Gold closed at $1,827 in New York yesterday then broke up through to $1,851 in Asia before slipping back slightly in London.It then Fixed at $$1,854.00 and in the euro at €1,301.24 with €1: $1.4248 at the time.After the Fix and ahead of New York gold continued to rise ahead of Friday’s jobs report in the U.S. and U.S. traders drove the price higher still to $1,861.35 and the dollar hardly changed against the euro at €1: $1.4258. This left gold in the euro at €1,305.48.
The Yen is strengthening again to 76.84 from yesterday’s Yen 77.07 and the Swiss Franc is stronger again at 0.7733 up from 0.7998.Intervention continues to fail despite threats of direct intervention.Meanwhile, the Swiss economy is suffering.
Silver was stronger today and Fixed in London at $42.50 and traded thereafter at $42.87 ahead of New York’s opening.
Gold(very short-term)
The gold price should be steady to stronger, today in New York.
Silver(very short-term)
The silver price should b e steady to stronger, today in New York.
Price Drivers
The developed world markets are focusing on the U.S. jobs report in the U.S. today.This is expected to confirm further slowdowns there.In Europe there are very large and high profile buyers buying large quantities out of sight of the media.We expect this to continue.
In the next issue of the Gold Forecaster and Silver Forecaster we have published an article on the factors which will decide whether the gold price will rise to $2,000 or fall to back to $1,500. To many out there, this issue is simply a matter that can be foreseen by Technical Analysis in isolation to all other factors. The price rises since $1,000 have defied this assumption, leaving investors and particularly speculators at a loss when the price did not follow these charts. The changes in the gold market have included sweeping changes that have affected the accuracy of Technical analysis and will continue to do so in the future. Today’s jump in the gold price is one such change. When we hear that the moves of last week satisfied the criteria in Technical analysis we have to question such conclusions. The moves of last week bear little resemblance to a true correction or consolidation. They were simply short-term traders being squeezed both ways. Short-term traders are only a superficial factor in defining the gold price. The main drivers of the gold price are not driven by such short-term moves or factors. We continue to examine and explain the changes the markets are undergoing in both the Silver Forecaster and the Gold Forecaster. Ignore them and watch profits dissipate. To get a more complete perspective on gold and silver subscribe to the Gold Forecaster and the Silver Forecaster, now!
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Gold Prices to Highlight Currency Moves
Today
Yesterday
Franc
Sf1,442.18: 1 oz. of gold
Sf1,459.92: 1 oz. of gold
US
$1,861.35: 1 oz. of gold
$1,827.30: 1 oz. of gold
EU
€1,305.48: 1 oz. of gold
€1,279.53: 1 oz. of gold
India
Rs.85,026.47: 1 oz. of gold
Rs.83,450.96: 1 oz. of gold
-- Posted Friday, 2 September 2011 | Digg This Article | Source: GoldSeek.com
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