-- Posted Wednesday, 28 November 2012 | | Disqus
Gold Today –New York closed at $1,741.30 down $7.10. This morning, Asian and London dealers took the price down slightly alongside a declining euro ahead of London’s opening. It was Fixed at $1,741.00 down $6.25 on yesterday morning’s Fix. In the euro it was Fixed at €1,347.002 down €2.5, while the euro was slightly weaker at €1: $1.2925. Ahead of New York’s opening, gold was weaker at $1,738.75 and in the euro at €1,347.55.
Silver Today – New York closed at $34.00 down 8 cents. It then traded at $33.90 in London’s day before trading at $33.87, ahead of New York’s opening.
Gold (very short-term)
Gold is expected to consolidate, moved by the euro, with a weaker bias, in New York today.
Silver (very short-term)
Silver is expected to consolidate, moved by the euro, with a weaker bias, in New York today.
Price Drivers
Gold & Silver – The gold and silver prices are again locked in consolidation mode. Just as we thought it was going to break through resistance it slips back. Just as we see it slipping back as though the rally is fading, it turns around to attack resistance again. Last week we saw a clear upward direction given, but this week the strength, at this moment in time, appears insufficient to break resistance. But this could change in a heartbeat.
The technical picture is again pointing to some significant moves in the longer term patterns, which are moving to join the short-term patterns. Rather like a change of tide in the sea, the picture is complicating itself. Now is the time to keep closely in touch with market moves because of this changing pattern, as it will directly affect your investments suddenly. A sudden strong move will not give you time to correct any mistakes as it will be a long-term move not simply the usual trading ‘to and fro’ moves.
The gold price leads the silver price. The gold price is moved, long-term, by significant Asian demand as well as central bank demand. But its value is not simply a factor of demand and supply. The value of the currencies in which it is priced are themselves variables, distorting the purity of the demand and supply factors. It is these variables that can and do affect monetary [‘safe-haven’] demand. This makes for a complicated world of gold, but one that is gaining in significance. We have written many articles that focus on these complications, which we believe will have a growing significance in 2013 onwards. That’s why we see the gold market as the most fascinating of worlds. [Subscribe to our newsletters at www.GoldForecaster.comand www.SilverForecaster.com]
Silver – The silver price is marking time waiting for gold to show the way forward.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 3 days ago |
Franc | Sf1,621.65 | Sf1,623.17 |
US | $1,738.75 | $1,746.75 |
EU | 1,347.55 | €1,348.63 |
India | Rs.96,439.77 | Rs.96,866.02 |
-- Posted Wednesday, 28 November 2012 | Digg This Article
| Source: GoldSeek.com
