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Gold Seeker Weekly Wrap-Up: Gold and Silver End Slightly Higher on the Week
By: Chris Mullen, Gold-Seeker.com

 -- Published: Friday, 27 June 2014 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1316.10

-$0.10

+0.12%

Silver

$20.99

-$0.09

+0.62%

XAU

98.61

+0.13%

+0.15%

HUI

236.57

+0.16%

+0.12%

GDM

719.33

+0.23%

+0.54%

JSE Gold

1452.76

+7.09

-2.17%

USD

80.02

-0.20

-0.40%

Euro

136.49

+0.37

+0.37%

Yen

98.61

+0.28

+0.64%

Oil

$105.74

-$0.10

-1.02%

10-Year

2.532%

+0.007

-3.51%

Bond

136.875

-0.28125

+1.13%

Dow

16851.84

+0.03%

-0.56%

Nasdaq

4397.93

+0.43%

+0.68%

S&P

1960.96

+0.19%

-0.10%

 
 

 

The Metals:

 

Gold climbed $5.97 to $1322.17 in Asia before it dropped back to $1312.78 at about 6AM EST, but it then edged back higher in New York and ended with a loss of just 0.01%.  Silver rose to $21.20 before it fell back to $20.97 and then also edged back higher, but it still ended with a loss of 0.43%.

 

Euro gold fell to about €964, platinum gained $8 to $1473, and copper fell slightly to about $3.15.

 

Gold and silver equities ended slightly higher in mixed trade.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Michigan Sentiment

June

82.5

81.7

81.2

 

All of this week’s other economic reports:

 

PCE Prices - Core - May

0.2% v. 0.2%

 

Personal Spending - May

0.2% v. 0.0%

 

Personal Income - May

0.4% v. 0.3%

 

Initial Claims - 6/21

312K v. 314K

 

GDP - Q1

-2.9% v. -1.0%

 

GDP Deflator - Q1

1.3% v. 1.3%

 

Durable Goods - May

-1.0% v. 0.8%

 

Durable Goods -ex trans. - May

-0.1% v. 0.4%

 

Consumer Confidence - June

85.2 v. 82.2

 

New Home Sales - May

504K v. 425K

 

FHFA Housing Price Index - April

0.0% v. 0.7%

 

Case-Shiller 20-city Index - April

10.8% v. 12.4%

 

Existing Home Sales - May

4.89M v. 4.66M

 

Next week’s economic highlights include Chicago PMI and Pending Home Sales on Monday, Construction Spending on Tuesday, ADP Employment and Factory Orders on Wednesday, and Initial Jobless Claims, June’s jobs data, the Trade Balance, and ISM Services on Thursday.  US markets are closed on Friday for Independence Day.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil saw slight losses along with the U.S. dollar index on worries about the economy that sent the Dow, Nasdaq, and S&P lower for most of the day, but the major indices then edged back higher in late trade and ended modestly higher on rebalancing moves.  Treasuries fell on profit taking.

 

Among the big names making news in the market Friday were Barclays, GM, BNP Paribas, DuPont, Dollar General, and Mercedes and Infiniti.

 

The Commentary:

 

The gold shares, as evidenced by the HUI, ended the week on bit of a lower note (as I type these comments up). Sellers emerged up near the week's high but dip buying was also evident. There appears to be an uneasy truce between both camps with the index not making much progress in either direction.

In looking over the chart and trying to get a read on the sector from the chart, I have noticed what appears to be an attempt to form what we technical analysis geeks refer to as an "Inverse" Head and Shoulders Pattern. I tend to only put any faith in these patterns when they appear after a PROLONGED move lower (the same goes for the opposite pattern - the Head and Shoulders Pattern - on a prolonger move higher). Even at that, I much prefer to see these patterns validated by a breach of an overhead horizontal resistance level rather than a breach of the neckline. More often than not, the neckline breaches these days only lead to markets entering consolidation patterns, rather than extended trending moves. That is why I personally prefer to wait for a horizontal resistance level to be taken out before getting too dogmatic about things.

Take a look at the chart and you will see the pattern noted. I have drawn in the neckline, which comes in closer to the 250 level. That level could be bettered confirming the pattern but would not necessarily denote the beginning of a sustained, strong uptrending move. Note that there are THREE overhead horizontal resistance zones, the last of which, the gap region, should prove to be quite formidable.

 

For a sustained strong upside trending move to begin, the gap would have to be taken out. If not, the odds would favor a broad sideways pattern, or a trader's market, with the top of the range being confirmed depending on how the index responds when it nears the horizontal lines noted on the chart.

The bottom of the range would be first at the right hand shoulder which just so happens to be at the round number 200, which is both psychological and technical support.

 

Here's what we can say from an analysis of this particular chart - For the pattern to remain friendly, the 200 level needs to remain unbroken on any possible setbacks in price (that is the Right Shoulder). That would keep the pattern moving sideways to slightly higher as it is currently doing. If that 200 level were to give way, you would then have to say that the pattern has changed back to being slightly unfriendly with price movement sideways to slightly lower.

If the first level of horizontal chart resistance noted near 260 is taken out, the bulls should be able take this index up towards 280. Above that lies the gap region.

By the way, the chart picture and analysis for the juniors as evidenced by the GDXJ is very similar to the HUI. It has horizontal resistance near 45. Above that is also a gap starting near 52 and extending up to 55.

Given the situation in Iraq and recent rash of dovish comments by some heads of the various Western Central Banks, gold is continuing to draw decent buying support here in the West. Throw in a case of some shaky equity markets, and some traders/investors are buying the metal as a safe haven. I remarked yesterday how fascinating it was to see gold finding friends here in the West while losing a few friends in the East (for now). Western oriented investment demand for gold is what had been missing for the yellow metal for the last number of years. Gold's friends will be happy to see it returning even if it is not at levels previously seen. At least it is there! Compared to being non-existent, anything is a big improvement!- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

The Statistics:

Activity from: 6/26/2014

Gold Warehouse Stocks:

8,266,556.929

+3,229.684

Silver Warehouse Stocks:

175,479,178.530

-735,579.251

 

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 

Product name

Total Tonnes

Total Ounces

Total Value

New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx) AND Mexico Stock Exchange (BMV)

SPDR® Gold Shares

785.016

25,239,040

US$33,239m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities

138.13

4,441,056

US$5,858m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold

152.66

4,908,200

US$8,004m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$473m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

41.68

1,339,954

US$1,709m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 163.62: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,106.68: -41.81 change from yesterday’s data.

 

The Miners:

 

Agnico Eagle’s (AEM) continued outlook for deal making and Great Panther’s (GPL) updated mineral resource estimates were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Eldorado

EGO +6.03% $7.56

2.  Solitario

XPL +5.94% $1.44

3.  Mines Management

MGN +4.72% $1.11

 

LOSERS

1.  MAG Silver

MVG-10.75% $9.46

2.  McEwen

MUX -5.88% $2.76

3.  Golden Minerals

AUMN-5.50% $1.03

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

       

Please see Yahoo’s Mining/Metals News Wire for all of today’s mining news.

 

- Chris Mullen, Gold Seeker Report

 

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Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2014

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.

 


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 -- Published: Friday, 27 June 2014 | E-Mail  | Print  | Source: GoldSeek.com

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