|Day's Range||14.615 - 14.805|
Gold, Miners Have Surged on the Market Rout—What’s the Upside? In the current sell-off, technology companies (XLK) (SMH) are leading the decline. Investors’ stretched valuation concerns have been especially acute in the US tech space, meaning that tech stocks are much more vulnerable to higher interest rates.
The gold prices were sideways during the Friday’s session as the $1220 level offering a strong support. The silver market initially rallied during the Friday’s session but found $14.70 level too resistive to pull back slightly. A break above $14.80 level will send the silver prices towards the $15 level and higher.
Silver markets were very volatile during the week, but found a lot of explosive buying on Thursday, and then did almost nothing on Friday, which of course is a bullish sign after those types of gains. I think at this point, the hammer that formed during the week is a good sign as well.
The massive support level near the $1185 level has been supportive for some time, and finally this last week we witnessed buying coming into push this market higher. In fact, Thursday ended up with a $30 gain. Friday has been very quiet, which is a good sign after that type of gain.
Chile's environmental court on Friday ordered Canada's Barrick Gold Corp to definitively close the Chilean side of its stalled Pascua-Lama mining project, a final procedural step that draws a line under a long-running saga. The court, sitting in the northern Chilean city of Antofagasta, approved by two votes to one the closure of the polemical project that straddles the Andes Mountains between Chile and Argentina. The gold and silver operation was put on hold in 2013 due to environmental issues, political opposition, labor unrest and development costs that ballooned to $8.5 billion.
Gold, Miners Have Surged on the Market Rout—What’s the Upside? While gold miners have been out of favor for a long time, that may be about to change. As uncertainty in the market is increasing, gold prices are poised to rise.
Gold prices eased on Friday, the session after their biggest daily gain in more than two years, coming under pressure as the U.S. dollar climbed and global stocks rebounded from a six-day rout. Spot gold was down 0.5 percent at $1,217.81 an ounce by 13:55 p.m. EDT (1755 GMT). Spot gold was on track for its biggest weekly gain in seven weeks, up about 1.3 percent for the week.
The EUR/JPY has formed an obvious ascending trend line at support and the price is looking bullish. W L5 & M L4 are supporting the rising trend line.
The British pound had been grinding at low levels over the last couple of days but found buyers when the Americans came on board. Because of this, it’s very likely that we continue to see a lot of noise, and of course keep in mind that this pair is highly sensitive to global trade, which of course has been rocked by recent tariffs.
Upbeat USD demand in the global market caused gold to erase gains from early market hours. Gols is currently trading in a bearish sentiment.
The gold prices initially rallied during the Friday’s session to reach towards the $1210 but offered a bit of resistance to pullback slightly lower. There is a significant amount of support present in the $1200 region and if it breaks below that level, then it can reach down to the $1190 level. The silver prices initially rallied during the Friday’s session but pulled back as soon as the US job numbers were released.
Investing.com - Oil traders are likely to stay focused on potential disruptions to global crude supplies in the upcoming week, as looming U.S. sanctions on Iran are widely expected to lead to a tighter market.
Gold buyers may be betting on an emerging market crisis. It certainly makes sense at this time, but it is still a speculative event. The Fed could control whether this move gains traction. If the Fed continues to press forward with aggressive rate hikes to combat inflation then we could see a huge correction on stocks or further weakness in the emerging markets (they are already in a bear market).
While the WTI and Brent markets could continue to be underpinned due to the uncertainty ahead of the start of the Iranian sanctions on November 4, we could start to see a sideways to lower trade until then due to the rapidly rising U.S. Dollar and a drop in demand from emerging market countries that can’t afford to buy dollar-denominated crude oil.
Silver markets rallied initially during the trading session on Friday but gave back the gains after the jobs number. This is a market that has rallied shortly, only to turn around and show signs of weakness again. However, the weekly candle shows more confusion than anything else.
Investing.com - Gold rose on Friday, advancing in the bullish $1,200 territory and notching its best weekly gain in six after disappointing U.S. nonfarm payrolls for September weighed on the dollar and prompted investors to seek alternative assets, including bullion and higher-yielding bonds.
Every investor in Fortuna Silver Mines Inc (TSE:FVI) should be aware of the most powerful shareholder groups. Generally speaking, as a company grows, institutions will increase their ownership. Conversely, insiders Read More...
Sales of gold products by the Perth Mint surged in September to their highest since January 2017, while silver sales more than doubled from August to mark an over two-year peak, boosted by lower bullion prices, the mint said on Wednesday. Sales of gold coins and minted bars surged 61 percent from August to 62,552 ounces last month, the mint said in a blog post. Gold sales in September rose about 35 percent from a year-ago period.
Investing.com - Gold prices surged more than 1% on Tuesday, climbing back above the psychologically important $1,200 level amid increased safe-haven demand as concerns over Italy’s fiscal issues hit financial markets.
A tie-up between Randgold Resources and Barrick Gold will leave a void in the London market for investors seeking exposure to gold via companies that produce the precious metal. Canada's Barrick Gold has agreed to buy Africa-focused Randgold for $6.5 billion to create the world's largest gold producer. Randgold, listed in London for 21 years, is the second mining company to announce its departure from the British capital's stock exchange in three months following Vedanta Resources.
The Silver markets fell rather drastically to kick off the week on Monday, reaching down towards previous trading ranges again. Remember, silver is highly volatile, and a return trip from the massive move higher shouldn’t be much of a surprise.