The gold turned around
strongly rising to $1,685 before the closure of New York and rose slightly in
Asia’s time to $1,688 before London opened. But then London opened and
steadily took the gold price to $1,702 ahead of the morning Fix. The morning
Fix in London set it at a higher $1,701.50 and in the euro at €1,287.26
while the euro stood at €1: $1.3218 60 a cent higher than yesterday.
Ahead of New York’s opening it stood at $1,702.40 and in the euro
€1,286.87 while the euro was at €1: $1.3229.
Silver ran ahead fast to
open in London over $34 in London. Ahead of New York’s opening it stood
at $34.10.
Gold (very
short-term)
Gold is
expected to consolidate at higher levels, in New York today.
Silver (very
short-term)
Silver will
consolidate at higher levels with a stronger bias, in New York today.
Price Drivers
What would our day be like without the next episode of the financial
world’s ‘soapie’, the Greek
Tragedy? Today we have the episode of private bondholders agreeing to take a
70% plus write-down of its debt. It is expected that the required two-thirds
acceptance rate of the deal will happen, forcing those unwilling to agree
into agreeing.
Asian demand has picked up and is partly responsible for the rise in
the gold price. Traders can see that the physical selling is terminating, if
it has not already done so. With any subsequent pick up
in demand, traders about-face and move to the buy side. This is why we are looking
at higher prices now.
Very short term moves can be attributed to almost any world event, but
the reality is that the gold price is made up of a mixture of different
influences synthesizing to define the daily gold price. A growing feature of
this mix is the shorter duration of extreme swings and the smaller distances
of those swings. Add to that the shortening time of the corrections and
ability of the gold and silver price to hold the levels they fall to in a
narrower consolidation pattern.
The technical picture has also changed to some extent following the
changed shape of demand and supply. We have seen the underlying direction of
the gold and silver prices change four times in the last month whereas before
such a change could take several months to make just two changes. This
promises an increase in the influence of fundamental factors over the
technical picture in the weeks, months and year to come.
[To get more of the
right perspectives on the gold and silver markets and where gold and silver
prices are going, subscribe through www.GoldForecaster.com or www.SilverForecaster.com].
Regards,
Julian D.W. Phillips
for the Gold & Silver Forecasters
Global Gold Price (1
ounce)
|
|
Today
|
1 day ago
|
Franc
|
Sf1,558.97
|
Sf1,553.41
|
US
|
$1,698.22
|
$1,691.80
|
EU
|
1,269.22
|
€1,262.34
|
India
|
Rs.88,434.81
|
Rs.88,591.11
|
|