NEW YORK: Gold’s 20-day moving average falling below its 200-day and its brief foray into a bear market suggest momentum has turned bearish and a further pullback could be on its way. Bullion’s 20-day moving average (DMA) dipped below its 200 DMA on Thursday, in what technical analysts termed a “death cross,” as short-term momentum…
By Frank Tang NEW YORK (Reuters) – Gold rose two percent on Friday in a rebound rally, boosted as the euro rose against the dollar and as investors covered short positions the session after the metal hit a six-month low and briefly entered bear-market territory. Bullion is heading for a gain of around 10 percent…
By Frank Tang NEW YORK (Reuters) – Gold fell in light holiday trade on Tuesday as technical weakness, options-related selling and a lack of fresh economic news failed to stimulate buying interest in the final week of the year. Selling related to the expiration of U.S. January gold options, which weighed on bullion despite rallies in…
Tue Dec 6, 2011 2:39pm EST * Copper off over 1 pct as euro zone worries persist * “Greater downside risks” for Asian economies adds weight * Markets cautious ahead of EU summit, ECB meeting * Coming up: German Oct industrial output on Wednesday By Chris Kelly and Susan Thomas NEW YORK/LONDON, Dec 6 (Reuters)…
Gold up 1.7% on inflation fear after cenbank move By Frank Tang and Susan Thomas NEW YORK/LONDON | Wed Nov 30, 2011 1:20pm EST (Reuters) – Gold rose nearly 2 percent on Wednesday, on track for its biggest three-day rally in more than a month, as a move by major central banks to add liquidity to global markets boosted…
PRECIOUS-Gold surges on euro hopes, biggest gain in 3 weeks Mon Nov 28, 2011 4:01pm EST * Rises 2 pct to one-week high, biggest gain in 3 weeks * Volume high as investors roll positions forward * Option’s implied volatility at one-month low * Gold-S&P positive correlation tightest in 6 months * Coming up:…
Gold rose 2 percent to a 1.5 month high on Monday on technical buying as political uncertainty in Italy threatened to accelerate the euro zone’s sovereign debt crisis. Bullion was on track for its biggest one-day gain in two weeks as buying sentiment improved after Germany’s Chancellor Angela Merkel has ruled out using gold and…
“Even if Greece is off the table and this referendum passes, it doesn’t resolve any of Europe’s broader issues, i.e., the rest of the PIGS countries are broke,” said Adam Sarhan, chief executive of New York-based Sarhan Capital, using an acronym for Portugal, Italy, Greece and Spain.
“That is the underlying problem which is weighing on the markets collectively, from copper to equities … Nothing that was addressed last week even scratches the surface dealing with their debt.”
“Copper tends to lead other markets. If copper prices are starting to begin another leg lower now — nearly 10 percent in just two days — that’s not just a blip on the radar … it is indicative of investors’ concern about the global economy,” said Adam Sarhan, chief executive of New York-based Sarhan Capital.
“Copper right now is signaling that the global economy might be in for a double dip.”
On weekly charts, gold should remain under pressure due to a bearish double-top pattern, which could only be offset until prices rise above $1,700 an ounce, said Adam Sarhan, chief executive of Sarhan Capital.