الصفحات

Comex Gold Lower Amid Stronger Greenback, Hits 6-Week Low Overnight

احدث اجدد واروع واجمل واشيك Comex Gold Lower Amid Stronger Greenback, Hits 6-Week Low Overnight

Comex gold futures prices are trading lower again Friday morning and hit a fresh six-week low as the bulls continue to fade this week. Selling pressure comes from a stronger U.S. dollar, amid better U.S. economic data, which has put downside pressure on most commodity markets this week. February Comex gold last traded down $8.70 at $1,363.00 an ounce. Spot gold last traded down $7.30 at $1,364.25.

Friday's U.S. jobs report showed a 103,00 rise in the key non-farm payrolls component, which was weaker than the market place had expected and did initially lift gold up from its daily low. Analysts had expected U.S. non-farm payrolls to show around a 150,000 to 175,000 gain from the previous month.

The gold market this week has seen prices drop around $60.00 an ounce as traders decided to take some profits following the solid gains posted during the last half of December. The fact the U.S. stock indexes are trending higher and trading at two-plus year highs is also pulling investment demand away from gold, as investors have gained more risk appetite and are looking at other assets instead of the safe-haven yellow metal. A seemingly calmer worldwide geopolitical front, at present, is also bearish for safe-haven gold.

The U.S. dollar index did back off from its daily high on the weaker-than-expected non-farm jobs figure. However, this week the dollar bulls have regained good upside technical momentum. This is a bearish underlying factor for the precious metals markets.

Other U.S. economic data due for release Friday includes consumer installment credit. Fed Chairman Bernanke testifies before the U.S. Senate today, regarding U.S. monetary policy.

Overnight reports said Asian physical demand for gold remains strong heading into the Chinese new year. The simmering European Union sovereign debt problems are also an underlying supportive factor for gold, despite the fact that situation has worked to boost the U.S. dollar index this week.

The London A.M. gold fixing was $1,358.00 versus the previous P.M. fixing of $1,368.50.

Technically, some near-term chart damage has been inflicted in February Comex gold futures this week. The bulls have faded and need to show fresh power soon to avoid more serious near-term chart damage. A bearish weekly low close on Friday would produce more near-term technical damage in gold. This week's sell off in gold prices has raised the specter of a bearish head-and-shoulders top reversal pattern forming on the daily bar chart.

Gold market bulls do still have the overall near-term and longer-term technical advantage and can so far correctly argue that this latest pullback in prices is just another significant downside correction in an overall longer-term price uptrend.

Bulls' next near-term upside technical objective is to produce a close above major psychological resistance at $1,400.00. Bears' next near-term downside price objective is closing prices below solid technical support at $1,350.00. First resistance is seen at the overnight high of $1,373.40 and then at $1,380.00. Support is seen at the overnight low of $1,356.50 and then at $1,350.00.

March silver futures last traded down 40.1 cents at $28.72 an ounce Friday. More profit-taking is seen and some near-term chart damage has been inflicted. More significant near-term chart damage would occur if prices closed at a technically bearish weekly low close on Friday. The silver bulls do still have the overall near-term technical advantage, but have faded and need to show fresh power soon. Silver prices are still in a five-month-old uptrend on the daily bar chart, but now just barely. The next downside price objective for the bears is closing prices below solid technical support at $28.00. Bulls' next upside price objective is producing a close above solid technical resistance at $30.00 an ounce. First resistance is seen at the overnight high of $29.145 and then at $29.60. Next support is seen at $28.00 and then at $27.50.

 

...

المشاركات الشائعة