-- Posted Friday, 20 January 2012 | | Source: GoldSeek.com
New York took the gold price down to $1,650 as resistance turned back the gold price, but later it recovered to close at $1,657. Asia held it there ahead of London’s opening. The euro moved slightly better against the U.S. dollar to €1: $1.2978 at London’s opening placing the euro gold price at €1,275.96 down €17 on yesterday.
London Fixed the gold price at $1,646.00 and in the euro at €1,274.290. The euro stood at €1: $1.2917. Ahead of New York’s opening the gold price was holding at $1,647 a dollar higher than the Fix with the euro at €1: $1.2907, leaving the euro price of gold at €1,276.05.
Silver held its ground in London, New York and Asia at $30.75. Ahead of New York’s opening silver stood at $30.44 almost ignoring gold’.
Gold (very short-term)
The gold price gave us a ‘dummy’ pass yesterday, leading to more consolidation, in New York today.
Silver (very short-term)
Again, the silver price gave us a ‘dummy’ pass yesterday, leading to more consolidation, in New York today.
Price Drivers
Almost intangibly, the markets are taking a more sanguine view of their financial future. In the past this has been the turning point. Equity markets alongside the U.S. economy are showing a constructive tone over the last few weeks. Investors have chosen to focus on this not on the negative news in Europe. The “greater fool” theory says that one should buy when the markets fear the worst and sell when they become euphoric. But the problems facing global financial markets are not mood swings but structural damage. A combination of the two breeds turbulence and volatility.
It’s not surprising then that some global investors hoping to hear what they want to hear are turning to astrologers. The Romans looked animal entrails to see the way forward. Maybe they do a better job than so many forecasters?
Gold showed its departure from the path of the euro as it slipped when the euro rose. This is an important feature for precious metal investors. Meanwhile, silver showed remarkable resilience, when the downside threatened. It’s vibrant when gold moves up though. There is no doubt that both gold and silver are soon to establish direction which will last for the next few weeks. [Much more on this in our weekly newsletters and on our website [So 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 | Sf1,542.07 | Sf1,558.73 |
US | $1,647.00 | $1,665.00 |
EU | 1,276.05 | €1,291.20 |
India | Rs.82,868.81 | Rs.83,649.60 |
-- Posted Friday, 20 January 2012 | Digg This Article
| Source: GoldSeek.com
