-- Posted Thursday, 19 July 2012 | | Disqus
Gold Today – Gold closed in New York at $1,577.3 yesterday. Asia took it to $1,578.94 ahead of London’s opening. London’s morning Fix today was set at $1,580.00 up $1 on yesterday and in the euro at €1,287.064, while the euro stood at €1: $1.2276 up 20 cents on the dollar. Ahead of New York’s opening gold stood at $1,588.00 in the middle and in the euro at €1,291.90.
Silver Today – Silver closed on Friday in New York at $27.23 and opened in London at $27.30. Ahead of New York’s opening at $27. 50.
Gold (very short-term)
Gold should have a mixed performance today, in New York.
Silver (very short-term)
Silver should have a mixed performance today, in New York.
Price Drivers
Gold & Silver – Both gold & silver prices saw intense, moment-to-moment trading in New York yesterday with spreads narrowing to 20 cents only, at several points during the day. The technical picture is showing precious metal prices moving to a point of resolution in the 18-month long consolidation period we have experienced after the gold price had peaked at $1,920.
When looking at precious metals in this state, a look at the markets from a distance, rather than close up, as one can find oneself doing, does give clearer perspective on the future of these prices. We are not going to say here, which way we expect the next large move to be but do say to readers that they should be well-informed and clear on what they believe will be the next move’s direction.
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While we focus on precious metals, it is as well to note that these markets are only one of most financial markets that lack direction and exhibit the uncertain and unstable times we live in. The resolution of this macro financial scene, centered on the developed world will set the tone of markets much as a bull market swings to a bear market or a bear market swings to a bull market. With such an important resolution the timing of such moves is nigh-on impossible to forecast accurately. The only way to prepare for this resolution is to fully understand all the influences that affect the markets you are invested in and make your own decision. Then firmly stick to your chosen path.
Silver – Silver’s moves are becoming barely discernible on a day to day basis as professional investors in that market are standing their ground, as are traders. This position now reflects the moves in the euro, which are also tightening around €1: $1.2250- $1.223.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,551.71 | Sf1,549.71 |
US | $1,588.00 | $1,579.32 |
EU | 1,291.90 | €1,290.66 |
India | Rs.87,594.08 | Rs.87,573.29 |
-- Posted Thursday, 19 July 2012 | Digg This Article
| Source: GoldSeek.com
