus test shots. Gold did dive on the Moderna news, but rebounded quickly this time, to actually end the day slightly higher — unlike the near 5% plunge on the Pfizer Inc (NYSE: PFE )announcement that prevailed through most of last week.

For context, Moderna said its experimental vaccine was 94.5% effective in preventing COVID-19, versus Pfizer’s 90% efficacy. The Moderna product also needs just regular refrigeration versus the -90 Fahrenheit needed for what Pfizer has developed.

In Tuesday’s trade, U.S. gold futures for December delivery settled down $2.70, up 0.1% at $1,885.10. This was despite rival […]

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Bitcoin is outshining gold by a significant margin in price terms as expectations soar of a swift global economic recovery enabled by promising coronavirus vaccines.

While the top cryptocurrency by market value has risen 22% to cross $17,000 this month, the precious metal is up just 0.5% at the current price of $1,890 per ounce.

The demand for traditional haven assets such as gold has declined this month as two Big Pharma firms, Pfizer and Moderna , announced positive results for their experimental coronavirus vaccines.

The resulting speculation that the global economy may well return to normality as soon as the second half of 2021 has triggered a rotation of money out of defensive assets and into risk assets, according to an outlook from Ole Hansen, head of commodity strategy at Saxo Bank. Bitcoin , too, is considered “digital gold” by many. However, the increased risk appetite in traditional markets and the […]

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Representative image Dhanteras marks the beginning of the festival of lights, and is an auspicious occasion for Indians that brings light and luck to their livelihood. It is also seen as a good occasion to buy Gold as traditionally it is believed that it brings fortune according to Hindu beliefs.

With prices of Gold correcting back from its August peak of Rs 56,200 per 10 grams to current levels of Rs 50,000 levels now with hopes over speedy recovery of struggling economies considering the vaccine round the corner. The Vaccine news has also helped improving investors risk appetite, and hence, the safe haven appeal diminished in the short run causing the prices to come down to current levels and can be used as a buying opportunity as there are many other medium to long term factors that will support Gold prices as we move ahead.

Some of the factors that may […]

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Nov 18 (Reuters) – Gold prices edged higher on Wednesday as investors weighed the economic impact from the resurgence of COVID-19 globally against optimism over a potential vaccine. FUNDAMENTALS * Spot gold rose 0.2% to $1,881.36 per ounce by 0055 GMT, while U.S. gold futures were down 0.3% at $1,878.90. * U.S. Federal Reserve Chair Jerome Powell said on Tuesday it was not time to shut down emergency programs aimed at battling the economic fallout from the pandemic and the economy is left with "a long way to go" to recover. * U.S. retail sales increased less than expected in October and could slow down further, restrained by surging COVID-19 infections and declining household income as millions of unemployed Americans lose government financial support. * More than 55.3 million people have been reported to be infected by the coronavirus worldwide, according to a Reuters tally. * Prime Minister Boris […]

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Summary

Equity markets rallied strongly ignoring rapidly deteriorating fundamentals, and gold slumped on a minor recovery in the dollar’s trade weighted index.

It is a common misconception among monetarists that the relationship between the quantity of money and its purchasing power is the only determinant of the relationship.

It is impossible to forecast when the collapse of the fiat currency will happen, other than to note the factors involved.A considered reflection of current events leads to only one conclusion, and that is accelerating inflation of the dollar’s money supply is firmly on the path to destroying the dollar’s purchasing power – completely.This article looks at the theoretical and empirical evidence from previous fiat money collapses in order to impart the knowledge necessary for individuals to seek early protection from an annihilation of fiat currencies. It assesses the likely speed of the collapse of fiat money and debates the future of money in […]

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Nov 9 (Reuters) – Gold prices edged higher in early Asian trade on Monday, propped up by a weaker dollar and hopes of more stimulus measures under U.S. President-elect Joe Biden. FUNDAMENTALS * Spot gold rose 0.1% to $1,953.45 per ounce by 0049 GMT. On Friday it hit $1,960.13, the highest since Sept. 18. * U.S. gold futures rose 0.2% to $1,955.60 per ounce. * The dollar index was hovering near a more than two-month low. * Biden and his advisers are working on plans to tackle the crises facing a divided America, first and foremost the raging pandemic, a day after the Democrat won enough states to clinch the U.S. presidency. * A potentially divided U.S. government with Republicans in control of the Senate may mean a smaller fiscal stimulus package, but that could put the spotlight on the Federal Reserve to do more to revive the economy. […]

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Gold prices touched a one-week high on Monday as the dollar retreated while mounting US coronavirus cases fuelled concerns over the pandemic’s impact on economic recovery, underpinning hopes of further monetary stimulus.

Spot gold rose 0.2 percent to $1,892.15 per ounce by 0540 GMT, after hitting its highest level since November 9 at $1,898.81 earlier in the session.

The US gold futures were up 0.3 percent at $1,892.20.

The dollar index hit a one-week trough, making bullion cheaper for holders of other currencies.Coronavirus cases crossed the 11-million mark in the United States on Sunday, while President-elect Joe Biden’s top advisers called for urgent action to address the crisis."There are still underlying problems in structural economies, with job creation being the biggest problem," said Stephen Innes, chief global market strategist at financial services firm Axi."Central banks are going to keep the markets flushed enough to bridge this gap between now and the vaccine."Germany’s […]

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Summary

With all the recent news regarding COVID-19 vaccines, and hopes for a speedy recovery in the economy, gold and gold-related stocks have fallen out of favor a bit.

In fact, gold has corrected by around 11% from peak to trough in its slide from the recent ATHs reached in early August.

Not surprisingly, gold stocks have taken a beating, with the main "large cap" gold mining ETF GDX down by roughly 22% from peak to trough in the same time frame.However, markets may be somewhat confused regarding gold and gold miners right now.Why gold and gold miners are likely headed much higher over the next 1-2 years. Source With money flowing back into the stock market, COVID-19 vaccine developments, hopes for a speedy recovery in 2021, and other factors, gold as well as gold-related stocks have taken a beating in recent months. GOLD Source: StockCharts.com We can see that after gold’s […]

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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) A rally in the stock market does not mean investors have forgotten their fear, which is why "gold’s story is not over yet," according to a report by RBC Capital Markets.

"After a precipitous vaccine news-driven decline, gold’s current price levels still leave unanswered questions," RBC’s commodity strategists wrote last week. "Despite seemingly buoyant markets, we do not think that investors have forgotten their fear; thus gold’s story is not yet over amid ongoing the economic, financial and political uncertainty.

Vaccine news does not automatically fix the economic downturn the U.S. has seen this year. It does not solve all the other problems, including inflation and unemployment, the report noted.

"2020 has been a year of uncertainty, underscored by a […]

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Representative Image. Credit: Reuters Photo Gold prices rose marginally by Rs 3 to Rs 50,114 per 10 gram in the national capital on Tuesday amid choppy trade and rupee depreciation, according to HDFC Securities.

The precious metal had closed at Rs 50,111 per 10 gram in the previous trade.

Silver prices jumped Rs 451 to Rs 62,023 per kilogram from Rs 61,572 per kilogram in the last trade.

"Spot gold prices for 24 carat in Delhi were trading marginally up by Rs 3 on choppy global gold prices and rupee depreciation. The spot rupee was trading around 12 paise weaker against the dollar for the day," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.In the global market, gold was trading slightly higher at $1,877 per ounce, while silver was quoting almost flat at USD 24.20 per ounce.Gold prices traded steady on Tuesday morning as investors turned their focus to broad market fundamentals […]

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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!

Editor’s Note: The article was updated to reflect changes in prices. (Kitco News) Gold prices ticked up following worse-than-expected retail sales data from October.

U.S. retail sales rose 0.3% in October following a downwardly revised increase of 1.6% in September, according to the latest data from the U.S. Commerce Department. Economists were expecting to see an increase of 0.5% in last month’s headline number.

After the publication, December Comex gold futures edged up to daily highs, last trading at $1,890.90 down 0.16% on the day.One of the weakest parts of the retail report was purchases of clothing and sporting goods as both contracted 4.2% in October.Core sales, which strip out vehicle sales, advanced 0.2% last month versus the expected 0.6% […]

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NEW YORK, Nov. 17, 2020 /PRNewswire/ — Pfizer and BioNTech’s potential vaccine announcement may have knocked gold off of its high horse temporarily, but analysts say the lasting effects of the global health crisis and the timeline for a widely available vaccine will continue to support gold prices. Even if the virus goes away, the economic damage has already been done. Since the beginning of the pandemic, the Fed’s balance sheet has ballooned to over $27 trillion and is expected to continue growing as the virus rages on. The dip in gold prices hasn’t had a detrimental effect on gold stocks, with producer Barrick Gold (TSX:ABX) (NYSE: GOLD ) recently beating earnings per share (EPS) estimates by 48%. In Q3 2020, IAMGOLD Corporation (TSX:IMG) (NYSE: IAG ) experienced a 45% increase in operating cash flow quarter-over-quarter, while Agnico Eagle Mines Ltd. (TSX:AEM) (NYSE: AEM ) increased its dividend by […]

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An employee displays gold bars at a Korea Gold Exchange shop in Seoul Indeed, the global tally for confirmed cases of the coronavirus that causes COVID-19 climbed to 55 million on Tuesday, according to data aggregated by Johns Hopkins University , while the death toll rose above 1.3 million. In the past week, the U.S. has averaged 155,442 cases a day, up 82% from the average two weeks ago and cases are rising in 50 states and territories. There are currently a record of 73,014 COVID-19 patients in U.S. hospitals, according to the COVID Tracking Project, topping the previous record of 69,993 set a day ago.

The spread of the virus has limited the downside move for gold, even as a report on Monday confirmed success toward a vaccine to combat the deadly pathogen.

The latest news on Monday from Moderna indicated that its two-shot vaccine candidate so far in late-stage […]

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Representative Image. Gold inched lower on Tuesday as optimism over an effective Covid-19 vaccine offset concerns facing its eventual rollout, a subdued dollar and bets for further monetary support as infections surged in Europe and the United States.

Spot gold fell 0.1 per cent to $1,887.40 per ounce by 1156 GMT, but held in a tight $9 range. US gold futures eased 0.1 per cent to $1,886.20. "Gold is mirroring the reaction of really everybody watching the evolution of the vaccines," and the positive news is clearly keeping a cap on the gold market, said Robin Bhar, an independent analyst.

"But it’s still a long way to go" and long term factors, including likely inflation down the road, continue to be supportive for gold, Bhar added. Also stemming bullion’s downside, the dollar index was down 0.3 per cent. Gold shed as much as 1.3 per cent on Monday after Moderna said […]

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Gold markets did very little during the trading session on Tuesday, sitting around the $1885 level. This is an area that of course will continue to be interesting as we have seen the market bounce around here for the last couple of days. At this point in time, the $1900 level above is resistance and the 50 day EMA sitting there of course adds a bit to that opportunity as well. Because of this, I think it is only a matter of time before we test that area again, but if we break above it then that could be a nice buying opportunity. Gold Price Predictions Video 18.11.20

On the other hand, if we do pull back a bit from here then I think there is plenty of support near the $1850 level, an area that has been crucial for some time, and the beginning of massive support all […]

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